Few economies are so profoundly affected by the climate crisis while at the same time so under-resourced to address it. Into this equation comes two groups of Pacific Islanders–one seeking to create solutions to this issue, another hoping to fund those solutions. The Global Innovation through Science and Technology (GIST) Initiative convened these two groups in Nadi, Fiji for just this purpose. As part of the U.S. Department of State’s ongoing diplomatic efforts to empower local entrepreneurs to solve local problems, GIST’s programing seeks to train impactful founders who support their local communities and bolster economic growth. One of the ways in which GIST can most effectively do so is by bringing together the pillars of a robust entrepreneurial ecosystem. Startup founders need capital to sustain their ventures, which is why GIST has focused its efforts on building a strong community-based investment pillar in the Pacific.  What grew out of an initial training in 2023 has now flourished into a new organization and a strong cohort of innovators that are changing the entrepreneurial landscape across thousands of miles of ocean. 

These accomplishments, and their future continued success, were celebrated, solidified, and expanded in a groundbreaking event: a second cohort of the GIST Startup Training and Investment Forum, which recently wrapped up a dynamic three-day event in Nadi, Fiji. Held in August 2024, this intensive program brought together young innovators, entrepreneurs, and investors from the Pacific Islands region to build towards exactly that goal:  a robust science and technology ecosystem. Supported by the Global Innovation through Science and Technology (GIST) Initiative, this transformative event aimed to prepare startups to be investor-ready while fostering deeper collaborations between local innovators and regional angel investors.

Following the landmark event held last year, this follow-up session provided even more in-depth training, going beyond the basics of pitching to delve into the operational, legal, and financial intricacies of running a startup, with a highlight of the event being the formal launch of the Pacific First Investment Network (PFIN), an angel investment network aimed at fostering sustainable development in the region. Investors, guided by experienced leaders, participated in mock board meetings and due diligence evaluations, deepening their roles as mentors and advisors. PFIN’s formalization represents a significant leap forward in building a sustainable innovation ecosystem. We are so proud of this transformative work in this region, and are thrilled to share it with our community–read on to learn more about this inspiring event! 

Behind the Curtain: In-Depth Startup Training

The Startup Training component was designed to equip both entrepreneurs and investors with the tools needed to thrive in an increasingly competitive innovation landscape. For many of the 12 participating Pacific Island startups, the event was a chance to go beyond the typical pitch format. Instead of showcasing only their vision and potential, startups were encouraged to open up about the inner workings of their businesses. This “behind-the-curtain” approach required them to discuss operations, legal frameworks, financials, and other aspects that are crucial for investment but often remain hidden during initial pitches.

Entrepreneurs like Jasnita Ali Reddy of Nature’s Farm Fresh Supplies and Akanesi Kaufusi of Siuhuu shared how the training helped them refine their pitches and overall strategies. Reddy expressed excitement about leveraging technology to revolutionize agriculture, stating, “This program aligned perfectly with our vision… it enhanced our business acumen and propelled our growth towards a sustainable and prosperous future.” Kaufusi echoed this sentiment, emphasizing how critical it was to receive feedback from experienced investors: “The opportunity to pitch in front of real investors and receive feedback significantly improved my pitch.”

The startups, which had primarily engaged in pitch sessions before, found this deeper level of engagement with investors eye-opening. As Reddy continued, “This program was not just about refining our pitches; it was about understanding the importance of being prepared to discuss every aspect of our business in detail.” 

By the time they reached the mock board meetings, innovators had benefited from over 90 minutes of direct investor feedback, helping them to stress-test their business models and identify potential weaknesses. This comprehensive approach not only prepared them for future investment opportunities but also strengthened their operational resilience.

Several outstanding startups were recognized for their innovative approaches and potential impact on the Pacific Islands throughout this program. Jasnita Reddy Ali (Nature’s Farm Fresh Supplies), was awarded the Best PFIN Thesis Fit and received a $5,000 prize for her work in hydroponics farming. Farhad James of Island Tech Solomons won the Strongest Deal Room award, earning $2,500 for his impressive performance in navigating investor discussions. Additionally, Kaiea Ribanataake Awira from Clean Spatial Solution was honored with the Most Scalable Across the Pacific award, taking home $2,500 for demonstrating the potential for broad impact across the region. These awards underscore the diversity and strength of the entrepreneurial spirit within the Pacific Islands and highlight the event’s role and commitment in fostering innovation and growth.

A Collaborative Retreat for Investors

On the investor side, the event functioned as much more than a traditional training session—it served as an effective retreat. Bringing together 10 regional investors from diverse cultures and time zones, the forum provided a rare opportunity for face-to-face collaboration. The in-person format allowed investors to make decisions more swiftly and cohesively, and the shared experience fostered a deeper understanding among the group, enhancing their ability to support startups in meaningful ways.

Throughout the forum, investors like Rajendra Singh and Linda Narakou, the newly elected Chair of PFIN, played pivotal roles in mentoring and advising startups. Singh noted that the intensive, immersive format “opened up a new world of opportunities,” while Narakou emphasized the dual role of investors as both financial backers and mentors.  The newly elected Chair of PFIN expressed her enthusiasm for the initiative, noting, “This is more than just an investment network—it’s about building long-term partnerships that help startups thrive.”

The Launch of the Pacific First Investment Network (PFIN)

A major milestone of this event was the official launch of the Pacific First Investment Network (PFIN). Established after the initial forum in 2023, PFIN represents the Pacific region’s first dedicated angel investment network. Its mission is to provide crucial financial support to early-stage startups, particularly in sectors vital to the region’s growth, such as agriculture, STEM, and green entrepreneurship.

Throughout the event, experts like Eli Velasquez, founder of Capital Stack Investors, and Kent Matla, leader of Blak Angels in Australia, played pivotal roles in guiding both startups and investors through the intricacies of early-stage investment. Velasquez, who has been mentoring the Pacific First Investment Network (PFIN) since its inception, highlighted the unique potential of the Pacific Islands’ startup ecosystem. He stated, “The work being done here is extraordinary; we’re not just preparing companies for investment, we’re cultivating a culture of innovation.”

Instructors like Lynn Allendorf and Dimy Doresca also contributed significantly, providing practical, hands-on guidance throughout the program. Their experience in global entrepreneurship and venture development was instrumental in helping participants navigate complex challenges and unlock new opportunities.

Over the three days, investors participating in the GIST program worked to finalize PFIN’s structure. They elected leadership, formed key committees, and conducted due diligence meetings as part of their official duties. The network, which unites private and public investors, aims to foster sustainable economic growth in the Pacific Islands by supporting businesses that align with environmental, social, and governance (ESG) principles. The launch of PFIN marks a significant leap forward in building a sustainable innovation ecosystem in the Pacific, particularly for green entrepreneurship in sectors like agriculture and technology. It is an enormous accomplishment on the part of all involved, and its success has only just begun! 
 

A Bright Future for Pacific Innovation

The second cohort of the GIST Startup Training and Investment Forum was a remarkable achievement, solidifying the Pacific Islands’ position as a growing hub of innovation. Over three intensive days, startups honed their business models and investor pitches, while investors gained valuable experience in due diligence and angel investing. The launch of the Pacific First Investment Network (PFIN) stands as a testament to the region’s dedication to fostering sustainable economic growth through innovation and entrepreneurship.

As GIST continues to support innovation in the Pacific Islands, the relationships built during this event are sure to propel local ventures to new heights, creating lasting impacts for communities across the region. The journey of innovation and collaboration has only just begun, and the future looks brighter than ever for Pacific entrepreneurs.