Hon. Lorna Smith, OBE, Junior Minister for Financial Services, Economic Development and Digital Transformation, is encouraging residents of the Virgin Islands to take advantage of the VI Purpose Fund’s 2025 Impact Challenge, an initiative aimed at fostering economic diversification through ocean-based ventures.
In a statement issued Wednesday, Minister Smith said the Blue Economy holds significant promise for long-term economic growth and resilience in the Territory.
“Our economy must move beyond traditional industries like financial services and tourism to embrace new opportunities,” she said. “The Blue Economy offers residents a unique chance to create sustainable businesses that protect our marine environment while significantly enhancing their own economic prosperity and stability.”
The VI Purpose Fund is a partnership between Unite BVI, Virgin Group founder Sir Richard Branson, and businessman Rick Kearney. The initiative offers successful applicants up to $200,000 in funding along with a year of tailored mentorship, incubation, and business acceleration services.
According to the organisers, the programme is designed to support high-impact solutions in sustainable fisheries, eco-tourism, coastal resilience, and eco-waste management. These sectors are viewed as essential to both environmental protection and economic development in the Virgin Islands.
“The opportunity for innovation in these areas is immense,” said Minister Smith. “Investing in our people and their bold ideas directly supports the future economic health and sustainability of the Virgin Islands. I urge residents, especially our youth and small business owners, to seize this incredible opportunity.”
Kim Takeuchi, Executive Director of Unite BVI, stated that the programme was inspired by the BVI Government’s Road Map to Blue Economy.
“We believe in fostering big ideas and bold solutions,” said Takeuchi. “Our mission is to champion BVI business-led innovations that confront environmental challenges with innovation, ensuring our impact is not only solvable and scalable but also profoundly measurable and truly transformative.”
With the initial assessment deadline set for July 14, Minister Smith is encouraging eligible applicants to submit proposals and engage with the VI Purpose Fund team to discuss potential projects.
Programme Manager Lauren Keil will be available for in-person meetings on the Sister Islands, including:
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July 4 at the Anegada Public Library
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July 8 at the Flax Administration Building in Virgin Gorda
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July 10 at Foxy’s in Jost Van Dyke
A live webinar will also be held on Wednesday, July 9, with details available on Unite BVI’s official Facebook page. Interested individuals can schedule appointments by emailing hello@vipurposefund.org.
More information and application forms are available at www.vipurposefund.org.
