The concept of the Business Labs emerged from a Trinidadian project undertaken by the Organization of American States, the Ministry of Education in Trinidad and Tobago. The Minister of Education thought that the way in which schools utilize 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.
Business Labs help educate youth in becoming entrepreneurs, by encouraging the proliferation of creativity and innovative ideas through practical exercises and the establishment of a diverse but interconnected economic base through the promotion of new ventures. The project thus responds to the priority of "economic diversification and integration, free trade and market access, social development and the creation of productive employment and education" that were declared as three of the four major priorities for the Planning Meeting of the Caribbean that took place on May 23 and 24, 2002 in Barbados. At this meeting, the Caribbean Development Bank and the OAS committed to continue mutual collaboration and cooperation. Furthermore, it is important to point out that the Summit of the Americas in Nuevo Leon, Mexico held in January 2004 reiterated the importance of promoting and supporting social development and integration of the youth in our region as well as developing policies and projects that promote economic growth with the aim of reducing poverty.