Entrepreneurs are an integral part of flourishing economies and societies. Often at the forefront of starting their own businesses and introducing new concepts into the local economy, entrepreneurs develop an idea they have to create a marketable solution for gaps and problems they have identified within their communities and contexts. If successful, they are able to reap the rewards of business and generate profitable income to grow and expand their business.
Entrepreneurs are commonly seen as innovators, as they use their initiative and skills to anticipate or identify needs and to bring new ideas, products and services to the market. They have a positive impact on the economy and on society, by inventing goods and services, creating new businesses and markets and by bringing in new wealth to a locality or community. Such initiatives can lead to the expansion of the local economy by the development of support services and products and associated industries. Entrepreneurial initiatives can result in increased employment opportunities, enable the conditions for more development and revolutionize the way industries and local economies function.
Encouraging entrepreneurship in the field of climate change adaptation is seen as beneficial to developing useful and climate friendly products and services that drive climate resilient economic development. For entrepreneurs, it is an area of business opportunity where early entrants can gain a clear profitable advantage and play a decisive role in shaping the market. Additionally, increasing climate resilience within and amongst businesses also protects businesses from the heightened risks of anticipated and observed climate change impacts. This in turn can better protect employment, livelihoods and the economy.
However, entrepreneurship is not without its considerable risks. Entrepreneurs risk failure and loss in starting and building their businesses; they may fail to raise the required capital or investment. They may fail to create the demand they envisioned for their proffered service or product. Attempting to produce or sell an innovation can be challenging and lonesome task, and many good ideas may be lost. For this and other reasons, many entrepreneurs hold back from their innovative ideas, especially in resource-poor contexts where there is limited access to financing, exposure to new technologies and support during experimentation.
As such it is important to support entrepreneurs who are attempting to develop new marketable solutions for adapting to climate change impacts and for climate resilient business development. They require an enabling regulatory context, access to financing and investment opportunities, means of networking and gaining exposure, and a supportive space for thinking, doing and learning how to improve and launch their climate relevant business ideas, products or services to the relevant industries.
As a tailored business advisory and mentoring service, EDP Maldives offers MSMEs the support they need in order to strengthen business strategies and plans for innovative products and services. This will help entrepreneurs be in a better position to gain access to the financing and investment they need to scale up their innovation and to benefit from their innovative entrepreneurship. If a number of effective climate-relevant green products and services take hold within the Maldivian society and economy, the increased climate resilience will benefit us all.