Boosting Entrepreneurship in Papua New Guinea: 27 Ventures Launched Post Pacifund’s Training

In a noteworthy development for the entrepreneurial landscape in Papua New Guinea, 27 small businesses have officially entered the market following the successful completion of an intensive business accelerator program provided by Pacifund. The 30-day program, aimed at supporting and enhancing the performance of business owners, concluded with a significant event on February 14, 2024, at the Gateway Hotel in Port Moresby.

Peter Piawu, the trainer and coach of the program, emphasized Pacifund’s commitment to empowering aspiring entrepreneurs. The program was designed to assist businesses in formalizing their operations, developing effective marketing strategies, and achieving predetermined revenue targets. This initiative aligns with the objectives of the #PNGAusPartnership, which aims to strengthen the Micro Small Medium Enterprise (MSME) sector through enhanced networking and supply chain support. The backing from the Australian government further underscores the importance of strategic, financial, and marketing training in nurturing the growth of PNG’s business ecosystem.

The program took a comprehensive approach, providing mentoring to participants as they navigated the challenges of formalizing their businesses and making operational improvements. By focusing on customer service and compliance requirements, Pacifund ensured that the new entrepreneurs were well-prepared to navigate the complexities of the business world. This not only promotes individual business growth but also contributes to the broader economic development of Papua New Guinea. The successful completion of the program by the 27 participants, culminating in the business launch event, signifies a significant milestone in their entrepreneurial journey.

Highlighting the progress made by the participants, three winners of the 2023 Lily Magazine Homemade competition were recognized, showcasing the remarkable strides they have made in their entrepreneurial pursuits. Margo Nugent, editor of Lily Magazine, commended the finalists for their exceptional improvements and formal business launches. This recognition further validates the effectiveness of the Pacifund accelerator program in fostering business excellence and innovation among Papua New Guinea’s aspiring entrepreneurs.

As these 27 businesses embark on their new ventures, the impact of Pacifund’s accelerator program demonstrates the transformative influence of targeted training and mentorship in the business world. With ongoing support and collaboration, the future of entrepreneurship in Papua New Guinea appears promising, setting a precedent for similar initiatives to follow.