The National Small and Medium Enterprises (SME) Incubator Scheme will become operational this month. The elaboration of this Scheme was announced by the Minister of Finance and Economic Development, Mr Pravind Jugnauth, in the 2016/2017 Budget Speech.

The objective of the Scheme is to assist young Mauritians to transform their innovative ideas into concrete business ventures and to become successful entrepreneurs.

It will operate on a public-private partnership principle through accredited private business incubators. According to the Scheme, the private sector groups will initially invest in the infrastructure and facilities, manage the centre and provide mentoring, marketing and other support services to incubatees.

Such support will be provided over a two-year cycle in three stages namely, Pre-incubation, Incubation and Acceleration.

Government will provide financial support by co-sharing with the business incubators part of the cost of operation and of support services.

A Steering Committee has been set up under the Ministry of Finance and Economic Development to work out the guidelines, to accredit business incubators under the Scheme and to approve the disbursement of Government contribution.

Project applications from potential incubatees will be evaluated by a panel of independent experts.