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Barbados Entrepreneurship Foundation (BEF) $20 Challenge
"There's no greater reward in life than helping young people and then seeing them develop into something special."
- Keith Miller, Founding Champion, $20 Challenge
The Barbados Entrepreneurship Foundation (BEF) has been hosting the $20 Challenge since 2011. The challenge fosters an entrepreneurial spirit among secondary and tertiary school students and the wider community and is aimed at building economic resilience in Barbados. Scotiabank has been the major sponsor of the $20 Challenge for almost a decade, and we are pleased to be a part of a programme that aids in the development of young people as they realize their full potential as young entrepreneurs.
Team Blue Isle Organic (Hayley Scott & Robyn Frederick) captured the 2024-25 Micro Enterprise of the Year and shared “Winning the 2024-25 Micro Enterprise of the Year has been incredibly rewarding, but the true victory was in the journey itself—learning how to conceptualise and create a product, budget, market and sell it. Participating in the Barbados Entrepreneurship Foundation’s $20 Challenge gave us far more than just seed money—it gave us confidence, practical business experience, and a platform to grow what began as a small idea into a thriving business that we’re truly excited to develop further. Scotiabank’s sponsorship of the $20 challenge is important because it sends a powerful message that young people, even with limited resources, have the potential to drive economic growth and create meaningful impact. By supporting the $20 Challenge, Scotiabank isn’t just funding ideas—they’re helping to shape the business leaders of tomorrow. These types of Programmes are essential for young entrepreneurs as they inspire creativity and innovation. We are proud to be one of the success stories and hope even more young people are given the opportunity to start small and dream big.”
Here's how the $20 Challenge works.
- The BEF provides a seed capital of $20, along with training and mentorship to participants throughout the duration of the competition and the students then sell their products during a specified timeframe.
- Participants are then required to submit business reports to the BEF and repay the money loaned to them.
- The BEF continues their mentorship efforts and business skills training as the young entrepreneurs venture out to pursue their passion.
Click here to learn about the $20 Challenge 2024/2025 Wrap Up
Students of the Alleyne School - Naima King, Eleena Parris and Kiara Williams announce their donation to the Barbados Cancer Society, as part of the $20 Challenge Charity Event.
Market days are a key aspect of the $20 Challenge, enabling participants to engage with customers and apply what they have learnt in the Programme.
Dr. Jeanine Comma, Director, BEF presents Suzette Armoogam-Shah, Managing Director, Scotiabank Barbados with the Partnership Award in recognition of the Bank’s long standing collaboration with the BEF.
Want to get involved or request more info?
Cindy Mohammed
Manager – Communications & Corporate Social Responsibility