BVI pilot project aims to provide the necessary development assistance to persons seeking to develop new innovative ideas or establish innovative businesses thereby creating new niche markets through the establishment of Innovative Business Lab (ILB). Business incubation, as an economic tool, has become increasingly common around the world for stimulating development of the SME sectors. Innovative Business Lab would provide facilities and services to promote innovation driven small-business growth. Small business incubators have proven to be effective economic development tools. In fact, innovation driven businesses having incubation style support have a dramatically higher rate of survival than an average start-up business does.
Propelling innovation in the economic sector and successful economic diversification in the private sector should be principal tasks of the Innovative Business Lab. With this goal partnership of the public sector with the private sector needs to be enhanced around Innovation as key driver for sustainable growth based on permanent consultations and developing the most adequate legislative, financial and fiscal measures to implement systemic innovation in BVI.
The incubation programme will seek relationships within the region and the local economy, as a means of integrating regionally through the establishment of networks. Such networks will be established through the regional virtual incubator, which is now being developed through the COSME programme for connecting Caribbean incubation centers within OCTs.