Billionaire Sir Richard Branson is a key player in the launch of a $200,000 initiative to invest in Virgin Islands entrepreneurs seeking to launch businesses that will benefit the territory’s marine environment.
The Unite BVI 2025 Impact Challenge, which is centred around ocean health, will climax in a live pitch presentation on Necker Island, which the British business mogul bought in 1979.
At the event, between one and six applicants will be selected to receive all or part of the funding to launch eco-friendly business projects, organisers said.
The contest, which is expected to become an annual event, is funded by the VI Purpose Fund with support from the Branson family’s non-profit foundation Virgin Unite and United States tech entrepreneur Rick Kearney.
“Some of the world’s boldest ideas come from small islands,” said Sir Richard, a judge in the contest. “The VI Purpose Fund is an invitation for entrepreneurs to step up and create real solutions that can have a ripple effect far beyond the BVI.”
‘The ocean is central’
Premier Natalio “Sowande” Wheatley backed the enterprise.
“There is no talk about the BVI without talking about our seas,” he said. “The ocean is central to our way of life and our economy, particularly tourism. I applaud Unite BVI and its partners for investing in innovation to empower our people and protect our future.”
Kim Takeuchi, Unite BVI executive director, noted that the territory is “more ocean than land.”
“Our future depends on how we care for and invest in the sea,” she added.
Mr. Kearney, who will also serve as a judge, said the competition is about being radical.
‘Big ideas’
“We are looking for big ideas: ones that are solvable, measurable and scalable,” he said. “Our goal is to help turn those ideas into action, right here where they matter most.”
Applicants have until July 14 to submit their proposals, and finalists will be announced in October ahead of the final live pitch on Necker Island on Nov. 4.
For more information and to apply, go towww.vipurposefund.org.
Business empire
Sir Richard launched his business empire with Virgin Records in 1970 and has since gone on to found multiple enterprises such as Virgin Atlantic airlines and the Virgin Galactic spacecraft company.
He bought Necker for $180,000, and the island is now rented out for up to $140,000 per night.
Necker has hosted Barack and Michelle Obama, Oprah Winfrey and the late Princess Diana and her children, among other global names.
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