Application requirements have been relaxed for Cayman entrepreneurs seeking local investors through The Cayman Angel Investors Network.
Mr. Basdeo |
Subsequently, Cayman residents with a good business idea they want to develop, or those with an existing business ready for expansion, have the option to present their business ideas at CAIN’s monthly meetings prior to submitting a business plan, said a press release from the group.
CAIN members are now also assisting entrepreneurs with developing their business plans and ideas, and doing site visits of existing businesses seeking to grow or branch out.
Dax Basdeo, Executive Director of the Investment Bureau, the administrative arm of CAIN, said, ‘This ‘open door’ policy of working with applicants from the moment they come forward is the result of our observation that not many entrepreneurs follow through in developing a business plan.’
CAIN President William Peguero agreed, explaining, ‘We decided to make these changes because doing it this way takes away the apprehension anyone might have about first meeting the investors. It’s a lot easier when the investor has been involved in the process from the beginning.’
CAIN is about helping entrepreneurs, who either have an existing start-up company or those who are just at the business-plan-development stage, Mr. Peguero noted.
‘We will now be meeting with applicants directly each month to determine if and how we can assist them in the development of their businesses,’ he said.
At the moment, the 15-member group of investors resident in Cayman is actively involved in assisting several local entrepreneurs. The most recent applicant, a young female entrepreneur, impressed the group with her tenacity and drive. ‘We were all excited for her and so thrilled that we were able to provide her with some positive direction for business growth,’ commented Mr. Peguero.
A maximum of two presentations are scheduled each month, but entrepreneurs can apply at any time. Administrative support for CAIN is provided through the Cayman Islands Investment Bureau, and interested applicants can contact Mr. Dwene Ebanks via email [email protected] or by calling 244-2202.
Related Videos
