The FEE program - growth and expansion
THE Fiji Enterprise Engine (FEE) program has actively supported business development in Fiji since its establishment in 2019 with a particular focus on micro small and medium enterprises.
Although the intent of the program was to focus on established businesses that had encountered a period of stunted growth or that was facing issues around expanding or prolonged unsustainable growth, interest from start-ups have resulted in a few businesses that are in ideation stage or that have just begun operation being accepted in to the program but on a very stringent case by case basis.
Since its inception the FEE program has directly worked with 27 MSMEs that has seen tremendous and inspiring results with the positive outcomes through increase revenue, cost savings and job creation.
Further to this is that the most recent results and measurement data collected has indicated that all 27 MSMEs that have been a part of the program since 2019 have managed to journey through 2020 without having to shut down.
It has been realised through the learning of the FEE program that most have great business ideas but lack the proper business skills, which contribute to the large number of small businesses shutting down at an early stage or not being able to have a sustainable growth.
Given its relatively new entry in the business development sector, the FEE program has managed to play quite an extensive role in providing assistance to MSMEs in and around the country with some very positive results and impacts not only with the businesses themselves but also into the communities that these businesses have links to.
The Fiji Commerce and Employers Federation (FCEF) being the National Private Sector Organization of Fiji, saw an opportunity to try to leverage the support of its partners in response to the COVID-19 crisis.
Through the support of the Market Development Facility (MDF), FCEF through its business accelerator program the Fiji Enterprise Engine (FEE) saw an opportunity to assist the most affected, which were the small businesses. In assisting these businesses, the Fiji Enterprise Engine program on the 11th of June launched its COVID-19 business support for MSMEs.
Amazing results have been accumulated through the MDF, the results identified that more than 300 participants registered for the webinars with 65 per cent of these being women and 40 per cent of those that used the free counselling services were also women.
The total number of beneficiaries for the support tottaled to 101 with 75 per cent of them being women, additional income for the beneficiaries’ amounted to $6280, and cost savings of $9200. The other findings were that total private sector leveraged via MSMEs accessing grants and loan through the support of the business coaches amounted to $193, 957.
The impact of the COVID-19 support in a very short span of time has identified that with proper support the MSMEs have the ability to adapt to new ways of operating and that would allow for them to identify opportunities and pivot their businesses to meet market needs and to also succeed.
Also in response to COVID -19 the FEE program through a bipartite agreement that was signed by the Fiji Commerce & Employers Federation (FCEF) and the Fiji Trades Union Congress (FTUC), was able to assist approximately 10 women entrepreneurs through the Transition 2 Business (T2B) program.
The Transition 2 Business program was an International Labour Organization (ILO) led initiative with the employers body and workers union, to provide a bipartite support for those who had been made redundant due to COVID-19 and transitioned into business to support their livelihoods.
What has become very clear and evident is the fact that the model around which the FEE program is developed is very effective which has now further led to the program being approached to support those in the creative industry and agriculture as a part of a business development program supported by UNESCO, UNDP, IFAD and the ILO.
The Fiji Enterprise Engine’s quality driven focus and foresight allows for the program to be fluid enough to absorb changes that allow for the success of its delivery.
A very general support service also allows for the Fiji Enterprise Engine program to assist all businesses from various sectors and intuitively cater to their specific needs.
Resilience, innovation, sustainability and growth are key terms that can be associated with this support service that FCEF provides and a true reflection of its intent on supporting businesses can be witnessed in the COVID-19 response that the FEE program provided MSMEs .
The program has grown extensively through its work from being an accelerator program to business support program in the COVID-19 response effort, this in a period of less than a year.
As the FEE program continues to grow, plans are in place to help assist and reach more MSMEs in Fiji and potentially establish similar programs throughout the region.