The initiative, powered by the VI Purpose Fund, is an annual competition aimed at identifying and scaling ventures that address environmental challenges while contributing to economic development in the territory.

Applications opened April 2, with the program targeting businesses that demonstrate commercial viability, measurable environmental impact and potential for growth.

Organizers said the challenge comes at a time of increasing concern about the condition of global marine ecosystems. A recent Planetary Health Check report by the Potsdam Institute for Climate Impact Research found that the ocean has crossed key environmental thresholds, placing marine systems under significant strain.

For the Virgin Islands, where the economy and way of life are closely tied to the ocean, the implications are immediate. Rising ocean temperatures, acidification and environmental degradation pose risks to fisheries, tourism and long-term economic stability.

Lauren Keil, programme manager for the VI Purpose Fund, said the initiative is intended to position the territory as a source of solutions.

“This global crisis presents a powerful local opportunity,” Keil said. “The BVI is uniquely positioned to develop and scale solutions that both restore ocean health and create sustainable economic pathways.”

Sir Richard Branson, a supporter of the fund and a judge in the competition, said small island economies can play a significant role in addressing global environmental challenges.

“Some of the world’s boldest ideas come from small islands,” Branson said. “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.”

Rick Kearney, co-founder of the VI Purpose Fund, said the program is designed to support entrepreneurs seeking both financial backing and business development support.

“This is an opportunity for creative and committed entrepreneurs to receive financial and business support to make a difference in the lives of their family, the community and the planet,” Kearney said.

Kim Takeuchi, executive director of Unite BVI, said the initiative reflects the territory’s dependence on the marine environment.

“The sea makes up 90 percent of the Virgin Islands,” Takeuchi said. “By protecting these waters now, we secure long-term sustainability for future generations.”

The challenge prioritizes ventures that integrate ocean protection into business models while creating jobs, strengthening supply chains and reducing dependence on imports. Focus areas include sustainable fisheries, regenerative aquaculture, waste reduction, recycling and reuse systems, coastal restoration, and solutions related to sargassum management.

Selected applicants will receive funding along with structured incubation and acceleration support to help develop scalable enterprises.

The application process will be conducted in phases. Initial assessments are due by June 10, followed by detailed submissions between July 1 and Aug. 25. Six finalists will be selected on Oct. 13 and invited to participate in a final pitch event on Necker Island in early November, where winners will be chosen.

Applicants must be at least 18 years old and hold a valid trade license by Aug. 25. Additional regulatory approvals may be required depending on the nature of the business.

The VI Purpose Fund is a flagship initiative of the Unite BVI Foundation and supports ventures that combine economic development with environmental sustainability.

Organizers said the challenge is intended to encourage entrepreneurs to develop solutions that address both local and global environmental concerns while building resilient businesses within the territory.

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