Fiji Development Bank : 2011 Small business awards to inspire innovation

30 August 2011

2011 Small Business Awards to Inspire Innovation

Download 2011 FDB Small Business Awards Form

The Small Business Awards grows from strength to strength each year and 2011 is no exception. To make it more exciting, the seven categories previously awarded have had two categories revised and replaced with categories that are relevant and appropriate to help evolving small businesses take that next step toward becoming medium enterprises.

Each year, the Small Business Awards help promote a theme and focus. For 2011, it is Growing Fiji in reference to Government’s efforts to reduce reliance on imported goods and encourage people to buy locally grown and locally made products.

“When the Bank started the SBAs in 2004, its primary focus was to show Government’s continued commitment to the development of small and micro enterprise development as well as encourage self-employment through the establishment of small businesses,” says FDB’s Chief Executive Officer, Deve Toganivalu.

“Over the years the primary focus remains the same but the categories for which the awards were presented changed to ensure that those sectors deserving of attention were given the recognition deserved.”

For 2011, the main categories for entry by small businesses are:

(a) Agriculture (including Fisheries and Forestry);

(b) Wholesale & Retail

(d) Manufacturing

(e) Professional & Business Services.

In addition to these five, are two new categories: The Special Award and the Best Business Practice Award. All entries into the the five main awards are automatically considered for these two awards, which are decided by the panel of judges.

Each of the five main categories will also have a runner-up or special mention recipient. The prizes are $1,500 for category winners and $500 for runners-up.

The Special Award will be given to a business that has any or all of the following attributes:

· Eco-friendly – has sound environmental practices particularly waste management and recycling.

· Unique – in that the business operator breaks gender and racial stereotypes e.g. a male operating a day care centre for children or a female operating a general contractor business.

· Innovative – takes risks (relative to location) and shows signs of success e.g. an internet café in a rural settlement.

“This particular award will be given only if deserved and it will be an aspiration award in that, it will challenge businesses to be innovative, enterprising and practice sustainable environmental considerations,” Mr. Toganivalu said.

“The Best Business Practice Award on the other hand, will be awarded to the entry that has all the attributes of a properly managed enterprise for example, has a business plan, marketing plan, monthly cash flow projections, proper employment records for staff, does monthly profit and loss statement etcetera.

“To ensure that as many small businesses have access to entry forms, we are also reviewing our distribution points for availability of entry forms and as we did last year, our judges will preview all entries, make a short list and visit each shortlisted business for inspection. This way, we found that we are better able to inspect records and assess the business’s performance.”

The Bank also recognizes the continued support of New India Assuarance, Sun Insurance, the Reserve Bank of Fiji and Crest Chicken as category sponsors. It also welcomes on board The Fiji Times as a new sponsor and Joes Farm as a co-sponsor.

The Awards will be launched on Tuesday, 30 August in Suva. The Chief Guest is Permanent Secretary for Finance, Mr. Filimone Waqabaca.

Entries for the awards close at 3pm on Friday, 30 September. The winners will be announced at an awards ceremony in Suva on Wednesday, 30 November.

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