Yumi Growem Vanuatu Programme celebrates 43 graduates in Third Cohort

December 12, 2024 6:13 am | Posted in Business News | Share now TwitterFacebook

By Ezra Toara.

Forty-three participants, known as “Incubees,” have successfully completed the third cohort of the Yumi Growem Vanuatu Programme, which supports seasonal workers transitioning into entrepreneurship or expanding existing businesses.

Torika Kalman, Programme Coordinator at V-Lab, explained that the initiative provides returning seasonal workers with opportunities to develop their business ideas or improve current operations. The programme offers capacity-building training, financial support, and resources to purchase business assets.

“The programme started in 2021, and this year marks the graduation of our third cohort,” Kalman said. Each cohort supports up to 50 participants, with the latest beginning in March and concluding this week with 43 graduates.

For the second time, the programme extended its reach to Santo, where 10 entrepreneurs participated with support from local coaches. Kalman said the programme focuses on skill and knowledge development to empower participants to manage their own businesses effectively.

The 10-month programme involves bi-weekly group training sessions, individual coaching, and networking events to connect participants with partners and other business professionals.

Participants enter the programme at various stages of their entrepreneurial journey. Some join with just an idea, while others have established businesses.

Kalman detailed the tailored support provided: “For those with ideas, we help turn them into reality, providing financial support and assets to start operations. Established business owners receive support to acquire additional equipment, expand operations, and enhance marketing strategies, including using media to promote their businesses.”

Financially, each participant benefits from up to VT200,000, which they allocate toward their business needs with guidance from their coaches. This funding helps incubate new ventures and expand existing operations.

Ms Kalman admitted that despite the programme’s success, some participants could not complete it due to full-time job commitments or returning to seasonal work. However, an evaluation of the first cohort (2021–2022) revealed that 90% of graduates who started businesses are still operational.

Graduates also become part of the V-Lab alumni network, which hosts bi-monthly “Wednesday Connect” meetings to provide ongoing support and track business progress.

Looking ahead, the Programme Coordinator confirmed plans for a fourth cohort and potential expansion to other provinces, although limited human resources on the islands remain a challenge. She acknowledged the dedication of the V-Lab team, which faced difficulties this year, including the loss of a key coach involved in training and mentoring participants.