$50,000 boost for Fiji's startup and innovation sector

The Fiji Development Bank (FDB) is making a significant financial commitment to nurture Fiji's burgeoning startup and innovation sector. The bank is injecting $50,000 to bolster the second year of the Fiji Innovation Hub program, a crucial initiative aimed at fostering local entrepreneurship and technological advancement.

The funding was announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during the official launch of the Fiji Innovation Hub space at the Reserve Bank of Fiji (RBF) Building on August 13. This collaboration between FDB and the RBF underscores a coordinated effort to strengthen the nation's innovation ecosystem.

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Supporting innovation is part of the bank’s role in creating economic opportunities.

The $50,000 investment will be channeled into a variety of programs designed to support entrepreneurs at different stages. These include the Certificate of Applied Innovation, the Uni Hackathon, the Activator Cohort Two, the Startup World Cup, and the Fintech Festival. Additionally, the funds will help finance incubation programs, networking events, and other essential activities tailored for local startups.

Governor of the Reserve Bank of Fiji, Ariff Ali, highlighted the hub's role in empowering local entrepreneurs to transform their ideas into practical solutions for Fiji's unique challenges, while also improving financial inclusion. FDB Chief Executive Officer Filimone Waqabaca emphasized that supporting innovation aligns with the bank's mission to create economic opportunities. He acknowledged that access to finance remains a significant hurdle for many innovators and announced that FDB is developing a new financing product specifically for emerging businesses and innovators, which is expected to improve their access to crucial funding.

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Access to finance remains a major challenge for entrepreneurs and innovators.