The Ministry of Trade and Industry (MTI) and the Trinidad and Tobago Unit Trust Corporation (UTC) recently renewed their partnership by signing a memorandum of understanding (MoU) to support the Scale Up TT Business Accelerator. This initiative targets small and medium-sized companies (SMEs) with significant growth potential, aiming to drive economic growth and innovation by fostering a robust entrepreneurial ecosystem.
Developed by Prof Daniel Isenberg, founder of Entrepreneurship Policy Advisors (EPA) in the United States, the Scale Up Programme has a proven track record of success. Since its inception in Manizales, Colombia, in 2010, the programme has empowered countless entrepreneurs across diverse countries.
UTC’s participation in Scale Up TT aligns with the corporation’s efforts to help SMEs firmly establish themselves in the country’s business landscape by boosting revenue, exports, and employment. Nigel Edwards, executive director of the Unit Trust Corporation, emphasized that Scale Up TT is a continuous journey, not a one-and-done programme, serving as a mindset shift to shape entrepreneurship conversations and transform how business owners think about expansion.
The successful partnership between the ministry and the UTC has already benefited three cohorts in the programme, showcasing impressive growth stories as companies hired more employees, increased revenues significantly, secured new contracts, and expanded into new markets and lines of business.
Trade Minister Paula Gopee-Scoon highlighted the importance of SMEs as the engine of growth in developing countries and applauded the success of businesses in the first three cohorts. With over 30 participating businesses generating more than $460 million in revenue and employing over 1,200 individuals, the impact of the Scale Up TT Programme is evident.
Scale Up TT has already benefited 34 companies and 173 Scale Up TT alumni graduates, resulting in leadership growth, expanded career opportunities for employees, improved services for customers, and overall community development.
The programme targets established businesses with high-growth potential, providing leadership, mentorship, and training through workshops and mentorship sessions to equip participants with the knowledge and tools needed to scale their operations effectively.
By nurturing established businesses with high-growth potential, the Scale Up TT programme is considered a powerful investment in Trinidad and Tobago’s economy, creating a ripple effect of innovation, job creation, and prosperity for generations to come.
