Noonu Natrally > Roadmaps > plans > Driving Micro Enterprises (LDP-4)

Enhancing Local Economy through SME Facilitation

This initiative will begin with a comprehensive assessment to identify the specific challenges and opportunities faced by island entrepreneurs. Through market research, new market opportunities will be explored, and the regulatory framework will be reviewed to ensure it is conducive to SME growth. A central information and resource hub will provide easy access to business development guidance, funding opportunities, and essential tools. Investing in training and skill development programs will equip entrepreneurs with the necessary expertise. Mentorship programs and networking opportunities will connect aspiring business owners with experienced professionals. Co-working spaces and co-creation hubs will foster collaboration and innovation. Marketing and branding support will help SMEs reach new audiences and establish strong brand identities. The program's performance will be monitored and evaluated to ensure it effectively supports local businesses. With a focus on sustainability and a long-term vision, the atoll will work to create an environment where SMEs can thrive for generations to come. Through advocacy and partnerships, the atoll will strive to secure additional resources and support for local entrepreneurs. By implementing this comprehensive strategy, the atoll aims to empower SMEs to become the driving force behind a vibrant and sustainable Noonu Atoll economy.

From:: September 2024
To:: August 2025

36%

Completed

Chronology

Leading Team

Social Services Team

8. Decent Work and Economic Growth

1.6 Atoll Economic Development

SME Inventory and Needs Assessment

To identify the specific challenges and opportunities faced by island entrepreneurs, a comprehensive survey of existing SMEs will be conducted, gathering information on their sectors, challenges, and needs. The skills and resources available within the local community will also be analyzed.

Market Research and Opportunity Identification

To identify potential markets and niche opportunities for Atoll's SMEs, local resources, tourism trends, and regional demand will be researched. Potential collaborations and partnerships with larger businesses or organizations will also be identified.

Regulatory Framework Review

To ensure a conducive regulatory environment for SME growth, existing regulations and administrative procedures affecting SMEs will be reviewed, identifying areas for simplification and streamlining. Relevant government agencies and stakeholders will be consulted to improve the regulatory environment.

Information and Resource Hub

To support SMEs, a dedicated information hub will be established, providing access to business development resources, government policies, funding opportunities, and market research. Online platforms and resources accessible through mobile applications and community centers will be developed.

Training and Skill Development

To equip entrepreneurs with the necessary skills, training programs in key areas like business management, financial literacy, marketing, digital skills, and specific industry-related skills will be organized based on identified needs. Partnerships with educational institutions and vocational training centers will be established to offer relevant courses and workshops.

Mentorship and Networking

To provide guidance and support, a mentorship program connecting experienced entrepreneurs with aspiring SMEs will be established. Networking events and platforms will be facilitated to connect SMEs with potential partners, investors, and customers.

Coworking Spaces and Co-creation Hubs

To foster collaboration and innovation, affordable and accessible co-working spaces equipped with technology and resources will be developed for SMEs. Co-creation hubs with shared facilities and equipment for specific industries like handicraft production or tourism services will be considered.

Marketing and Branding Support

To help SMEs reach wider audiences, assistance with developing marketing strategies, branding, and utilizing digital marketing tools will be provided. Collaboration with tourism agencies and local businesses will promote Atoll's SMEs and their unique offerings.

Performance Monitoring and Evaluation

To ensure the effectiveness of SME initiatives, regular tracking of progress, including the impact of support programs and identification of areas for improvement, will be conducted. Feedback from SMEs and stakeholders will be gathered to adapt and refine strategies accordingly.

Sustainability and Long-Term Vision

To foster a sustainable and vibrant economy, a long-term vision focusing on growth, diversification, and community well-being will be developed. The use of local resources and environmentally friendly practices within SMEs will be encouraged. A culture of innovation and entrepreneurship among young generations will be fostered.

Advocacy and Partnerships

To foster a supportive environment for SMEs, policies and initiatives at the national level will be advocated for. Partnerships with other Atoll councils, government agencies, and private sector organizations will be forged to share best practices and leverage resources for greater impact.