Program Impact: Guyana

panoramic view of Georgetown, Guyana

Situation

Guyana is a nation rich in natural resources, human capital and entrepreneurial potential. Agriculture, mining, oil and gas and manufacturing lead the economy – with innovations in these sectors ushering in new opportunities for the entrepreneurially-minded. However, as in many countries, Guyanese entrepreneurs face barriers to entry including limited access to financing, infrastructure and regulatory enhancements that support startups. National strategies to support education and skills development that fosters innovation and more widespread use of technology-based solutions are underway. 

While such initiatives are largely the domain of the country’s government, community-based businesses and independent support organizations like the Economic Development Fund (EDF) Inc., are working to create a supportive ecosystem that nurtures entrepreneurship and encourages investments in local startups.     

Approach

GEN worked with EDF to develop a strategy to increase direct support to founders as well as connectivity across Guyana’s entrepreneurship ecosystem. GEN provided EDF with a National License, tools and training to launch up to three (3) Startup Huddle chapters across the country.  

Startup Huddle was uniquely positioned to grow the ecosystem from the ground up by creating new opportunities to: 

  1. Equip local startup ecosystem builders with new skills that have the potential for ripple effects beyond Startup Huddle to other ecosystem building efforts.
  2. Unify micro-business owners, aspiring entrepreneurs, and stakeholders in the ecosystem around a common goal of fostering a successful entrepreneurship ecosystem.
  3. Increase access to startup support services, educational programming, capital, and international connections through GEN.
  4. Raise awareness of the country's business registration process with support from local experts and professional service providers attending Startup Huddle events. 

EDF launched the first Startup Huddle chapter in Guyana during Global Entrepreneurship Week in 2021, and has since opened chapters in Georgetown, Linden and Victoria Village.  

Impact

In one year, the EDF-led Startup Huddle program in Guyana directly supported over 38 startups at 12 events attracting more than 400 attendees. During Global Entrepreneurship Week in 2023, two additional cities – Buxton and Berbice – tested the Startup Huddle model. This effort laid the groundwork for 2024 plans of opening two more chapters in these cities, bringing the toal number of chapters in the country to five.  

According to Oslene Carrington, CEO of EDF, these new chapters have added space for founders in the hospitality, consumer goods, and technology industries to present their ideas and seek solutions from the very community of entrepreneurs they are a part of. Startup Huddle also connected founders to additional resources and opportunities provided through EDF, GEN, !nnovate Guyana and other support organizations. The program has created additional benefits including: support organizations addresssing the need for increased access to funding and market access, changes in cultural perceptions of entrepeneurship, and businesses embracing technology, digital tools, and overall skills development.