National Integrated Business Incubation System (IBIS)
NEDCO, with the support from the Ministry of Labour and Small and Micro Enterprise Development (MLSMED) of Trinidad and Tobado, implements the National Integrated Business Incubation System (IBIS).
The IBIS programme aims to provide a unique mix of business development, infrastructure, operational and financial support to assist the growth and success of new and existing micro and small enterprises (MSEs) in Trinidad and Tobago.
Specifically, IBIS provides assistance in the following areas:
- Start-up procedures
- Infrastructural support
- Information Technology
- Operational support
- Opportunities for access to local and foreign markets
The incubators that comprise IBIS are of two kinds: community-based business incubator, and the commercial business incubator.
Clients of both categories will undergo three main stages with each stage comprising certain phases:
- Pre-incubation: phases 1 though 4
- Incubation: phase 5
- Post-incubation: phase 6
|1||Candidate Selection||A formal process of determining the best possible selection of candidates given the mutual incubator-client fit.|
|2||Orientation||A phase where candidates develop their own vision for their business ideas in a national, regional and global context given consideration to consumers, business models, sectors and the evolving market place.|
|3||Skills Development||The impartation of required skills.|
|4||Business Proposal||At this phase, the business idea is developed into a plan given the context, required skills and other sector specific considerations.|
|5||Business incubation||The business is developed and made operational while given, direct holistic support including mentoring.|
|6||Post-incubation||The business leaves the incubator to operate effectively in a context of relative independence. Support is provided but less directly. The business is monitored and evaluated against the pre-determined criteria established upon entry to the incubator.|
IBIS will provide seed capital for clients (from $5,000 to 50,000). However, IBIS will create a facilitative environment so that clients may source additional funding from NEDCO or other financial institutions to fully fund their projects.
To download the application form, please click here.