Small business owners and entrepreneurs have been handed a much-needed helping hand during the economic downturn thanks to the launch of an innovative new mentorship programme by the Bermuda Small Business Development Corporation (BSBDC).

The 18-month pilot scheme, which is called 'Partnering for Success', was officially unveiled on Friday by the BSBDC's business development manager Jamillah Lodge with the assistance of Marcia Brandon, executive director of the Barbados Youth Business Trust (BYBT), Randy Stafford, BSBDC board member and president of Stafford Flooring and Hasan Durham, ex-officio board member and the economic adviser to the Ministry of Finance, as well as a number of mentors and mentees in attendance.

The new programme is particularly relevant in today's economic climate with a number of people getting laid off and starting out again on their own in business.

The initiative, which is based on the BYBT mentoring model for entrepreneurs — a global partnership with Youth Business International, kicked off in earnest this week with Ms Lodge and Mrs. Brandon conducting a series of interviews with potential candidates and training eight of the 10 mentors who will all be chosen.

"The objective of the programme is a help entrepreneurs and mentor them through the success of their business ventures," said Ms Lodge.

"By adopting the BYBT model, BSBDC accomplishes two objectives — establishing a formal youth entrepreneurship programme and establishing a mentorship programme.

"The overall goal of the Partnering for Success initiative is to respond to the demand of our entrepreneurs by providing mentorship and professional business counselling to BSBDC clients over a pilot period of 18 months."

In advance of the launch, the pair sought help from experts across different industries as mentors, with an overwhelming response.

Mrs. Brandon, who has helped roll similar schemes out across the Caribbean, Mexico and Africa, said her main aim was to help the BSBDC get the new programme off the ground.

She will talk to possible mentors about what was expected of them with their added responsibility and to continue to review it on a regular basis to ensure its success through update meetings and awards presentations to recognise the efforts of the mentors.

Barbados itself has enjoyed a success rate of 75 percent with its mentoring programmes.

Ms Lodge said the biggest issue was matching up the mentors with the right expertise with the relevant mentees, such as accounting and financial experience.

Mentor Richard Thompson, owner of Island Cleaning Services, and his mentee Corey Cross, owner of Planet Coffee, who were present at the meeting, said they hoped their new-found business relationship would benefit both parties equally

"I think small business entrepreneurs need input and help to bounce off somebody," said Mr. Thompson, who was a director of the BSBDC in the early 1990s.

"I have been in business for over 40 years and having somebody who has seen some of the pluses and minuses and can give that to the mentee is a great opportunity.

"I have a number of skills I believe that I can bring to the table and I think I can be very valuable to my mentee Corey."

Mr. Cross, who started his mobile hot beverage business in 2007, establishing a niche in the market for coffee supply, said: "It is one thing to come up with an idea for a business, but sometimes when you are trying to grow the business there are a lot of questions about what is the best way to do that and what is the next step to help it do that.

"For that reason, I think it is great that the BSBDC has put together this programme, because from a personal point of view, I am always worried about protecting my ideas and who I can trust with them, and through signing a confidentiality clause at the beginning of the process, that enables me to do exactly that."

Kerry Judd, another mentor and consultant at New Beginnings Inc., said the initiative was all about "paying it forward" and imparting your skills and experience to others.

"I have had a number of mentors over the years who have taught me and continue to do so," she said.

Anyone interested in becoming a mentor or mentee in future Partnering for Success programmes can contact Jamillah Lodge on 292-5570, email jlodge@gov.bm or visit the BSBDC website at www.bsbdc.bm