The concept of the Business Labs emerged from a Trinidadian project undertaken by the Organization of American States and the Ministry of Education in Trinidad and Tobago. The Minister of Education envisioned that the traditional use of school laboratories to provide practical experience in the areas of science could be applied to business education, thus adding a new dimension to the current theoretical approach.
Mini Business Labs (M-Labs)
Business Labs are experiential learning exercises where young people gain entrepreneurial awareness and skills so they take the first steps in starting a business. This training methodology has been adapted to a condensed but effective one-day sessions where practical tools for young people in the process in business creation are provided. These sessions called Mini Business Labs or M-Labs, create awareness among young people on the steps of generating innovative ideas that later can be transformed into real businesses. Facilitators use case studies, exercises, and graphic material to create an Interactive and participative one-day session.