​The Blue Prosperity Entrepreneur Fellowship (BPEF) aims to support local entrepreneurs and sustainable businesses through grants, entrepreneurship training and mentorship opportunities.

The Fellowship is a valuable opportunity for aspiring entrepreneurs and businesses in the FSM to gain access to an extensive international network of business leaders. This program aims to strengthen the FSM’s Blue Economy and support initiatives for a healthy, sustainable future for the FSM’s ocean. 

​

The Blue Prosperity Entrepreneur Fellowship is a partnership between Blue Prosperity Micronesia (BPM) and Sustainable Ocean Alliance (SOA) to support Blue Economy entrepreneurs in the FSM to advance ocean health, community livelihoods, and sustainable economic growth.

What will Blue Prosperity Entrepreneur Fellows receive?

FREQUENTLY
ASKED QUESTIONS

What is the Blue Prosperity Entrepreneur Fellowship (BPEF)?

The Blue Prosperity Entrepreneur Fellowship is a partnership between Blue Prosperity Micronesia (BPM) and Sustainable Ocean Alliance (SOA) to advance ocean and community health by supporting entrepreneurs and sustainable businesses in the Federated States of Micronesia (FSM) Blue Economy. The fellowship entails a grant of up to $8,000 as well as training workshops and 1:1 mentorship opportunities from August 2024 to August 2025. 

Who is eligible to apply for the Blue Prosperity Entrepreneur Fellowship (BPEF)?

The primary requirement is that grant-supported activities must benefit the blue economy (sustainable utilization of marine resources) in the Federated States of Micronesia. The ideal participant is someone with a new or early-stage project and can show measurable results before August 2025, and with plans for how to sustain impact beyond the term of the fellowship.

Initiatives are not required to generate profit or be affiliated with an organization in order to apply.

What is the application process?

Applications will be open from May 21, 2024 to July 7, 2024. Applications will be reviewed by members of the BPM team and SOA staff. Qualified applicants will be invited to schedule a Zoom meeting by August 2, 2024. All fellows will be selected and notified by August 16. Access the application form here.

How will the participants be selected?

Applications will be evaluated by SOA and BPM staff and scored on the strength of their leadership (experience/potential), project components (location/outputs), impact, sustainability/scalability, finances (budget, traction/other sources of funding), and contribution to advancing justice, equity and diversity. 

What is the time commitment?

Fellows are expected to participate (either live or through recordings) in a minimum of four training workshops over the course of the fellowship from August 2024 to August 2025. Workshop dates will be shared with applicants in August. Workshops are 1-2 hours each, and also include up to an hour of preparatory work. Fellows may also choose to participate in mentorship via email or 1:1 meetings. 

What types of training will be provided?

The subject of the training workshops will be determined based on the attributes of the selected fellows. SOA established one of the world’s first ocean-focused accelerators for startups in 2018, and has since nurtured a network of experts and a content library meant to educate entrepreneurs and grassroots leaders on the essentials of creating and scaling sustainable ocean initiatives. Examples of past expert-led workshops include Value Propositions & Go to Market Strategy, Fundraising, Measuring Impact, Early Stage Company Formation, and others.

What types of mentorship opportunities will be provided? 

Blue Prosperity Entrepreneur Fellows will have access to SOA’s network of mentors, including leaders in business, technology, finance, and more. A community of over 200 professionals (“SOA Mentors”) volunteer their time to provide 1:1 support to SOA grant recipients on an as-needed basis. Fellows will be introduced to the participating mentors at the beginning of the fellowship, and can request their support at any time through August 2025.

See the SOA Grants page for additional FAQs. 

​

Additional questions?

Please contact grants@soalliance.org if you have additional questions.