Above: Sir Richard Branson (Photo: Virgin)

The Sir Richard Branson Centre of Entrepreneurship has opened in Montego Bay, Jamaica.

The centre, which was established by the Virgin Group billionaire at a cost of approximately $3.5 million, is supported by several benefactors, including Island Records’ Chris Blackwell.

The centre opened its doors Thursday to 14 budding entrepreneurs, making a commitment to support their business goals.

“This is a growing priority, not just in the region but globally, certainly in the western world,” Branson said. “Communities need entrepreneurship to take the risks. They need entrepreneurs to create new pathways to the future.”

Industry, Investment and Commerce Minister Christopher Tufton said the centre was an “excellent initiative.”

“We have very talented people and very excellent areas that [Jamaica’s] talents can be applied in order to create goods and service for profit,” he said.

The centre is the second of its kind in the world; Virgin Unite launched a similar one in Johannesburg, South Africa in 2005.