By: Lisa Abraham
Director
(Palau SBDC)
The Youth Entrepreneur Solutions (YES) Action plan launched Phase 2 of its program on March
15, 2013. The theme for this year’s business plan training and competition was: “Building the Spirit of
Entrepreneurship.”
The YES Action Plan was first launched in April 2012 and is a joint initiative under the Small Business
Development Center of Palau (SBDC) and the United Nations Development Programme (UNDP).
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Participants, members of PNYC, and President Remengesau pose with the YES Action Plan Banner.
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The initiative “seeks to encourage the development of a dynamic business community in the young
generation” and “[reduce] the costs associated with youth unemployment, and in-turn minimizes youth
social conflict and segregation, by helping them achieve economic independence, and help improve
their self-esteem.”
The participants who completed the YES Action Plan-Phase 1 are: Pauleen K. Brechtefeld, Meked
Besebes, Olkeriil Kazuo, C. Merirei Ongelungel, Emily Loughlin and Jordy Ngiraidis. Their respective
business plans ranged from organically-produced beauty products to healthcare services. All six finalists
are either presently in-business or continuing to refine their business plans.
The YES Action Plan-Phase 2 was open to the Palauan youth who have completed high school and are between the ages of 18 through 35. Participants committed to approximately 40 class room hours, plus at least 25
hours with their business mentors.
MOU Between Palau SBDC, PNYC Signed on Youth Day
A Memorandum of Understanding was signed by President Tommy E. Remengesau, Minister of Community and Cultural Affairs Baklai Temengil, Palau Small Business Development Center (SBDC) Executive Director Lisa K. Abraham and Palau National Youth Council (PNYC) President Hayden Seklii on March 15, 2013—Youth Day in the Republic of Palau.
The purpose of the MOU is to “create the conditions that will enable the launching and sustainability of a YES Business Incubator to be locally situated on PYNC premises with business support assistance through the PNYC and SBDC.”
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President Tommy Remengesau is seen here signing the MOU between Palau SBDC and PNYC.
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The primary objectives of the MOU are to: (i) allow access to space for minimal rental fees and shared utility costs; (ii) grow the local private sector; (iii) expand employment opportunities; (iv) skill-set development and capacity building for young entrepreneurs and (v) the “creation of an enduring and effective relationship between the PNYC and the Palau SBDC.”
The MOU signing on Youth Day 2013 marked the official launch of the YES business plan competition’s second phase, and the signing was attended by the new wave of participants. To date, there are sixteen (16) participants from Koror and seven (7) participants from Babeldaob.
This second phase of the YES program was opened to the Palauan youth who have completed high school and are between the ages of 18 through 35. Participants are expected to commit to approximately 20 classroom hours, with guest speakers and business site visits for exposure. They are also expected to spend at least 25 hours working with their business mentors.
