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Climate Adaptation in a Business Context: What does it mean for your business?
Climate adaptation in a business context refers to the actions that companies take to prepare for and respond to the impacts of climate change on their operations, employees, communities and customers. As a frontline country for climate change impacts, businesses in the Maldives need to ensure they are in a position to manage impacts of climate change on their business. Climate adaptation can include a range of strategies, such as: Identifying and assessing the specific risks and impacts of climate change on a company's operations and supply chain. Developing and implementing plans and actions to reduce vulnerabilities and increase resilience to those impacts. This can include broadening into new areas of operation, innovating alternatives to existing products and industry, and making use of new business opportunities in the field of climate adaptation. Investing in technology, infrastructure, or other measures to reduce the company's greenhouse gas emissions and increase its energy efficiency. Building partnerships and collaborations to share information and resources and to advocate for policies and regulations that support adaptation and resilience. Engaging with stakeholders such as employees, suppliers, customers, and communities to build shared understanding and support for adaptation efforts. Adaptation is becoming increasingly important for companies as the...Read more
What is EDP Maldives?
The USAID Maldives Enterprise Development Program is a business advisory and mentorship program aimed towards helping early-stage, growth-oriented businesses interested in developing or scaling up ideas for climate adaptation in the tourism, fisheries and agriculture sectors. The program will help these businesses develop their ideas into viable business plans.
The program will offer support tailored towards specific business needs, depending on the stage at which the business enter the program. EDP Maldives will assist in vetting business ideas, developing the business plans, and help expand your networks, build stronger business operations and management, and increase your financial capability.
EDP Maldives will take place from March to December 2023.
Frequently asked questions
Enterprise Development Program is a business advisory and mentorship program aimed towards helping early-stage and growth-oriented businesses interested in developing or scaling up their businesses or business ideas in the tourism, fisheries agriculture and related sectors in the supply chain. The program will help selected businesses develop their business or viable product ideas into businesses.
Anyone with a good business or a business idea and needs assistance is developing and growing it is encouraged to apply. Specifically,
- registered micro, small, or medium business (MSMEs)
- non-registered MSMEs and
- individuals or groups with demonstrated or viable product ideas working towards formalizing a businesses
An ideal participant will be a micro, small, or medium business, or an entrepreneur in the Maldives with:
- one or more good ideas for a climate adaptation product or service (a Minimum Viable Product – MVP). The MVP may be a product, service, or practice or any innovation. The key features of an acceptable MVP innovation for this program should address risks of anticipated or observed climate change impacts to economic activity and livelihoods, and
- be scalable and/or marketable and
- contribute directly or indirectly to the tourism, fisheries, agriculture or related sectors in the Maldives.
There are five stages to the program.
Stage 1: Call for Proposals (one pager).
Apply to us using the very brief 1-pager application form (link). From there, we will shortlist candidates. Deadline for this is 31 December 2022.
25-30 Applications will be shortlisted by an expert panel from FJS during the first week of January 2023.
Stage 2: Detailed Proposal for Shortlisted Applicants:
The shortlisted candidates will then be required to provide more detailed information and application. We will provide you with support during this process. At the end of this process, your application will be screened a final time and a final list of candidates will be selected to be the first pioneers of the EDP.
10-15 applications will be selected based on the detailed applications received. The selection will be done by panel composed of Project Advisory Committee, FJS and USAID Climate Adaptation Project.
Stage 3: Bootcamp for Candidates (March 2023):
EDP will start with a 5-day bootcamp in Male’ with field visits. This session will enable the participants to vet their business plans and ideas with input from experts in all business areas. The 5-day bootcamp is also designed to create networking opportunities and to get to know representatives from key institutions relevant to the business and its growth.
Stage 4: Nine (9) Month Accelerator Program (March – Nov 2023)
The 9-month program will be customized and tailored for individual participant’s business needs. Each participant will be working from their usual place of business and schedule in meetings/sessions with their team and specialists and experts, via online platforms, to obtain advisory services. Regular board/meeting style progress meetings will be held with all participants to ensure smooth execution of their plans. The program is designed so as to enable participants’ team to be working at their own business offices at their hometowns while tapping into expert advice and guidance as may be required.
Stage 5: Completion (December 2023)
At the end of the program, participating businesses will be in a position to move forward with their business plans with the right foot forward on the journey of expanding their business.
EDP Bootcamp will be an opportunity to work closely with business advisors and mentors, get to know key representatives and specialists who will provide inputs into your business and work with you to develop a systematic way to improve your business. All costs associated with participation in the bootcamp for the participants is fully sponsored by the project.
The Bootcamp will have two components:
- training sessions addressing topics such as business planning, financial planning, strategy development, business risk assessment, marketing and finance taught by experts in the field.
- field visits and meetings with relevant stakeholders such as banks, insurance companies and government regulators to get a better understanding of the business environment and opportunities in the market.
Large and established businesses are able to afford expert advice as they require. However, most small and start-up businesses are not able to afford these services to help them establish and grow. Wherever you are and whatever stage your current business, this program will help you develop your business and make it stronger, more sustainable and increase your chances for a successful business. EDP offers an opportunity to tap into free business advisory services for a whole 9-month period funded by the USAID Climate Adaptation Project. These advisory services are not easily available for SMEs and will be a chance to help you get things right in your business.
The program is intended to help you meet the criteria and requirements to seek equity, debt or grant funding. However, participating in the program will not make you directly eligible for a grant or loan. Rather your business will be in a successful place to be able to seek and acquire further financing or funding.
This program will help you take your business to the next level – assisting you with developing and operationalizing a sound business plan, networking opportunities and increasing your contacts, market assessment and marketing strategies. The program is geared towards helping you with your specific business needs and to ensure you will have a stronger, more sustainable business with a clear strategy for growth and expansion.
9. I am not sure if my idea fits your "MVP" criteria or is it environmentally innovative. What should I do?
Our criteria have a broad range of applicability when it comes to the climate element of the MVP. At this initial stage we encourage you to apply to the program. We will be providing assistance for those who get short-listed to fine tune the full application.
Yes, businesses are not required to be registered to apply for EDP Maldives.
EDP Maldives is aimed towards start-ups, early-stage businesses and growth-oriented businesses and would prioritize those with some business experience, even if it is not in implementing the idea being submitted. However, if you do have a good idea for a business product or service that is relevant for climate adaptation, do send in an initial application. We will be able to assess your idea and advise you accordingly, and may be able to offer you a place on the program depending on the business strength of your idea.
EDP is not a training program or course. It is a business advisory and mentorship program tailored to your specific business. You will be working on growing and developing your business at your place of business during this time, while a team of experts will help and guide you have a stronger and more sustainable business at the end of next year.
Yes. Any business registered or an individual or groups can apply for this program.
There is no limit to how many applications one person can make. Each business/idea has to be submitted in a separate application form.
Any practice, or product that considers current and/or future negative impacts of climate change and adjusts to deliver the product / service despite those.
Fareeha Shareef – Project Director
Hamid Sodique – Business Development Expert
Mohamed Inaz – Climate Change and Environment Expert
Mariya Shareef – Tourism Sector Expert
Maleeka Salih- Social Sector Expert
Rifaath Hassan – Agriculture Expert
Riyaz Jauharee – Fisheries Expert
Ibrahim Shabau – Member of the USAID Climate Adaptation Project team