BizPitchComp 2023 is a Business Link Pacific (BLP)\ Business Assistance Fiji (BAF) and Fiji Commerce & Employers Federation (FCEF) Partnership in catalytic initiative to promote blended financing for MSMEs. It ultimately aims to engage and entice the private sector to support co-financing for innovative and solution-based business ideas in Fiji.
ANY individual, with an innovative and solutions-based business concept can submit an application with the deadline for applications on Monday 6th November 2023. Applications can be submitted in the following categories:
- Climate Change
- Innovation
- Inclusion
The recently released 2023 Development Finance Review highlights that solely depending on public funding to address challenges relating to the Sustainable Development Goals (SDG) and Paris Agreement, is unrealistic. There is not enough fiscal space and part of the answer must include the strategic use of catalytic funds to attract private sector investment —blended finance. At the recent SDG Summit 2023, the United Nations recognized that blended finance is the strategic use of development finance for the mobilization of commercial finance and holds the potential to unlock significant private sector finance necessary to fill the SDG finance gap, especially if applied in coordination with technical assistance, policy reforms and market development initiatives. The Fiji National Financial Inclusion Strategy (2020-30) under its priority pillar for MSME Financing seeks to develop suitable financial products and services for MSMEs and undertake a feasibility study to assess market potential and demand for alternative financing products for MSMEs.
Blended finance instruments are proving to be the future financing model of choice for entrepreneurs and investors. It has become more of a business strategy used for de-risking investment, therefore lowering MSME risk profiles, anticipating higher returns and makes MSMEs more palatable for private investors. FCEF’s premier annual business event – Top Executive Conference (TOPEX), will this year draw together about 400 business executives and entrepreneurs, in one location. This catchment of business and entrepreneurial intelligence provides an excellent opportunity to accelerate the concept of blended finance through actively engaging with the delegates who are “investor ready” and developing the link with entrepreneurs that are “investment ready”.
A total of 12 applications, four per category, will be shortlisted and invited to the elimination pitching competition to be held in Suva in early November 2023.
On Friday 24th November 2023 at the main stage of TOPEX 2023 and with an audience of 400 business executives at the Sofitel Fiji Resort & Spa, 2 finalists/pitchers per category, will compete for the winning prize/grant of F$7,000 per category. Additional technical assistance to develop successful business concepts into fully fledged business plans will be provided, post award.
A post award review will be conducted to capture lessons and best practices with the view to launch BizPitchComp 2024 on a larger scale.
GUIDELINES AND CRITERIA: To find out the detailed guidelines and criteria of the competition, please click here – https://shorturl.at/pJMST
APPLICATION FORM: To download the application form, please click here – https://shorturl.at/iNOX7
All applications must be sent to bizpitchcomp2023@gmail.com
For more information, please contact Mr Ramesh Chand on email ramesh.chand@businesslinkpacific.com or Mr Edward Bernard on edwardandbernard@gmail.com
