Africa-Press – Mauritius. The winners of the first edition of the Development Bank of Mauritius Ltd (DBM) Campus Entrepreneur Challenge, were proclaimed this afternoon, during a prize giving ceremony held in Port-Louis.
The competition which is an annual business plan competition for all students from Tertiary institutions in Mauritius, is an initiative of the DBM in joint collaboration with the Institut de la Francophonie pour l’Entrepreneuriat (IFE).
The grand winner is Mr Faeekh Ahlee Rojah, student at the University of Mauritius (UoM). A cheque of Rs 100,000 was remitted to him for the implementation of his project entitled Aquaponics- Water Rise Co.
Ltd. Additionally, the 13 selected finalists each received a shield. The competition aimed at instilling the culture of entrepreneurship in young tertiary students and engage them in creative thinking.
They were required to present business models which cater for the current challenges facing the economy and society. In his address on the occasion, the Chairman of the DBM, Mr J.
Luchoo, underlined that Micro, Small and Medium-sized enterprises (MSMEs) have played a key role in providing the necessary impetus to the advancement of the world economy and play a vital part for job creation and production outputs.
As regards Mauritius, he stated, MSMEs constitute almost 50% of Total Employment Creation, 12 % of Total Domestic Exports, and for the last three years, they have contributed up to 6% to the Gross Value Added.
The Government, he said, is deeply conscious of their vital role in the economy, and wants to inculcate entrepreneurial spirit in the present and future generations.
He added that the biggest concern of entrepreneurs which is, access to finance has been tackled by offering them financial assistance through an array of schemes.
Furthermore, he dwelt on the challenges faced by young entrepreneurs including difficulties in accessing finance, lack of awareness of business opportunities, lack of entrepreneurial skills, experience and networks, and reiterated DBM’s commitment to provide the necessary support to them.
As for the President of the Board of Directors of the IFE, Mr J. P. Marrier d’Unienville, he underlined the competition celebrates entrepreneurship and the initiative will contribute to the emergence of entrepreneurs who will contribute to the success of Mauritius.
He stated that entrepreneurship has no limits and that entrepreneurs have to maintain efforts to persevere across their journey. It is important that entrepreneurs learn how to overcome challenges and pave their way to success, he stressed.
Also present on the occasion, the Managing Director of the DBM, Mr J. Pandoo, highlighted that SMEs are taking an important role across the globe, with 90% of businesses being SMEs, and in Mauritius they contribute to almost 40% of the GDP.
He recalled that in line with the 10 Year Strategic plan for SMEs, the DBM launched the project to tap into the segment of young university students and provide them with the opportunities and accompany them to become entrepreneurs.
He reiterated the mission of the DBM to serve SMEs, and indicated that since the outbreak of the COVID-19 pandemic in March 2020, the DBM has assisted more than 7,000 enterprises for a total of more than Rs 3.4 billion.
In addition, he pointed out that the competition will be an annual event, and emphasised that if DBM keeps up with the same trend, they will produce 50 entrepreneurs in the next five years.
Winners of the first edition
The first runner up, is Mr Mohammad Sulaiman Cadoo, student at the UoM. His project is entitled Geolands (Geotech). A cheque of Rs 75,000 was remitted to him for the implementation of his project.
The second runner up is Mrs Anne Marie Aurelie Leithycia Deschezeaux, student at the Curtin Mauritius, and her project is entitled ‘Lwe Li’. She received a cheque of Rs 50,000 to implement her project.
One hundred and sixteen applications were received from 10 public and private universities, and business schools. Twenty-seven business plans were received, among which 13 were selected. Ten finalists will be offered loan facilities at concessionary rate, and up to Rs 500,000 to implement their project.
