Managing Director of MWM Global Holdings Ltd Meade W. Malone said the expected outcome of Forge BVI International Ltd is to expand service offerings to the over 6,000 established businesses and attract investors and new companies. Photo: VINO/File

Akeem Lennard (2nd from left), CEO of GreenCrete BVI, won the 2016 BizPitch Competition and received $5000 and a one-week business internship in the United States. Left is Premier Dr The Hon D. Orlando Smith (AL). Right is Mr Meade W. Malone. Photo: VINO

Chad Lettsome, CEO of Ching Caribbean Inc, receives his second place prize of $2,500 from Mr Meade W. Malone. Photo: Provided

Managing Director of MWM Global Holdings Ltd Meade W. Malone explained in an interview with this news site today Wednesday January 25, 2017, that the expected outcome of Forge BVI International Ltd is to expand the service offerings to the over 6,000 established businesses and investors.

“I think ultimately, from where we sit, the BVI has always been a place where companies are incorporated, and so I think this would ultimately be an expansion of the services that BVI would offer to companies that set up here, and we think it will also be a place that would attract capital in terms of funding new businesses, new ideas, new ventures,” Mr Malone said.

“We hope that if this would eventually become a feature where that we would begin to create, where inward bound people would come, entrepreneurs can come here and be a part of the ecosystem that we are creating in the longer term and then people with capital who would want to fund entrepreneurs’ businesses can come and make investments into these companies in the BVI.”

The company was formalised in late 2016 to provide an ecosystem where entrepreneurs can work in, be a part of and improve their chances of success. It involves a component of a co-working space, where both budding and established entrepreneurs can work together under one roof, share facilities and collaborate with each other. There is also a training facility for business owners who will learn the fundamental block and tackle of running a business.

The co-working space is expected to be located at the Tortola Pier Park and the training facility will be at the R & R Malone Complex in Pockwood Pond by late 2017.

The Richardsons, who were involved in something of a similar nature in the US state of Colorado, are joining with the MWM BizPitch Business Network programme in the VI.

“We are basically combining our efforts, they are taking what they used to do in the US and combining it with what we are doing here to form the company to what we now know as Forge,” Mr Malone said.

What is BizPitch Competition & Business Expo?

A showcase of great business ideas for a chance to win a prize of $5000, an all-expenses paid week in the US to give a further boost to their companies, and membership to Forge with entry into the Accelerator programme. The Accelerator programme is one that educates entrepreneurs’ strategies for building their business and equips them with the necessary tools for business growth.

Persons must apply to enter.

In 2016, the competition saw participation from 40 different companies from around the VI, where they informed of their business, what they are doing and what they hope to do. Out of those 40 companies, six were chosen to go on to the final, which was slated for Saturday January 21, 2017.

They were provided with training in business fundamentals, visioning for their business, how to build a business, how to build a team, how to select the team and grow and build a team.

Akeem Lennard, CEO of GreenCrete BVI, was the winner followed by Chad Lettsome, CEO of Ching Caribbean Inc, who received a prize of $2,500.

Bringing a different flavor

“We are just adding a different flavor and provide another outlet for entrepreneurs to get exposure and training so that their companies can have a better chance of being successful,” Malone remarked.

The “different flavor” is the introduction of a co-working space, where coworkers work in a collaborative environment, in the same room so that they can share ideas and there will be programming around the space so it will not just be an office space.

“It will provide mentorship and coaching and then have training that is not really the traditional college training but aimed at workshops really aimed about how you grow and run and expand a business.”

The accelerator programmes will be about 12 weeks, the workshops lasting a few days, to a couple hours.

To get involved, log on to www.forgebvi.com

The next BizPitch competition is coming up on May 6, 2017, and is being funded by COSME, MWM Global Holdings, Blue Ocean Enterprises and the Ministry of Finance.