By GEORGINA MICHAEL
THE International Training Institute (ITI) is taking a bold step in training its students to become employers rather than employees by supporting them to set up their own Small Medium Enterprises (SMEs) whilst still in school.
Three students selected from seven applicants have been given an opportunity to establish and grow their businesses at Unity Mall in Port Moresby as part of their On-the-Job Training (OJT).
The initiative is a partnership between ITI, Women’s Micro Bank (Mama Bank), the Small and Medium Enterprise Corporation (SMEC) and Unity Mall to provide student entrepreneurs with a commercial environment to operate in.
Speaking at the official Student Space Handover Ceremony at Unity Mall, Waigani, ITI Co-founder and Chairman Mr. Senthyl Kumaran said the idea was to give students practical experience in starting a business.
“We have our diploma in SME program and our idea was why not have our students start their own business whilst studying? We are encouraging students to start their own business and if they like it, they stay on. If they don’t like it, they can move on to their own job. But we have to give the opportunity first,” Mr. Kumaran said.
He said the space will be free of charge for the next 12 weeks, with ITI meeting all costs during the OJT period.
“We’ve been thinking of giving them the initial push and if they have enough cashflow they can rent their own space in the future and run their own business,” he said.
Meanwhile, Women’s Micro Bank CEO Mr. Gunanidhi Das congratulated the three female students, saying he was super proud that the first cohort are all women trying to set up their own destiny.
“Kudos to all you three that you have taken that first step to come out of the formal job mindset, to not being an employee rather than an employer, to create more employees under you,” he said.
Mr. Das said this is the implementation phase of a Memorandum of Understanding signed between Mama Bank and ITI two months ago. He said the bank will assist with K300 start-up capital each and provide financial literacy programs going forward.
“We will be very instrumental to assist you with the financial part by looking at your cashflow if you want to continue after your OJT,” he said.
Unity Mall Executive Chairman Mr. Eric Haiara welcomed the students, gave practical advice on running an SME, and confirmed a 20 percent discount on rentals under the formal MoU with ITI.
SMEC Special Project Advisor Mr. Edward Kepa acknowledged the partnership, saying it aligns with the government’s journey to create employment and achieve 500,000 SMEs in the country.