The Ministry of Investment, Innovation & Social Development (MIISD) proudly announces the successful completion of two pivotal initiatives aimed at bolstering small business growth and innovation. These initiatives, spearheaded by the Cayman Islands Centre for Business Development (CICBD), reflect the Ministry’s commitment to fostering a thriving entrepreneurial ecosystem in the Cayman Islands.

The Business Growth Incubator Programme, now in its third cohort, concluded this June with its largest group yet, supporting 22 entrepreneurs and small business owners. This intensive programme guided participants on their journey to grow their businesses through comprehensive training, mentorship, and strategic support. The programme’s culmination marks a significant milestone in our ongoing efforts to nurture local talent and innovation.

In tandem with the Incubator Programme, the Raising Capital Forum was held on 20 June 2024. This free event brought together 200 local stakeholders, primarily small business owners eager to enhance their financial acumen. Renowned speakers such as Sam Jones famous for his legendary Dragon’s Den Pitch, who provided invaluable insights into drafting compelling investor pitches, and Shubha Chakravarthy, a savvy financial expert who emphasised the importance of crafting strong financial narratives, contributed to the forum’s success. An impressive 100% of respondents to the feedback survey indicated that the event either met or exceeded their expectations.

The Hon. Deputy Premier, André Ebanks, Minister of MIISD, commented on these initiatives: “Advancing small businesses is essential to our vision of a prosperous and innovative Cayman Islands. Small businesses are the lifeblood of our economy, bringing unique solutions, personalised services, and a spirit of ingenuity reminiscent of our foreparents during our Seafaring Era. Our commitment to fostering an environment where small businesses can thrive is key to our success, as they play a crucial role in the economic and social development of our community.”

Chief Officer of MIISD, Tamara Ebanks, echoed these sentiments: “The positive effects of empowering small businesses extend far beyond the economic sphere. By investing in our entrepreneurs, we are investing in the future of our community. These initiatives not only support economic growth but also inspire a culture of innovation and resilience. I extend my heartfelt thanks to the CICBD team for their dedicated efforts in making these programmes a reality.”

Althea West-Myers, Director of CICBD, expressed her pride in the achievements of the participants and the impact of the events: “It has been incredibly rewarding to witness the growth and transformation of our entrepreneurs through the Business Growth Incubator Programme. The Raising Capital Forum was immensely successful in highlighting strategies amongst startups and MSMEs for increasing access to available funding. We are grateful for the Ministry’s support and remain dedicated to providing ongoing assistance to our small business community.”

The Ministry and CICBD extend their appreciation to all participants, stakeholders, and team members who contributed to these initiatives’ success. Together, we are building a stronger, more resilient Cayman Islands, driven by innovation and the entrepreneurial spirit. For more information on upcoming initiatives and how to get involved, please visit www.cicbd.gov.ky.

About MIISD: The Ministry of Investment, Innovation and Social Development is reimagining social development by supporting and uplifting Cayman’s most vulnerable people with new or revamped services; advancing the digital and innovation capacities of the Cayman Islands; and facilitating investment opportunities that support social development and facilities in the community.

About CICBD: The Cayman Islands Centre for Business Development (CICBD) is a department of the Ministry of Investment, Innovation and Social Development. The Centre was developed by the Government to ensure the sustainability of micro and small business entrepreneurs in the Cayman Islands. Since its inception, the CICBD has worked to empower the Islands’ entrepreneurs by providing a suite of business support services aimed at developing and maintaining businesses that can advance economic development, create wealth and provide jobs for Caymanians.