Mira Marcus, who runs one such
accelerator programme in Tel
Aviv-Yafo – The Library -- told
me during a tour of that country
organized by the Israeli government
for journalists from the OECS in
December 2016 that innovation
is basically the DNA of the city’s
residents.
Get Taxi, Wix, EatWith, Facebook
face recognition technology and
Meerkat are just some of the
startups that call Tel Aviv-Yafo
home. Marcus said startups have
transformed the city in many
ways, including nearby Rothschild
Boulevard earning the nickname
“Startup Boulevard”.
“The notion of thinking of an idea
and something that will change
my life and of others around me is
something that is very common in
Tel Aviv,” she said. “It’s the way that
our minds work. It runs through
our DNA because it goes all the way
back to the beginning of our city.”
Terrill Nicholas, owner of
Illuminating Designs, is now a
sought-after craftswoman after
years of persistence and hard work.
For a small fee of US$55 per month,
a prospective startup entrepreneur
becomes a part of the programme
which pairs them up with another
entrant who might not necessarily
have interest in a similar field.
By pairing them up, Marcus said
the aim is to have them discuss
business ideas from different
perspectives.
One crucial aspect of the
programme, however, is that for
every 100 startups in Tel Aviv,
97 failed within three years or
less. However, the municipality,
Marcus said, believes that the
level of business and employment
opportunities generated by the
successful startups outweigh what
others might view as losses.
One young participant in that
programme told me that he was
able to set up two companies using
the Accelerator, including one that
showcases goods and services
online for major retail chains.
Buoyed by that success, he said he
planned to widen his expertise and
hoped to have his company listed
on the major stock exchanges.
In Saint Lucia, however, small
entrepreneurs still grapple with
commercial banks turning down
even their well-articulated business
plans. Take the case of Jano James,
who opened his VRcade on William
Peter Boulevard about two years
ago, offering patrons to experience
virtual reality games. Having
already established a successful
IT services and solutions company
four years prior, he was denied
startup capital by local banks.
“It is a tough battle trying to get
funding for a startup business,
especially in the current dismal
business climate,” he told me. “It
was even more difficult convincing
bankers to lend money for a
business venture that they knew
virtually nothing about. So I’ve
had my headaches and sleepless
nights.”
Inventor of The Cut Buddy, Joshua
Esnard, realized his dream of
bringing his idea to reality after
letting it simmer for 15 years! The
hair grooming product is now a
global phenomenon.
In the end, James was able to
get funding via various banking
institutions since he was told by
each that the total amount he
needed could not be granted. Since
opening his business, he remains
hopeful that he made the right
decision.
Another entrepreneur, Kendal
John, said that since being rejected
by a bank for upfront monies
guaranteed by a grant agency for a
film project he was working on, he
has kept his distance from lending
institutions. John said banks are
not convinced that creatives are
actually businesses.
72 SL-YOU | Business, People & Lifestyle
www.slyoumag.com | July-August 2019