The VCIP together with the National Institute of Higher Education, Research, Science and Technology (NIHERST) and Clico Investment Bank launched its 2nd Annual Business Plan Competition at the Crowne Plaza in Port of Spain last Tuesday.

The initiative which is the first of its kind within the English-speaking Caribbean is aimed at fostering a culture of entrepreneurship, and targets students attending university, secondary schools and vocational institutions. Further it seeks to bridge the gap between academia and enterprise by providing students with the opportunity to apply the theoretical concepts of business in a practical way.

The successful applicants must also orally present their plans to a panel of financiers to become eligible to receive total funding of sixty thousand dollars. In addition, prizes will be awarded for the most innovative and environmentally sound project courtesy Environmental Management Authority (EMA) Finalists will also have access to business advisory services to ensure the sustainability of their businesses.

In her address, Chief Executive and Administrator, VCIP stated that for too long regional economies and educational institutions have been attuned to education only for employment. She challenged students to change the status quo and to be innovative, take risks and to think outside the box since to do otherwise is to stifle ingenuity at the personal and national level and to create a society stuck in the rut.

She further stated that entrepreneurial activity is not the domain of a select group and alluded to the fact that entrepreneurship is now an activity engaged by an increasing number of females and the young.

Family, the identification and promotion of entrepreneurial figures, the assigning of laudatory and exemplary stature to entrepreneurs were all identified as ingredients in the process of developing an entrepreneurial culture.

Ms. Mark said that those entrepreneurs whose success translates beyond personal wealth to provide benefits to communities and country must be commended. Arthur Lok Jack, of Associated Brands Limited was recognized for his contribution of TT$20MM to UWI – Institute of Business.

In her address, Ms Baidi Permanand, Technical Director for “The Prime Ministers Award for Innovation and Invention” lauded VCIP’s efforts. She stated that the event complemented many of NIHERST’s initiatives and fits extremely well in the overall NIHERST Technopreneurship programme which seeks to foster a culture of innovation. These include “The Prime Ministers Award for Innovation and Invention”, and the “NIHERST Creativity Science Vacation Camps”.

The deadline for entries is January 27th 2006.