Volume 8 #2 Quarterly Magazine of the Barbados …...Also inside: Quarterly Magazine of the Barbados Investment & Development Corporation April - June 2012 ISSN 2077-3382 Volume 8

Also inside:

Quarterly Magazine of the Barbados Investment & Development Corporation April - June 2012 ISSN 2077-3382

Volume 8 #2

PG. 8CleverGrocer

PG. 10EGO Scholar Solution

PG. 12World O Words

Explore to Grow

Aero Farm Barbados

Barbados’ Entrepreneurial Culture

ideasManufacturing

3Barbados Business Catalyst • April - June 2012

The Barbados Investment & Development Corporation (BIDC) is preparing to launch a major product commercialization initiative.

Explore to Grow (ETG) is a new programme which has been set up by the BIDC to facilitate the development of new products and processes. It is the vehicle through which the Corporation will drive its new research and development thrust.

The programme sets up a formal process for capturing and filtering new product ideas for development. The Corporation, whilst providing the avenue through which a rich pool of ideas can be vetted and developed, will pursue this initiative in collaboration with its clients and stakeholders. Collaborate to innovate is the underlying theme of the programme and this synergy of effort should prove very effective in introducing a range of new or enhanced products for local and international markets.

The BIDC’s Manager of Research and Information Services, Ms. Fern Lewis, said there are several reasons why a new product development strategy and mechanism is essential at this time.According to her, “The current economic crisis, coupled with fierce competition at home and abroad has made it increasingly difficult for local businesses to survive on just their core products and services. With limited resources available to dedicate to research and development, translating ideas into viable products can be particularly challenging. One of the BIDC’s strategic goals in the year ahead is to increase the capacity of local businesses to be creative and innovative and through the ETG our clients will be in a better position to visualize and pursue new opportunities.”

Lewis also took note of continued intensification of competition for the domestic market as local consumers are increasingly

being given opportunities to purchase new imported products that are being offered in many instances at cheaper prices and a wider range. It is anticipated that through the ETG, new and emerging sectors with potential for import substitution and export will be developed in addition to a range of new products with linkages to Barbadian heritage and culture.

The initiatives and activities under Explore to Grow will be implemented through a Review and Action Committee. It will also see a synergy of efforts across Divisions of the BIDC and business support agencies. It is expected that this would yield greater and sustainable results which will yield new products for

exports, increased earnings of foreign exchange, more efficient deployment of resources in terms of people and money and more competitive and viable local enterprises which are better positioned for commercial success.

The Explore to Grow initiative is also intended as a support mechanism for the Corporation’s Innovation programme.

EXPLORETO GROW

Explore to Grow (ETG) is a new programme which has been set up by the BIDC to facilitate the development of new products and processes.

Fern Lewis

4 Barbados Business Catalyst •April - June 2012

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Explore To GrowEditor’s Desk - Trade Shows, Expos & ConferencesBarbados’ Entrepreneurial CulturePut CleverGrocer On Your ListEGOScholarWorld o wordsThe Waste Game AeroponicsCrown-ing MomentUnlocking Entrepreneurship: Towards Innovative SolutionsBMEX 2012 Pushing InnovationTechnoscopeBarbados Must Use InnovationDon’t Work for YourselfEye DazeInspiring InnovationWhy InnovateLess Talk More ActionBarbados Economic ReviewBBC NotebookEcoScopeWhen In...The USA TradeScopeManufacts

Disclaimer:Some of the views expressed in this publication are the views of the writers and not necessarily those of the BIDC. © 2012 BIDC.

Printed By:COT Caribbean Graphics, #16 Newton Industrial Estate, Christ Church.Tel (246) 420 8550 • Fax (246) 420 8555 • Email: [email protected]

The BARBADOS BUSINESS CATALYSTis published quarterly by the Research, Information and Design Services Division of the Barbados Investment & Development Corporation.It offers information and advice on trade and commercial issues to the business community. Information contained herein may be reproduced if accredited to the BIDC. Items of interest to local manufacturers, exporters, entrepreneurs and potential investors are welcome.

Editor:Jane Brome, Email: [email protected]

Editorial Team:Fern Lewis, Email: [email protected] Hutchinson, Email: [email protected] Taitt, Email: [email protected]

Design & Layout:G&A Communications Inc. Cnr. Harts Gaps & Hastings Main Road, Christ Church.Tel: (246) 437-2214; Fax: (246) 228-5204;E-mail: [email protected]

Don’t Work For Yourself Inspiring InnovationPG. 23 PG. 25

BMEX 2012 Foromic XVPG. 18 PG. 17

Contents

PG. 16Aiming For Excellence


Executive Coach Cheryl Gittens meanwhile elaborates on some common mistakes made by entrepreneurs and how to avoid them.

We’re also introducing in this edition, new columnist, Ashish Uttamchandani whose expertise in ICT should keep you entertained and informed about the technologies that can assist in working smarter.

We hope you enjoy this issue and share with you these words of great minds in hope of inspiring and helping you to achieve your goals and live your dreams.

Moving towards a sustainable future requires a new strategic approach driven by

entrepreneurial and innovation-led initiatives.

We’ve sought in this edition to bring this topic to the fore under the thematic concept of Manufacturing Ideas.

We’ve tracked finalists in this year’s National Innovation Competition, celebrating their stories of success and putting the spotlight on these up-and-coming entrepreneurs seeking to take advantage of emerging business opportunities. From software development to educational games and applications of renewable energy for the aeroponic growth of food crops, they all aspire to shape the future of Barbados.

And since the future belongs to the young among us, in this edition, we also share the views of youth entrepreneurship development expert, Dr. Marcia Brandon, on improving the enabling environment for young entrepreneurs and building an entrepreneurial culture here.

Editor’s Desk

By Jane L. Brome

Trade Shows, Expos and ConferencesCOPYRIGHT LAW THE ESSENTIALS, JULY 19-21 AND 25-26, 2012Hosted by the UWI Faculty of Law this seminar will be of interest to artistes business owners, event promoters, Attorneys-t-Law and others. Presenter Prof Eddy Ventose will be referring to both international and Caribbean issues and materials in a lecture/discussion format. It will be held at the Moot Court, Faculty of Law, Cave Hill.Contact: 246 417 4215 or 246 417 4227

ANIMEKON 2012, AUGUST 25-26, 2012As Barbados’ first and only pop culture convention, AnimeKon continues to set the standard for events of this nature within the Caribbean. Now in its third year of operation, AnimeKon has proven itself to be more than just a one off success. AnimeKon has captured the attention and imagination of fans of all ages, not only in Barbados but also in Trinidad & Tobago, Portugal, the USA, the UK, India, Malaysia and Canada. The 2012 exp will be held at the Lloyd Erskine Sandiford CentreContact: http://animekonexpo.com

HOME EXPO 2012, SEPTEMBER 20 - 24, 2012Living Smart is the theme of this year’s popular Home Expo. Patrons to the expo will be treated to an exhibition to trigger ideas on how to truly live smart, from energy saving to green living to maximising knowledge for the next home project. This year’s expo will be open for four days to accommodate the widest cross-section of buyers, seekers and browsers at the Lloyd Erskine Sandiford Centre.Contact: http://www.homexpobarbados.com/

FOROMIC XV – INTER-AMERICAN FORUM ON MICROENTERPRISE, OCTOBER 1-3, 2012Foromic serves as a platform of dissemination and dialogue with partner stakeholder on an annual basis and its objective is to contribute to the dissemination of knowledge and best practices in the area of microenterprise development in Latin America and the Caribbean. It is set to attract up to 1,300 delegates.Contact: http://events.iadb.org/calendar/event


“Take up one idea. Make that one idea your life - think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body, be full of that idea, and just leave every other idea alone. This is the way to success that is way great giants are produced.”

Swami Vivekananda


Entrepreneurial Development

What is the entrepreneurial culture of Barbados?

This is a question that we have consistently asked ourselves as youth entrepreneurship experts here at the Barbados Youth Business Trust (BYBT) over the past 16 years. From our ongoing research we know that the entrepreneurial culture in Barbados is presently transitioning. Sixteen years ago when we started the BYBT, entrepreneurship and entrepreneurs were words used almost exclusively by BYBT. Now, not only have the words become popular among the general public, but promoting entrepreneurship as a catalyst for job creation, wealth generation, poverty reduction and other social, economic and political solutions have become part of everyone’s agenda.

It has taken a significant amount of effort, partnership building, lobbying, educating, training, sensitization, promotion and outreach on the part of the network of business and entrepreneurship development organizations in Barbados to bring about this change in behaviour and attitude towards entrepreneurship. However, we still have a way to go. Barbados and the rest of the Caribbean, countries with histories of people working for others (government or other employers), are seeing a change. Young people are naturally looking to work for themselves now in preference to looking for a job. In a 2011 survey by BYBT among 100 unemployed youth (50 males, 50 females, within the 18-25 year age group) over 90% of the males said they wanted to start their own businesses and over 80% of females agreed. Over 75% of them had at least one business idea and had thought as far as where to go to get help to start the business.

Culture is defined as customary beliefs and values that ethnic, religious and social groups transmit fairly unchanged from

generation to generation (Guiso et al 2006). An entrepreneurial culture is based on the premise that shared belief systems, similar ways of earning a living and common educational arrangements can be combined to create ways of life which embrace entrepreneurship. An entrepreneurial culture can influence time preference, work-leisure trade-offs and risk-taking attitudes. Cultures which have values based on high levels of leisure, wage-based rather than project-based work hours, fear of failure, low levels of creativity which lead to innovation, an education system which values theory above practicality and creative thinking, will not become entrepreneurial very fast. Those that do place high value on these factors are likely to create more entrepreneurs, as entrepreneurship is multifaceted, cross-sectoral and complex. It requires long term, consistent efforts. Culture takes a long time to change. It may take another decade or two of the same type of sustained efforts and changes that we have seen over the past 16 years, among national, cultural, political and economic institutions for a full entrepreneurial culture to be created in Barbados and indeed the Caribbean.It is quite easy to start a business in Barbados, in terms of registration. However, the taxes and other statutory regulations can be prohibitive for a young entrepreneur. That is why BYBT is so fundamental in this landscape, because we have strong, established partners who help us to help these young entrepreneurs to incorporate companies, create contracts and partnerships, do Intellectual Property (IP) at very reduced costs or for free. We continue to lobby Government to waive these costs for young start-ups. In this global economic climate where businesses are closing, jobs have become less, migration is not

Barbados’ Entrepreneurial Culture

By Dr. Marcia Brandon


Entrepreneurial Development

so much an option, governments are downsizing, everyone has to be looking for ways to create their own jobs. Improving the enabling environment, especially for youth to become decently employed through entrepreneurial means, is critical.

HOW DOES THIS IMPACT ON BYBT’s WORK?The lack of a strong entrepreneurial culture in Barbados presented an excellent opportunity for BYBT 16 years ago to influence, create and bring about change. BYBT is now a pioneer, an innovator, a best practice in Barbados, the Caribbean and globally. Being the first in this non-traditional sector and being able to show impact and sustainability has strongly positioned BYBT as a highly specialised organization. Therefore it is not just the young people who want to start businesses or those who have businesses who need BYBT’s expertise; it is the governments, the NGO sector, the private sector, the regional sector, the international development agencies, the universities, international NGOs, CBOs, among others. This demand has increased significantly over the past five years, as countries grapple with finding jobs for youth, increasing the capacity of NGOs and building partnerships.

STEPS BYBT HAS TAKEN TO PROMOTE A MORE ENTREPRENEURIAL CULTUREBYBT has utilised some very non-traditional approaches to help in promoting an entrepreneurial culture. We view entrepreneurship as both an art and a science and have been training young people to balance these variables. Some additional strategies we have been utilising are bringing international entrepreneurs and resource persons of Barbados to help to exposure young people to different cultures and ways of doing things. We have been waging a war on failure. Demystifying failure and using it as a learning tool is our goal. Failure is neither a shame nor a death sentence. It shortens the learning curve and contributes to problem solving.

Other strategies include building and maintaining a strong business mentorship programme, one which helps to transfer knowledge from the entrepreneurial elders to the young entrepreneurs; ongoing building of the Trust team’s capacity to ensure the efficient operations of the organization and shaping highly skilled, competent professionals who can deliver the services the young entrepreneurs require. BYBT has established a strong, nurturing youth entrepreneurship eco-system for young people to start businesses and flourish. There are several young entrepreneurs in Barbados who serve as role models and peer mentors for young people to emulate and learn from.

PARTNERING FOR ENTREPRENEURIAL SUCCESSSome of BYBT’s strengths lie in building strong, durable partnerships, promoting the work of the Trust and the successes of the young entrepreneurs as well as inculcating a culture of gratitude and productivity among our nation’s youth. Contributing to the development of the wider Caribbean is also one of our achievements. We have helped eight countries to start youth business trusts and will continue to do so over the years to come.

The task of changing mindsets in order to change cultures is a national mandate. Until our people understand fully and completely what is it like to be employers instead of employees, then our culture will remain the same. One of BYBT’s mandates is to help as many young people as possible to become innovative, entrepreneurial employers, even if they do not remain as such over the long term. This type of experience and exposure will help a young person to better understand their role and responsibilities when they enter a firm to become a part of its team.

According to “The Entrepreneurship Barometer” (carried out for the G20 summit in Nise, in October, 2011), at the end of the survey conducted on more than 1,000 entrepreneurs, it was concluded that:

Ability to innovate is perceived as a key factor in the approach to improve the entrepreneurial culture in the G20 countries;

There is more tolerance and understanding from economies with a strong entrepreneurial culture towards failure in business and they don’t regard it as an entry barrier, but as an opportunity to learn;

These countries make an effort to promote successful entrepreneurial stories in universities and in the media;

Entrepreneurs consider that the most effective way of promoting entrepreneurship is by emphasizing its role of creating jobs.

Barbados is therefore on the right track. Our task, which we cannot afford to refuse, is not easy but neither is it impossible. We need to continue to work together to change our mindsets and behaviours to make entrepreneurship natural.

Dr. Marcia Brandon is a youth entrepreneurship development expert. She works with donor organizations to design, monitor and evaluate development projects/programmes. She is the Co-founder and Regional Director of the Caribbean Centre of Excellence for Youth Entrepreneurship.

Barbados and the rest of the Caribbean, countries with histories of people working for others (government or other employers), are seeing a change. Young people are naturally looking to work for themselves now in preference to looking for a job.


Briefly describe your project?

CleverGrocer is an interactive website and mobile application which aims to help consumers save money when purchasing their desired items from grocery stores. It transforms the traditional task of writing a shopping list on a notepad into creating a dynamic, interactive shopping list which can be tailored according to your preferences.

What inspired your idea?

I was originally inspired by the pricing lists published by the Ministry of Commerce & Trade in our local newspapers. Those lists gave consumers the opportunity to review the different prices of items in the basket of goods. However, I realized that its analytical format was not very intuitive or easy to use by consumers. CleverGrocer was created to provide consumers with such information so that they can quickly and easily make decisions regarding where they will purchase the desired items. Furthermore, I wished to encourage consumers to maximize their spending power, hence consumers using CleverGrocer will receive recommendations to match their shopping preferences.

Why did you choose to pursue the entrepreneurial path?

I have been particularly interested in practically applying my knowledge in software

development towards the creation of a service that will challenge other world-class software

applications while also maintaining a focus on providing social and financial benefits to the local and regional

community. It became apparent to me that the best method for achieving this goal is to create a sustainable product and service run as a business rather than a non-profit. This vision has guided me through the formulation of the business model for CleverGrocer and its future growth.

What is the target market/market potential for your product(s)?

CleverGrocer will market its services to retailers locally, regionally and eventually internationally. The growth of the usage of mobile technology and social media has become an area of concern for retailers around the world because global consumer behaviour is showing an increasing trend to make purchasing decisions based on what information is available about desired products. This has further complicated retailers’

E-Shopping

Shannon Clarke

Put CleverGrocer On Your ListWe’ve tracked finalists in this year’s National Innovation Competition,

celebrating their stories of success and putting the spotlight on these up-and-coming entrepreneurs seeking to take advantage of emerging business

opportunities. From software development to educational games and applications of renewable energy for the aeroponic growth of food crops, they all aspire to shape the future of Barbados. Here is the Barbados Business Catalyst’s interview with Shannon Clarke, developer of the CleverGrocer:


woes regarding changing consumer behaviour since their methods of promoting their products and services can no longer solely depend on their physical location. Retailers now need to split their marketing efforts across the various advertising media despite there being no clear method for analyzing the impact of that advertising. CleverGrocer will provide affordable advertising services and methods to directly engage their customers through mobile advertisements, online consumer engagement platforms and an e-commerce platform.

What’s the one thing that differentiates your innovation?

Unlike other shopping software which only allow for the discovery of prices for individual items, CleverGrocer provides consumers with purchasing recommendations based on all of the items they have included on their shopping list. This provides a simpler and more convenient experience for consumers who only need to create their shopping lists on the website/mobile application in order to receive various helpful recommendations.

What can we look forward to from your venture?

CleverGrocer will remain committed to enhancing the shopping experience for all stakeholders. In order to achieve this, it will continually improve its product and services in order to better serve its customers. The CleverGrocer website and mobile apps will become available in August 2012.

E-Shopping

Unlike other shopping software which only allow for the discovery of prices for individual items, CleverGrocer provides consumers with purchasing recommendations based on all of the items they have included on their shopping list.


E-Learning

Marketed under a Know, Show And Grow tagline, Lovell explained these key elements on which the system has been built:

Know: Self-discovery leads to self-efficacy in learning. Our system instills confidence by changing students’ perception of academic concepts and using life to explain these concepts.

Show: Once a student has started the process of self-discovery, they are then ready to share that discovery with others in their sphere of influence, and the world.

Grow: As students learn about themselves and share those discoveries with others, their horizons will expand, thereby increasing the desire to learn more about one-self, creating a sustainable cycle of self-discovery, self-efficacy and personal improvement.

He added, “The aim of EGOScholar is to uplift and allow for self-actualization and we want to instill the belief in children that I am, I can and I will”.

As Cadogan explained, “Education is one of the key pillars of society. However, the current public education system was

Kevin Lovell and Jason Cadogan are revolutionizing education with the EGOScholar Media Services system. The system seeks to supplement the traditional teaching and learning methods in a multimedia format of music, dance, digital and traditional art, social networking, games, film, television, interactive

2D and 3D animations and other creative channels.Both in their early 30s, Lovell and Cadogan have designed EGOScholar Media Services to teach traditional subject matter with an emphasis on how those subjects impact life and the real world.

The EGOScholar Solution

built in the 1800s and it is a one-size–fits-all model of education, which focuses on a read/write learning style and treats the pure and applied sciences as superior subjects compared to the arts. The fundamental problem is - how can society employ such a system when the process of learning in each person is so diverse and unique?

“Our solution was to design an e-learning application and other technologies that allow students to express themselves via the creative arts in every discipline so as to learn and explain academic concepts, thereby recreating a renaissance/scientific revolution age in our time.”

Lovell, an SAT scholar, and Cadogan, a Barbados Scholar, both parents and teachers, suggested that the current school system is biased to accommodate one set of thinking and learning. And Lovell insists, “We’re using this current school system to the detriment of our society. Through innovation, EGOScholar can create an opportunity to go where no one has gone before. Innovation is the capacity to create something out of seemingly nothing.”

Cadogan went further, noting, “As much as we look at persons like Leonardo Da Vinci, Raphael, Galileo and Newton of the

Kevin Lovell & Jason Cadogan


E-Learning

Renaissance/Scientific Revolution Ages with great respect, there are tens of millions of students across the world –Barbados included – with potential which equals or even exceeds the heroes of those ages. EGOScholar Media Services has found a way to tap into the near-limitless potential of each student, by giving them the opportunity to maximize and promote the self. Everyone has aptitude, but it is psychology, or the ego, that holds the key to inspiring our students, so as to produce a generation of innovators and creative thinkers for the future.

“In simpler terms, we have dubbed our system as a form of complementary education”, comparable to complementary or alternative medicine, but in the education sector as opposed to the health sector.

“The mass education system in use now was built in England two centuries ago, and now Little England has designed a new education system for our age and time”.

As part of the project, EGOScholar Media Services will convert and distribute syllabuses of many subjects taught in different regions around the world into interactive 2D and 3D animations and demonstrations to better explain academic concepts. “Our aim is to be the largest online depository of interactive academic content, submitted, edited and controlled by the primary user - the students,” they said.

The company is also committed to employing the best in Barbadian, Caribbean and international creative art talent composed of traditional and digital artists, including painters, sculptors, visual effects experts, animators, cartoonists, performance artists, graphic and game designers, to create different media renditions of academic material.

The system is intended to allow creative expression in studying via the arts that reflects the uniqueness not only of an individual, but potentially the culture of a nation. Education could become a national/cultural export, much like music, dance, tourism etc. via EGOScholar. It uses popular media content with which students are familiar, such as music, dance, digital and traditional art, social networking, games, film, television and other creative arts productions to make learning passionate and relevant.

The system, Lovell added, can open a pathway for parents, teachers, artists and mentors to connect with children and it allows students to personalize how they learn to match their identity and perception of their world. The EGOScholar programme empowers students to learn academic material based on their natural learning style, i.e., visual, aural, kinaesthetic or by read/write. EGOScholar also caters to various combinations of multiple intelligences.

Cadogan reasoned that with Barbados spending millions on education annually “we should ensure that the monies are applied in the most effective and efficient way. We therefore

want to channel EGOScholar to ensure that our children can be the best they can be”.

Making reference to the metaphor of “standing on

the shoulders of giants” - which explains the concept of one who develops future intellectual pursuits by understanding and building on the research and works created by notable thinkers of the past, - Cadogan said it was always his aim to be a giant. That aim, he stressed, was reinforced even stronger when he became a parent. He reasoned, “As parents we have to give our children the skills and techniques to build a brighter future for themselves and allow them to stand on our shoulders to see that brighter future.”

EGOScholar Media Services is currently accepting debt and equity investment and is inviting Barbadian, regional and international private and institutional investors to partner with them in capitalizing on the business opportunity of personalized education.

For more information, visit the EGOScholar Media Services website: www.egoscholar.com

“The aim of EGOScholar is to uplift and allow for self-actualization and we want to instill the belief in children that I am, I can and I will”.


Gaming

Dr. Harold Gibbs is a chemist who has conducted extensive research in the field of biology and offers consultancy services in biology and chemistry, with a focus on air and water quality.

World-O-WordsDr. Harold Gibbs

He has participated in many commercial projects including organic farming and is a published author of the book, Recrystallisation Into the New Age Black Man, 2009. It is a story of Dr. Gibbs’ own search for meaning to life in his native Barbados and his journey in space and time towards a realization of self; his search for inner peace and his examination of the world around him. Dr. Gibbs is also an avid reader fascinated by words and a teacher always eager to share his acquired knowledge. He possesses the creative thinking critical to game development and naturally that led to exploration of entrepreneurial opportunities. It’s hardly surprising then that his entry into this year’s National Innovation Competition emerged a winner.

Dr. Gibbs is the brains behind the World-O-Words, a game that captivated judges and earned him second prize of $20,000 in the competition. Falling under the educational genus, the objective of the game is to score a win by making compound words out of simple ones. For example, be + at = beat. Designed to reinforce the teaching of English in a fun way, World-O-Words is easily distinguished by its applicability to usage in everyday life.

Dr. Gibbs is hoping to make the game available in both a board and electronic format. He is currently in discussion with Grand Prix International, a leading independent game manufacturer, on the development and delivery of the game board. He is also pursuing talks with the Barbados-based Garnet Technologies Inc. on developing the electronic version.

Dr Gibbs is aiming to have the game utilised in educational institutions and recreational facilities locally, regionally and internationally. He is also hoping to host a series of national and regional World-O-Words competitions.


Gaming

1. Briefly describe your project. The Waste Game is an innovative board game produced on a

cartoon style storyboard which depicts animated characters engaged in various eco-friendly activities. It takes players on a stimulating journey of discovery that aims to show waste as a valuable asset. It is fun and educational and promotes the 4Rs of waste management: Reduce, Reuse, Repair and Recycle. The player gets caught in a waste trap and quiz cards test players’ knowledge of the subject which they have to answer correctly to get free of the trap.

2. What inspired your idea? My background is in Information Communication and

Technology (ICT) and environmental education and I have recorded many oral histories with community groups. One such story came from a woman who was caught up in Hurricane Ivan in Grenada in 2004. She told me of the devastation it caused and how the island was not prepared for such a disaster. Her story never left me, and as a visual artist with a passion for nature, I started working on an idea which developed into a game. I felt such a game would be my way of trying to raise awareness of some of the issues of disaster preparedness moreso now as the public has become more aware. Also I wanted to highlight how our lifestyles impact on our environment. The game aims to promote our green economy and heritage tourism and reduce our carbon footprint.

3. Why did you choose to pursue the entrepreneurial path? I did not see much focus on the issue in terms of public

awareness despite Government and NGOs doing their bit, so

I decided to utilize this path as it left me with more scope to develop my vision and work with like-minded people.

4. What is the target market/market potential for your product(s)?

It is a three in one game designed for three markets, namely schools using smart technology with modified quiz cards for different ages and Waste Game tutorials; families will have fun playing the Waste Mime Game; and there will be a digitalized version for the online market, and storyboard animation for electronic games development.

5. What’s the one thing that differentiates your innovation? There is no other board game like it in Barbados and it can go

global as the topic is a global one.

6. What can we look forward to from your venture? I know that we are in very challenging and uncertain times,

so I intend to work with various partners who share my vision. Of course, I need to secure the all important funding to realize my goal to get the Waste Game on the market, so watch this green space!

We’ve tracked finalists in this year’s National Innovation Competition, celebrating their stories of success and putting the spotlight on these up-and-coming entrepreneurs seeking to take advantage of emerging business opportunities. From software development to educational games and applications

of renewable energy for the aeroponic growth of food crops, they all aspire to shape the future of Barbados. Here is the Barbados Business Catalyst’s interview with Pam Austin, developer of the Waste Game:

The WASTE GAME


Environmental Science

Aero Farm BarbadosWe’ve tracked finalists in this year’s National Innovation Competition, celebrating their stories of

success and putting the spotlight on these up-and-coming entrepreneurs seeking to take advantage of emerging business opportunities. From software development to educational games and

applications of renewable energy for the aeroponic growth of food crops, they all aspire to shape the future of Barbados. Here is the Barbados Business Catalyst’s interview Cherie Pounder who holds a MSc in Water Resource Technology and Management and Dwayne Squires who holds a BSc in Mathematics with Computer Science, founders of Aeroponics Farm (Barbados) Inc and directors of Ntek Design Solutions Inc:

Briefly describe your project? Aero Farm (Barbados) is a project which has been developed by NTEK Design Solutions Inc. as a means of meeting the company’s objective to revolutionize the environmental science sector by creating new opportunities and encouraging innovation. It was conceptualised and now managed by two highly motivated and skilled young Barbadians Cherie Pounder and Dwayne. The main objective of this team is to facilitate the development and training of skilled and semi-skilled workers in the hydroponics and aeroponics market. This project, through the of use a combination of cutting edge, high quality and efficient food

technology and production, is committed to offering a solution which can produce significant improvements in the taste, quality and ultimately, the nutritional value of vegetables. The company will provide education, experience and research in the hydroponic and aeroponic field to the Barbadian market and in the near future, to the wider Caribbean market.

What inspired your idea? The founders of this Aeroponics System project were prompted to introduce the system as a result of the following facts:

• Barbados’ food import bill has steadily increased over the years, reaching $678.5 million in 2008 a 30% increase over the previous year’s figure of $521.2 million.

• The demand for housing from both Barbadians and tourists has been on the increase in Barbados, with only limited land available to satisfy housing, agriculture and manufacturing related industries.


Environmental Science

• The encroachment of various land activities detrimentally has affected the quantity and quality of Barbados’ water; and water being the 15th most water scarce country on the United Nations list, it was imperative to create a balance.

With these driving forces listed above, the team feels that in order for Barbados to survive and maintain its high standards of operation, it would have to secure its food and quality and quantity of its water. Hence, the aeroponics systems is considered the natural solution to help the nation deal with and survive the impact current issues being faced, since projects such as this one would provide a more scientifically based crop growth and thus reduce the cost of living by enhancing local techniques for agriculture. In addition, this project will also reduce the high risk of food security in Barbados, as some 300 crops and aquatic species can be cultivated and reared on land.

Why did you choose to pursue the entrepreneurial path? It was felt that we could make a valuable contribution to the production of food, science and technology in Barbados along with the other sectors which we are part of− water, wastewater and the environment.

What is the target market/market potential for your product(s)? Barbados, CARICOM and the international market.

What’s the one thing that differentiates your innovation? Consistent product quality and the inclusion of popular items which are scarce during certain periods/seasons of the year.

What can we look forward to from your venture? Renewable energy, though not a new concept, is slowly being developed in the region. The Ministry of Agriculture in Barbados has placed great emphasis on this and is especially encouraging the uses of solar energy to reduce the cost of produce both imported and grown in Barbados. The consumers are demanding more affordable and less harmful vegetables and the retailers are seeking a guaranteed constant supply of high quality vegetables at reduced prices.

The fact that there are shortages experienced during the year, requiring imports, suggests that there is room in the market for Aeroponics farm produce.

Our aim at Ntek Design Solutions Inc is to become the premiere company for: • Revolutionizing the environmental science sector by creating new opportunities for scientists, encouraging innovation;

• Harnessing knowledge by gaining an understanding of the current practices in order to implement suitable technologies for its customers;

• Operating with high values and integrity;

• Establishing long term relationships with its clientele

this project will also reduce the high risk of food security in Barbados, as some 300 crops and aquatic species can be cultivated and reared on land.


It might appear to be an uphill battle and oftentimes it is. However, like all relationships, it has to be nurtured and fed for it to grow.

That was the advice of Chief Executive Officer (CEO) of Crown Packaging (Barbados) Limited, Mr. David Camacho, to manufacturing colleagues as he spoke during a ceremony to celebrate the company’s attainment of World Class Performance Environmental Health and Safety (EHS) certification.

Camacho, in his message intended to spur companies to aim for excellence, revealed that of the 156 Crown plants around the world, Crown Packaging Barbados was the third to have achieved this distinguished award.

The company’s journey to world class status, he recalled, started ten years ago with training courses for employees to become acquainted with the “new” tools of doing business.

And ever since then, “where there was fear we have induced calm and where there was ignorance we have embraced knowledge”, he said.

This culture, the CEO said, has evolved and has seen the emergence of “World Class Performers”. He stressed, “We will sustain and maintain such form by continuing to educate and train ourselves, much of which we do in-house, where each employee undergoes approximately 60 hours per year on EH. training.”

Camacho noted that the “disciplines gained from adopting the policies and procedures within the EHS umbrella have overflowed into other areas of the operation, reaping benefits in higher productivity and reduced spoilage”.

He suggested, “In moving forward and extending the gains we have made, we need to continue to look out for each other. If you observe a fellow employee putting himself at risk of injury to himself or to others around him, point it out to him – be your brother’s keeper and more importantly, allow him to be yours”.

Minister responsible for Labour and Social Security, Dr. Esther Byer-Suckoo, who spoke during the official ceremony, said she was heartened by the tremendous efforts being made by companies like Crown Packaging to achieve and maintain enviable safety and health standards.

“I have been informed that this company manages a very effective re-cycling and re-use programme, and that plans are already in place to implement other green initiatives. That, I laud also. It is these achievements that led the Labour Department to highlight Crown Packaging Barbados Ltd. as a benchmark for companies aspiring to high safety and health standards,” she added.

“This consistent performance of Crown Packaging Barbados Ltd. in the area of safety and health reflects the management’s commitment to ensuring that its employees are able to work in a safe and secure environment”.

With that in mind, she also commended Crown Packaging for putting the employees at the centre of the initiative.

Aiming For Excellence

“In moving forward and extending the gains we have made, we need to continue to look out for each other.”

CROWN-ING MOMENT – Company Gets World Class Safety Certification

David Camacho (left) receives the award

Ministers Ester Byer-Sookoo & Dennis Kellman At Crown Packaging


Foromic XV

Unlocking Entrepreneurship: Towards Innovative SolutionsThe leading annual microfinance and microenterprise development conference in Latin America and the Caribbean is coming to the English-speaking Caribbean for the first time in its history.

Barbados will welcome participants from around the world to Bridgetown from October 1-3, 2012, for the XV Inter-American Forum on Microenterprise (FOROMIC). The event, themed “Unlocking Entrepreneurship: Towards Innovative Solutions,” is being held at the Lloyd Erskine Sandiford Centre. FOROMIC, organized annually by the Inter-American Development Bank’s (IDB) Multilateral Investment Fund (MIF), is the region’s most important marketplace and conference focused on micro, small and medium enterprise (MSME) finance and development. Entrepreneurship and innovative business models are cornerstone elements throughout the three-day event, packed with high-level speakers and technical expertise, and featuring more than 100 panelists during 20 plenaries and panel sessions.

The MIF and the Government of Barbados are jointly hosting FOROMIC XV. It will provide an essential meeting place for networking and business deals between entrepreneurs, private sector and microfinance institutions, many of whom make the conference their primary business event of the year. Topics to be addressed during FOROMIC XV include: Entrepreneurship Alternatives for Disadvantaged Youth; Responsible Finance; Generating Income Opportunities for Vulnerable Populations through Microfranchising; Innovative MSME Finance; Innovation in Green Finance: Solutions for Rural and Urban Markets; New Channels for Remittances; Savings for Low-Income Populations and New Business Models for Microinsurance.

FOROMIC participants include: micro, small and medium entrepreneurs, microfinance institutions, microenterprise and microentrepreneur associations, enterprise development service providers, NGOs and their networks, socially responsible investors, Chambers of Commerce, Academia, Government entities, financial sector regulators, financial institutions and superintendents, Central Banks, multilateral organisations, foundations and private donors.

IMPACTSince the first FOROMIC in 1998, microenterprise development and microfinance in particular, has evolved to become one of the region’s most successful, efficient and fastest-growing

mechanisms for supporting income generating activities among low income people and disadvantaged groups. Experience shows that financially empowered MSMEs constitute one of the most effective ways to overcome the challenges of poverty. While in 1998 the Latin American and the Caribbean region had only 205 microfinance institutions serving 1.5 million customers, today it has one of the most highly regarded microfinance sectors in the world, consisting of more than 600 institutions, supporting an estimated 12.5 million clients and providing over $15 billion in loans annually. The sector is also seeking to grow and mature alongside its clients, offering a variety of additional financial services and reaching beyond microenterprise to develop financing options for small and growing businesses.

BARBADOS AND THE CARIBBEAN DAYFOROMIC’s opening day will feature the Day of Barbados and the Caribbean. Entitled “From Meeting Turns to Microfinance Institutions,” this event will give participants a taste of Caribbean business and culture. It will address the role of microfinance in driving the local cultural industries sector, how financial institutions are leveraging technologies to deliver services to microentrepreneurs, and many other topics. The Day of Barbados and the Caribbean will also feature a youth forum to engage budding entrepreneurs as well as a crafts fair. It culminates with the opening ceremony at a Rum Distillery, where participants will be able to tour the refinery and museum and will be treated to Caribbean cultural and culinary delights.

YOUR OPPORTUNITY TO BE PRESENTIndividuals and institutions can benefit from an enhanced presence by registering for the event, by serving as overall sponsors or by underwriting events and services during the conference. Different levels of contributions and options to support FOROMIC provide tailored opportunities to increase visibility and establish your institution in a rapidly growing market.Over 1,000 persons from across Latin America and the Caribbean, as well as from other IDB member countries such as the United States, United Kingdom, Canada and China, are expected to attend FOROMIC XV. The event presents an excellent opportunity for entrepreneurs at all stages to network and share best practices with businesspersons from across the hemisphere.

About the MIF - The MIF is the largest provider of technical assistance to the private sector in the Latin American and Caribbean region. As a member of the IDB Group, the MIF’s overall focus is providing entrepreneurs, low-income households, and micro, small and medium enterprises with access to financial services, basic services, and markets and skills.

For more information on FOROMIC or to complete online registration, please visit: www.foromic.org

Flashback to Foromic 2011 with Minister of Finance Chris Sinckler


Manufacturers Exhibition

Government is currently meeting with stakeholders in the manufacturing sector to map out a strategy to get it on a path to progress and sustainability. To this end, a Manufacturers’ Forum will be held later this year. This was asserted by Prime Minister Freundel Stuart as he addressed the opening ceremony of

BMEX 2012 at the Lloyd Erskine Sandiford Centre.

He told the manufacturers on hand that the sector remained one of the main contributors to the country’s development, especially in the areas of foreign exchange and job creation, representing over 30% of the Gross Domestic Product in 2010.

“Approximately 300 companies operating in 2010 were responsible for producing an estimated $900 million worth of food, goods, electronic components, garments and chemicals, and further creating an additional BDS$1.35 billion for the economy,” Stuart noted.

Concerning the barriers identified by the stakeholders to the sector, including transportation, high port charges, inconsistencies in the classification of raw materials by the Customs and Excise Department and high energy costs, the Prime Minister said that government would be working assiduously, over the next few months, to eliminate, or “at least reduce the impact of these barriers”.

He continued: “We will also be paying attention to business practices within the sector which promote unfair competition. We will review current legislation and make amendments and introduce new legislation where necessary. In the medium-term, all initiatives will be clearly framed within a new industrial policy which the Industry Unit of the Ministry of Industry, Small Business and Rural Development will prepare.”

Identifying the several measures put in place to stimulate the sector, he cited the Small Business Development Act which was created to allow enterprises to attain “approved small business status”.

“This status allows those qualifying to pay corporation tax at the reduced rate of 15% and to be exempted from import duties on plant, equipment and raw materials to be used in business. These

BMEX:2012

Some of the Jayel bedroom furniture on display.


Manufacturers Exhibition

enterprises also benefit from technical assistance in the form of a $50,000 grant every three years to further develop their businesses.

“There is special technical assistance available through the Barbados Investment and Development Corporation. Through this facility, funds are provided to assist companies, among other things, with marketing, training and the procurement of equipment. This category of enterprise can also benefit from the facility provided through the Enterprise Growth Fund Limited,” he stated.

The Prime Minister congratulated Banks (Barbados) Breweries Ltd. for successfully penetrating the United Kingdom market and noted that this augured well for the future.

Awards were given to three pioneers in the field: Carl Sylvester of Pine Hill Dairy Limited; Ralph Johnson of Harris Paints; Barbados Ltd. and Louis Forde of LA Forde Logistics, for their many years of outstanding service.

From herbal teas to Bajan bakes were on show.

The BIDC booth at BMEX

Several Renewable energy solutions were highlighted, among them Sunray Services Inc

Education Minister Ronald Jones chats with a Grafikal representative


Driving Change

Finalists in this year’s National Innovation Competition have come together as an informal association to push innovation to the forefront of the Barbadian economic landscape.

The group comprises: Shannon Clarke, whose software application the Clever Grocer which seeks to assist Barbadians in mitigating the high cost of living earned him the first prize $75 000 Prime Minister’s Award for Innovation; first runner-up, Dr. Harold Gibbs, who was awarded $20 000 for his World-O-Words (WOW) game which seeks to make learning English a fun experience; third-placed Jason Cadogan and Kevin Lovell, who won $10 000 for their EGOScholar educational system, which uses media and pop culture as a teaching tool; Sherry Pounder and Dwayne Squires, whose Aeroponics system, which helps grow crops such as tomatoes, onions and chives, earned them a $5 000 prize; and fifth placed Pamela Austin, who won $2 500 for her Waste Game board game. They are concerned that not enough is being done to propel innovation and would like to see it elevated to greater national importance.

Dr. Gibbs, one of the most vocal of the group, said the National Innovation Competition, hosted by the National Council for Science and Technology (NCST) and the Enterprise Growth Fund Limited (EGFL), needs significantly more exposure as well as financial backing. Access to finance, he noted, is one of the major barriers to advancing projects emerging out of the competition.

The National Innovation Competition was designed to be a catalyst for the development of innovation and creativity in Barbados by encouraging members of the general public to submit innovative products or service ideas which they wish to commercialise. The first competition was held in 2003. The NCST manages the competition, however funding is provided by the EGFL to the tune of $250,000 for the winner.

In Dr. Gibbs’ view, “the level of innovation being put out there certainly outweighs the money being put into the actual competition”.

And he insists, “If nothing is done to take innovation more seriously, it will be to the detriment of Barbados. We need to build a solid foundation for innovation.”

Supporting his stance, fellow innovator, Jason Cadogan, added, “Moral support is also needed. Innovation is not easy. You’re doing something nobody has ever done before and you can’t ask for help.”

He says the minimalist approach to advancing innovation is really a societal problem, not just institutional. “There are always people out there who have a crazy idea. But at the end of the day it is up to you the individual to make it happen. It must however be recognized that we need support to change ideas into money-making ventures and successes,” he adds.

Kevin Lovell meanwhile is calling for a change in mindsets nationally. “There is an unfortunate connection between small business and innovation. The cap of $250,000 from the EGFL speaks volumes on thoughts of innovation… What we really need to do is break the bonds. It’s unfortunately painful, but necessary because what we are aiming to do will hopefully benefit us and others later on,” he says.

The five, all keen on taking Barbados where it needs to be - constantly growing and adapting - would also like to see the emergence of venture capitalists and angel investors willing to invest in ideas and new start-up companies.

The group, according to Lovell, is hoping to “create a forum and a voice for innovators to say these are our issues, how you can help us. It is a little disappointing that there is no help forthcoming to say ‘you’ve come so far, this is what you need to do to go further’ ”.

They are also aiming to make information on commercialisation and project financing “readily available and easily accessible in a user-friendly format for those seeking to better themselves and the country”.

Cadogan concluded, “Innovation is not simply something new. It is a change in the ebb and flow of what is there that will lead to an improvement in the world around us. We have to believe in it and believe we can do it”.

PUSHING INNOVATION


Think of the CEO who just purchased an iPad and engaged the I.T department to synchronize his calendar with the company system or people who setup their personal

iPhone to check work related e-mail; each of these cases are examples of I.T consumerization.

The generation Y work force is challenging the traditional methods in which a company’s I.T systems are managed. This work force needs to be mobile, in constant communication and able to access company information with their personal mobile devices such as an Apple iPad, Blackberry or Tablet PC. Research by Citrix (2011) suggests that 92% of the companies they surveyed reported that users are already using personal devices to perform work-related tasks and this trend is projected to increase.

How can an already strained I.T department running legacy corporate networks, focusing on access control and securing the internal network from external threats, cope with the challenge of an increase in consumer devices? And most importantly, what is the impact in terms of productivity, security and mobility? For starters, consumerization will be the most significant trend affecting the I.T industry for the next ten years and therefore cannot be ignored.

A report by the International Data Corporation, a large research company for telecommunications, electronics and I.T (2011) found that security concerns and the risks of viruses from social networks are the biggest barriers to entry for consumer devices into the corporate network. To further compound the situation, companies have concerns with personal devices and the inability to remotely wipe these if stolen. In contrast, the potential benefits to be gained from allowing employees to access company information on their personal devices include greater employee productivity by allowing top performers to work outside of the office, improved employee satisfaction because they are using a familiar device, allowing the I.T department to focus on the business strategy and finally for the Accountants, a significant reduction in I.T equipment costs

which will have a positive effect on the bottom line.

Once a business recognizes that these devices will be used on their network, whether they approve it or not, is a step in the right direction. To address this challenge, companies are exploring the use of a Bring Your Own Device (BYOD) policy to identify the reasons why these devices are in use and how to govern them. This policy sets parameters for the use of employee-owned devices such as smart phones, while accessing corporate information. Once a policy is defined a company should then educate employees on best practices for securing their devices, develop a pilot group of people, implement a BYOD solution from a reputable I.T vendor that meets the business’ needs then finally roll out the pilot group to the rest of the business.

This process is not simple and requires symbiosis between I.T and management. Like other initiatives, I.T needs to support the business by adding value and possibly creating some level of sustained competitive advantage. There is no “one size fits all” policy. The move to a BYOD environment must be carefully

planned and implemented in order to be successful.

Ashish Uttamchandani, MBA is Team Leader for a leading ICT company in Barbados.

ICT Solutions

The Consumerization of Information Technology & its Impact on your Business

By Ashish Uttamchandani


BARBADOS MUST USE INNOVATION TO ADAPT TO GLOBAL CHANGES

Creative Thinking

Barbados must find ways to tap into global knowledge and technology systems - in short, innovate - in order for society to maintain and surpass its current standard of living.

This view was expressed by Acting Director of the National Council for Science and Technology (NCST), Charles Cyrus, as he addressed the 2012 National Innovation Awards. Cyrus explained that the purpose of the competition was to encourage persons to be inventive, so that Barbadians would be encouraged “...to use their creativity and innovative potential to come up with ideas that can be commercialised” he said.

While noting that the submissions received were halved when compared to previous years, he acknowledged that the value of the competition could not be understated.

“Through the years, a number of business enterprises have emerged as a result of this competition. Indeed, these have not only come from winners, but from other individuals who have participated,” he said.

The Acting Director emphasized that innovation had become a necessity, as it would determine “how competitive Barbados will be, and as a consequence, the quality of our survival...It is

“Through the years, a number of business enterprises have emerged as a result of this competition. Indeed, these have not only come from winners, but from other individuals who have participated,”

only fitting that it remains prominent in the consciousness of all Barbadians. Programmes such as the National Innovation Competition, which seeks to encourage, highlight and celebrate innovation at the level of the individual or group, while at the same time providing a catalyst for entrepreneurship, must be supported and encouraged,” he observed.

However, he acknowledged that being innovative was just one part of the ultimate goal of taking a creation to the consumer, adding that “any product or service claiming to be innovative must pass the test of having a presence in the market place.”

This year’s National Innovation Award winner, Shannon Clarke, won with Clever Grocer software, which was designed to maintain a database of grocery items for persons to use during their shopping trips.


Executive Coaching

23

So you have decided to become an entrepreneur? But what does that really mean to you? Many entrepreneurs make one big error when entering into the world of entrepreneurship. They declare that they want to work

for themselves and make a good living doing it. “What’s wrong with that?” you may challenge. “Everything!” is my response to you. This declaration is problematic for several reasons

1. It is too emotional.

2. If you are working for yourself, you are still in the employee mindset from which you claim you want to break free.

3. Becoming an entrepreneur is a wealth - building process, not a cash flow project.

Having said that, there are several types of entrepreneurs ranging from the lifestyle entrepreneur to the institutional builder. Many entrepreneurs fall into the former. That does not mean they are unsuccessful but the mentality you bring into the entrepreneurial space is critical to your success.

Most entrepreneurs who decide to work for themselves, find that most of their time is spent working. Sixteen-hour days is a norm that continues far beyond the tear threshold when you are finding your bearings. In the first two years, many things go wrong: you struggle to raise seed capital; the people you were relying on to support you don’t show up; your family gets frustrated as you head for failure and you can’t afford to hire help. In these two years you discover that if you are going to become successful, you will need to put systems in place going forward and this further lengthens your day because you can’t work in the business and on the business at the same time, so business strategy is left for after-hours.

The key thing is to be resourceful when you don’t have resources. That is what I understand working smart to mean. It is not about taking shortcuts - you can’t build a business on four hours a week when you are starting, so disabuse yourself of that idea. However, from day one you must be thinking of how your business will run even if you are not there to run it. How will it

earn money for you while you sleep. This is where the paradigm shifts. Now you are thinking about having the business work for you.

As an up and coming entrepreneur you need to cut to the chase. ‘Solo-preneurs’ suffer with the problem of working for themselves till they ultimately retire. To avoid this here are a few things you can begin to consider:

1. How can you package into a product what you now deliver as a service. My clients usually answer this question in two seconds: “I don’t know.”

2. Do you have a website for your business? “No.” To which I respond, ”Are you serious? This is 2012!”

3. Is your website capturing new clients and offering a product that people are paying for? “No”.

4. How often are you communicating with and educating your clients? Most clients answer this by saying, “When they the client comes for services or when I miss them, I give them a call”.

These four simple questions can get you out of the mind space of working for yourself to having the business you create work for you. If you are able to answer these questions positively, you can dispel the myth that you have to be present to make money and that you have to work long hours. As an entrepreneur, you want to choose to work long days rather than have to work long days. So reframe your reason for becoming an entrepreneur and you will start to get different results.

Cheryl Gittens is a Lecturer (UWI), Master Executive Life Coach, Business Coach and founder of Connect With Your Passion Coaching. Visit www.connectwithyourpassion.com or reach her on 1-243-3853 or 1-301-45-85-485.

Don’t Work for Yourself

By Cheryl Gittens


Are you full of ideas? Are you willing to take the challenge to market your ideas and bring this global marketplace out of its “eye daze”?

For many employees, the prediction of 2012 being the end of the world has become a reality. Many of them have been made redundant or laid off and are finding it hard to secure new employment. Bills are piling up and bailiffs are knocking. Prospects of securing a new job are somewhat gloomy as the global unemployment rate is set to remain around 6% for the next few years, as projected by the International Labour Organisation.

Still, there are thousands of employees dreaming of escaping the 9-5 grind and becoming their own boss. They may have a vision but no idea of the type of business they want to set up, the procedures to be followed or the types of facilities available to provide assistance. It’s the typical case of “eye daze” we encounter every day.

Don’t think that now is not a great time to start up a business. With the economic slump forecast to persist, going it alone can appear formidable. However, recession is good for business ... if you choose the right business. Even if you prefer not to take the risk of establishing a traditional full-scale business or do not have the right business acumen, there is still a lot to gain. If you are proficient in developing ideas, conceiving inventions and conducting research, you may wish to engage in the licensing of ideas. Successful licensors sell their ideas to companies capable of undertaking the risk to develop new products, thereby reducing and, in some cases, even eliminating financial risks.

Before you approach a company to sell the idea or project, however, several steps ought to be taken:

• Information Gathering – Investigate the market for the product. Use a variety of data collection methods to gather as much feedback as possible on the idea. Review the competition and the existing distribution network. Consider the production process and the availability of materials and equipment. Analyse the legal challenges and the possibility for

Cultivating Ideas

Eye DazeBy Pedro Hutchinson

patents and trademarks. Compile and collate this information for presentation to the

prospective licensees.

• Prospects Selection – Review producers of similar products, if possible. Interrogate membership

lists of chambers of commerce, trade associations and online databases and choose approximately 40 companies based on criteria such as their reputation, company policy, size and product line.

• Licensing Negotiation – Thorough research will lend itself to a compelling and professional

presentation to the prospects.

The presentation should clearly state:

o The purpose – What need does the product meet? What problem does it overcome?

o The profit – What can the producer expect to gain? How soon will he be able to cover his costs? What secondary or tertiary revenue streams can it generate?

o The people – Who will buy the product? Where should the producer target his efforts?

Economists tell us that rational producers seek to maximise profit. To successfully achieve this, they must maximise their revenue and minimise their costs. Licensing ideas may not generate the largest possible revenue, but they can incur the minimum cost possible. In this age of global markets and worldwide competition, innovative ideas are needed. Producers are looking for the next winner and are prepared to pay for it. Astute licensors will negotiate lucrative profit-sharing agreements that allow them not only to sell an idea but also to gain from the licensees’ successful production and sale of their transformed ideas.

Where do you stand? Are you full of ideas or are you caught up in “eye daze”?


Innovative Enterprise

Inspiring INNOVATION

How do you boost an organisation’s creative potential? The Harvard Business Review asked some of today’s most innovative leaders. Here are their suggestions:

MAKE IT THE NORMDon’t separate innovation from the rest of the business.

PUT EGO ASIDEGet people to accept that the way they work just might not be the best. Always hire people that are smarter than you. Don’t worry about your job. Find people who can do it better than you.

MIX PEOPLE UPReorganize frequently. When you put people into a new structure it stimulates them to Re-think what they’re doing on a day-to-day basis.

DON’T FEAR FAILUREInnovation is about taking risk and learning from failure. Encourage innovation when your company is doing well. The last thing you want to do when you’re in the lead is become complacent.

HIRE OUTSIDERSEmploying people with diverse skills and talents helps to challenge the status quo when developing business strategies.

LET GO OF YOUR IDEASMake it a priority to get as many ideas as possible out of individuals’ heads and into the group’s heads. This allows for breakthrough insight that in turn allows for moving forward.

DON’T UNDERESTIMATE SCIENCEPure science always drives innovation just as much as markets do. Technology transfer is equally important. Science and technology must go hand in hand.

FIGHT NEGATIVITYInnovation is like professional sports: It looks easy but when you’re on the field you see how complicated and difficult it is.

The key is to build conviction in the face of differing opinions from the industry, competitors, analyst and the media.

ASK “WHAT IF”Spend time exploring new ideas and asking what if questions. Encourage people to keep reaching. People always have great ideas. Give them space to do their thing and create an environment that is collaborative, not competitive.

MERGE PATIENCE AND PASSIONIt’s just so much more interesting with passion and diversity. People with different backgrounds will bring different frames of reference to a problem and can spark an exciting and dynamic exchange of ideas. Passion sustains you particularly in an environment with long time frames.

OUTSMART YOUR CUSTOMERSBreak one of the cardinal rules of business” always do what the customer wants”. Do something better.

EXPERIMENT LIKE CRAZYWhat prevents innovation? The dangerous brew of fear and complacency, staying where you are out of fear of failing, of blowing too much money, or of placing the wrong bets.

MAKE IT MEANINGFULPeople do a better job when they believe in what they do and in how the company behaves when they see that their work does more than enrich shareholders.

STOP THE BICKERINGThe key to spurring a wave of innovation is creating a structure and climate that ends internal competition.

DON’T JUST INNOVATE, SOLVE PROBLEMSDon’t try to encourage creativity for creativity’s sake. Instead try to encourage creative solutions to real problems. Innovation is good only if it is useful.


Paul Schumann defined innovation as “the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth”. In simple terms, innovation may be defined as the successful exploitation of new ideas and implicit in the term successful exploitation, is the act of commercialization and profitability. It is a critical dimension of

economic change (Joseph Schumpeter) and is therefore an element of entrepreneurship which is vital to business expansion and success.

WHY INNOVATE?

Innovation requires the application of information and creativity in a deliberate fashion for the creation of new products and services. It must effectively meet a need or respond to a problem which consumers have.

Dr Peter Drucker, distinguished management consultant and writer expanded this principle in his book entitled Management. He proposed that the two basic functions of a business are marketing and innovation. According to him “Marketing and innovation produce the results; the rest are ‘costs’. … Marketing is the exchange of products and services for money. Innovation is finding new ways to do that better.”

The Importance of InnovationThe clear message in all of this is that innovation is essential to business success and cannot be seen as an incidental occurrence or aspect of a business but must be a deliberate process of challenging the systems within the business to produce products and services which continuously meet the increasing expectation of their customers.

There is a direct link between business competitiveness and innovation. At the global level, countries which are deemed to be competitive often have higher per capita GDP levels than those which struggle to be competitive. The highly respected Global Competitiveness Index produced by the World Economic Forum measures 12 pillars in ascertaining the level of competitiveness of a country. One of them is innovation.

The authors of the report very aptly state that “although substantial gains can be obtained by improving institutions, building infrastructure, reducing macroeconomic instability, or improving human capital, all these factors eventually seem to run into diminishing returns. The same is true for the efficiency of the labor, financial, and goods markets. In the long run, standards of living can be enhanced only by technological innovation.”

They emphasize that “firms must design and develop cutting-edge products and processes to maintain a competitive edge. This progression requires an environment that is conducive to innovative activity, supported by both the public and the private sectors.”

Within Barbados’ National Strategic Plan 2006-2025, innovation is identified as a key factor in this country’s quest to become a knowledge-based society. Objective 5.14 of the National Strategic Plan of Barbados 2005 – 2025 has identified

the deepening and broadening of efforts in Research and Development and Innovation as one of its goals. The three strategies identified under that Objective are:

5.1 Establish a national research and development and innovation centre equipped with state-of-the-art facilities and technology as well as the best available brains.

5.2 Develop national awards for excellence in research and development.

5.3 Establish a research and development fund.

In economic development terms, that could be equated to an innovation driven economy, where information, creativity and technological sophistication converge to produce an economy based on the development and creation of high-level products and services, with high value added.

BIDC Innovation SupportThe BIDC offers an Innovation Support Programme to small and medium sized enterprises (SME’s) which assists qualifying businesses and individuals with the development and commercialization of new ideas, processes and products which meet the innovation criteria established by the BIDC. The service is completely confidential and companies are offered varying levels of assistance dependent on the stage of progress of the product or service.

The facilitation is based on an evaluation of the product or service by an experienced panel of specialists to determine whether it meets the threshold for innovation utilizing several criteria, including technical, financial, intellectual property and commercial/marketability factors.

If the project is accepted as viable, assistance may vary from design and prototype development, business development, intellectual property advice and registration, marketing assistance and several training workshops. How To Get InvolvedIf you believe that you have an innovative product, service or process and wish to explore commercial opportunities for it please contact the Entrepreneurial Development Division of the BIDC at 427-5350 or e-mail Paula Bourne at [email protected] to make an appointment.

What is Innovation?

Innovation Support


Less talk and more action! That is what patrons will get when they attend the upcoming Barbados

Network Consultation (BNC) 2012, this island’s biennial Diaspora Conference.

That assurance has come from Deputy Permanent Secretary in the Ministry of Foreign Affairs and Foreign Trade and Coordinator of BNC 2012, Mr. David Bulbulia.

He stressed: “Unlike 2010, we will have a number of innovative programmes, less formal sit down sessions, and more activities that titillate the sights and other senses.”

Explaining that the official dates were August 7 to 10, the BNC 2012 Coordinator pointed out: “Nonetheless, we will unofficially kick off on August 2 with community, educational, social and cultural activities, which would include an Ole Time Bajan Excursion.”

Bulbulia told the Barbados Government Information Service that the activities planned for this country’s second Diaspora Conference were designed based on the BNC 2012 theme: Linking Generations, Embracing Our Youth.

According to him, while the conference was primarily targeted at Barbadians overseas and those who had just returned home, it was open to everyone, but specifically those persons who wished to connect with Barbadians in the diaspora.

Tuesday, August 7 is the official start of the four-day conference and patrons could expect to enjoy a wide array of activities, several of which will take place at the Lloyd Erskine Sandiford Centre (LESC).

Bulbulia said the event will feature an exhibition showcasing Barbadian-made products and services each day. He added: “We are going to have an Innovation Room, where a select number of young entrepreneurs with fresh ideas, products and services will be on exhibit.”

Outlining that every day there would also be road tennis demonstrations, he continued: “BNC 2012 is going to have an ancestry research event organised by the Barbados Department of Archives where persons could trace their family genealogy.” Other activities taking place over the four days will include

Less Talk MORE ACTIONPlanned For 2nd Diaspora Conference

BNC 2012

a Hospice Fundraising Boat Ride; an activity hosted by the National Association of Barbados Organisations and the Barbados Cancer Association (USA); a Creative Economy Showcase, which will feature photography, fashion designers, dancers, singers, visual artists and other art forms; and a Career Forum, hosted in collaboration with the Young Barbadian Professionals Society (YBPS).

The YBPS is an association of young Barbadian professionals who live in the USA, Canada and the UK. The members of this group will share their career experiences through one-on-one discussions and by showcasing a range of local and international careers to Barbadian youth.

Moreover, Barbadians living at home and abroad will get the opportunity to participate in the Bajan Cultural Immersion - an activity which will teach persons how to cook the Bajan way.

Scheduled for August 9 at the LESC, this interactive culinary experience will be hosted by renowned Barbadian chef, Peter Edey and will take the format of a televised cooking show.

There will be six mobile kitchens in place and some lucky participants will be selected to interact with the chefs when they prepare dishes that highlight cultural retentions of Barbados in cuisine from South Carolina, Panama, and Cuba, as well as to a lesser extent the US, UK and Canada. Persons should come prepared to sample some of the delicious dishes that will be available.

Bulbulia also shared that the BNC 2012 would feature Speed Networking sessions. “This is a great opportunity for persons to come and exchange information on their careers, businesses and interests, and connect with Barbadians overseas who may want their services or products,” he explained, further stating that there would also be a Resettling workshop which would be particularly helpful for any Barbadians who wished to return home.

While entry to the exhibition of this island’s 2nd Diaspora Conference is free, there will be a nominal charge for some activities. Persons who wish to register for the BNC 2012 should contact the LESC at (246) 467-8200 or visit the website www.foreign.gov.bb/barbadosnetwork to complete the entry form.


Value Added Tax receipts for Barbados reached an eight-year high for the 2011-2012 income year.

According to the economic review of the first six months of 2012 released by the Central Bank of Barbados, provisional estimates for the 2011-2012 fiscal year are that VAT brought in BDS$949.6 million dollars into the Treasury. On a whole, VAT contributed BDS$764.8 million of the BDS$1.2 billion in indirect taxes taken in by government last year.

And, despite the still precarious economic status of the island, it appears on track to add even more revenue to government’s coffers this year as the central bank is reporting that an estimated BDS$243.9 million in VAT receipts has been taken in up to June this year versus BDS$227.8 million over the same period in 2011. In fact, VAT receipts have been credited for giving the entire government revenue a much needed bump.

“Government’s total revenue is projected to have improved by 3.4 percent, compared to the same period last year, primarily owing to a 7 percent increase in VAT receipts. On the other hand, personal tax collections were down by 5 percent, while corporate tax receipts fell by 4 percent. Expenditure on interest payments grew by 5 percent and pensions and other transfers to individuals and to public corporations rose by 20 percent and 12 percent, respectively,” stated the central bank report.

This gain in VAT revenues prompted the Barbados government to retain its 2.5 percent increase on the VAT rate implemented almost two years ago until further notice according to Minister of Finance Christopher Sinckler in his recent national budget presentation.

However, the Barbados economic picture is not looking as rosy on all fronts. The economic review reported that real growth in the first half of this year was estimated at only 0.6 percent.Also, Barbados foreign exchange reserves at the end of June stood at $1,357 million, marking a decline of $63 million since December 2011. The central bank attributed this to the fact that the international recession has slowed the inflows of foreign exchange to Barbados, and has therefore limited the prospects for growth in an economy which needs foreign exchange in order to register sustainable growth.

Output in the tourism sector is estimated to have risen 1.8 percent in the first half of the year. The largest increase came from the CARICOM area, particularly Trinidad and Tobago, where arrivals grew by 35 percent, according to the report.

The once booming construction industry appears to be staging a moderate revival, growing by a reported 1.3 percent due to private commercial building activity, the continuation of tourism-related projects, and public sector capital projects. The number of active companies in the international business and financial services sector increased by 3 percent, stated the report.

Inflation appears to have decelerated slightly, with the projected 12-month average rate to June at about 8.6 percent, compared to 9.5 percent in December. Inflation in the prices of food and fuel appears to have abated, since the last quarter of 2011.Unemployment continued to inch up as, in addition to the

job loss in tourism, there was also some retrenchment in the manufacturing sector and non-sugar agriculture, resulting in an unemployment rate estimated at 11.8 percent at the end of March 2012, compared with an average of 11.2 percent for all of 2011.

The fiscal deficit was estimated at 5.1 percent of GDP for the first three months of the 2012/13 fiscal year. All of Government’s deficit financing was sourced from the domestic market. The deficit was financed to the extent of 75 percent by commercial banks, 48 percent by the National Insurance Scheme (NIS) and 54 percent by private non-bank entities, stated the report. There were no foreign public inflows during the review period and payments on external loans reduced government indebtedness by $33 million. Gross government debt as a percentage of GDP was 77 percent, down from 79 percent at the end of 2011, while net government debt was 57 percent of GDP. External debt service accounted for less than 7 percent of current account earnings, revealed the central bank.

Evaluating the island’s economic prospects, the central bank acknowledged that the global environment continues to constrain prospects for a vigorous economic recovery, as the poor economic performances of the UK and the USA continue to depress the demand for Barbados’ tourism services.

However, it projected that modest gains are expected from the gradual improvement in length-of-stay. Private investments in tourism-related projects and corporate building activity are anticipated to further expand construction output for the remainder of 2012. However, foreign exchange sectors are not projected to grow significantly in 2012.

Limited expansion is therefore likely in the non-tradable sectors. Overall growth is forecasted to be in the region of one percent in 2012. No significant employment gains are expected, stated the monetary authority.

BARBADOS Economic Review

... poor economic performances of the UK and the USA continue to depress the demand for Barbados’ tourism services.

Economy In Review


News to Note

Barbados Investment & Development Corporation (BIDC) continues to work with the Ministry of Tourism to implement the Barbados Arts and Crafts Experience (BACE) project which was launched December 16, 2011. The first Experience is scheduled to take place

in the Pelican Craft Centre, Tuesday July 3, 2012. The Pilot phase will continue with Experience sessions scheduled for July 17 & 31, August 14 & 28.

The BACE is a new tourism offering of the Ministry of Tourism, in collaboration with Intimate Hotels and the Barbados Investment and Development Corporation (BIDC). It adds yet another attraction to the Crafts Centre and provides many of the thousands of visitors to our shores the unique opportunity to enjoy an interactive and creative cultural experience. The package provides for:

round trip from hotel to Pelican Craft Centre, a 45min hands-on craft workshop, a light lunch of Barbadian Cuisine, a tour of the Centre and crafts workshops.

Workshops will be facilitated by artisans from within the Pelican Centre as well as the wider Craft Sector. Visitors may choose

to experience wood craft, jewellery-making, pottery, flame glass work, basketry and painting, or put their culinary skills to the test by making a local dish.

This collaborative venture by the Ministry and the BIDC compliments the Corporation’s renewed efforts to build greater recognition for the Crafts sector and increase the flow of locals and tourists through the Pelican Ambient Steel pan music will welcome and entertain participants and lunch will be provided by Rolli’s Bar & Grill and Pelican Variety Shop and Cafe.

BARBADOS ARTS AND CRAFTS EXPERIENCE

There is a wealth of information to be found at the Barbados National

Standards Institution’s (BNSI) headquarters on Culloden Road, and individuals and businesses alike have been invited to make the most of these resources.

Technical Officer with the BNSI, Jonathan Platt, encouraged the participants at the recently held National Awareness Seminar on The Revised National Building Code to use the resources available at his organisation.

“BNSI offers a membership scheme...[you get] access to the BNSI library for the purpose of referencing... over 19,000 standards, be that CARICOM regional standards, ISO standards,

and of course [national standards]...[and the] latest scientific studies and reports,” he said.

Mr. Platt added that the staff was also on hand to assist in quality assurance matters, with free label assessments for new and existing products and discounts on the purchase of standards also available.

The Technical Officer reminded the audience that the BNSI welcomed proposals for standards to be developed.The seminar, which was hosted in collaboration with the Barbados Coalition of Service Industries, was held to educate professionals in relevant sectors about the revised Code and its requirements. (BGIS)

BUSINESSES & INDIVIDUALS URGED TO USE BNSI AS RESOURCE

BACE Craft your own experience


Ecoscope

Minister of Finance, Chris Sinckler announced in the 2012 financial statement and budgetary proposals incentives for businesses generating and distributing electricity from Renewable energy sources as well as investors in those businesses. These are detailed below:

Incentives for businesses generating and distributing electricity from a renewable energy source (RE), businesses producing, distributing and/or installing renewable energy systems for electricity generation and energy efficient (EE) products:

• Government will provide financial assistance of $100 million in the form of low-interest loans over an 8 year period to tool and capitalize the industry, and to provide improved credit to the consumers of RE and EE products produced locally. This loan facility will be available to the industry via the financial intermediaries (including banks, credit unions, and finance companies) and administered by way of a special window under the Industrial Credit Fund and the Credit Guarantee Scheme of the Central Bank of Barbados.

• Building materials and supplies for construction of a facility dedicated to the generation and sale of electricity from a renewable source shall be duty free and VAT free; a zero rate of VAT will be applied to all RE and EE systems and products produced in Barbados.

• Developers, manufacturers and installers of RE products will be granted an income tax holiday of 10 years.

• Eligible businesses will now have a 150% deductible on interest paid on loans entered into for: upgrading an existing property so as to generate and sell electricity from a renewable source; construction of a new facility to generate and sell electricity from a renewable source; construction of a facility for the installation or supply of renewable energy generation systems or energy efficient products.

• Eligible businesses will now have a 150% deductible on expenditures for staff training related directly to the generation and sale of electricity from a renewable source in the installation, as well as the installation and servicing of renewable energy electricity generation systems or energy efficient products.

• Individuals will be able to claim the funds spent on RE and/or EE training provided by educational and vocational institutions that are approved by the Barbados Accreditation Council as a separate deduction on their income tax. This deduction can also be made by the parents of minors and adult students (up

to the age of 25 years) who are not working and who are studying in the area of RE and/or EE.

• Eligible businesses will now have a 150% deductible on expenditures directly related to the marketing of products for the generation and sale of electricity from a renewable source in the installation, as well as the installation and servicing of renewable energy electricity generation systems or energy efficient products.

• Eligible businesses will now have a 150% deductible on expenditures for product development/research related directly to the generation and sale of electricity from a renewable source in the installation, as well as the installation and servicing of renewable energy electricity generation systems or energy efficient products.

Incentives for investors in businesses generating and distributing electricity from a renewable energy source (RE), businesses producing, distributing and/or installing renewable energy systems for electricity generation and energy efficient (EE) products:

• Interest earned by financial intermediaries (including banks, credit unions, and finance companies) for financing the development, manufacturing, and installations of RE and EE products and technologies shall be free of withholding taxes for 10 year.

• Venture capital funds where investments are made in the RE and EE sectors shall be free from corporation taxes for a period of 10 years;

• Contributions to venture capital where investments are directed to the RE and EE sectors shall be deductible from taxable income for a period of 10 years;

• Dividends for shareholders of companies investing in entrepreneurial businesses engaged in installation or supply of renewable energy electricity generation systems or energy efficient products shall be exempted from withholding taxes for a 10 year period. The income households earn from the sale of electricity produced from the utilization of RE equipment shall be exempted from all taxes.

GREEN BUSINESS INCENTIVES


Cultural Etiquette

LanguageEnglish is spoken by about 82% of the population as a native language. Spanish is the second-most common language in the country, spoken by almost 30 million people or 12% of the population.

GreetingsGreetings are casual. A handshake, a smile, and a ‘hello’ are all that is needed. The hand shake is the common greeting. Handshakes are firm, brief and confident. Maintain eye contact during the greeting. In most situations, you can begin calling people by their first names. Most people will insist that you call them by their nickname, if they have one. In formal circumstances, you may want to use titles and surnames as a courtesy until you are invited to move to a first name basis, which will happen quickly.

Business CardsBusiness cards are exchanged without formal ritual. It is quite common for the recipient to put your card in their wallet, which may then go in the back pocket of their trousers. This is not an insult.

Communication Americans are direct. They value logic and linear thinking and expect people to speak clearly and in a straightforward manner. To them if you don’t “tell it how it is” you simply waste time, and time is money. If you are from a culture that is more subtle in communication style, try not to be insulted by the directness. Try to get to your point more quickly and don’t be afraid to be more direct and honest than you are used to. Americans will use the telephone to conduct business that would require a face-to-face meeting in most other countries. They do not insist upon seeing or getting to know the people with whom they do business.

DiningAmericans socialise in their homes and ‘backyards’, in restaurants and in other public places. It’s not at all unusual for social events to be as casual as a backyard barbecue or a picnic in the park. Arrive on time if invited for dinner; no more than 10 minutes later than invited to a small gathering. If it is a large party, it is acceptable to arrive up to 30 minutes later than invited. Table manners are more relaxed in the U.S. than in many other countries. The fork is held in the right hand and is used for eating. If you have not finished eating, cross your knife and fork on your plate with the fork over the knife. Indicate you have finished eating by laying your knife and fork parallel across the right side of your plate. Feel free to refuse specific foods or drinks without offering an explanation. Many foods are eaten by hand. Food is often served family-style, which means that it is

in large serving dishes and passed around the table for everyone to serve themselves. Do not begin eating until the hostess starts or says to begin. Remain standing until invited to sit down. Do not rest your elbows on the table. Put your napkin in your lap as soon as you sit down. Leave a small amount of food on your plate when you have finished eating.

Business Dress What is considered appropriate business attire varies by geographic region, day of the week and industry. In general, people in the East dress more formally, while people in the West are known for being a bit more casual. Executives usually dress formally regardless of which part of the country they are in. Casual Friday is common in many companies. High technology companies often wear casual clothes every day. For an initial meeting, dressing conservatively is always in good taste. Women can wear business suits, dresses or pantsuits. Men should wear a business suit unless you know the firm to be quite casual.

Business Meetings Arrive on time for meetings since time and punctuality are so important to Americans. In the Northeast and Midwest, people are extremely punctual and view it as a sign of disrespect for someone to be late for a meeting or appointment. In the Southern and Western states, people may be a little more relaxed, but to be safe, always arrive on time, although you may have to wait a little before your meeting begins. Meetings may appear relaxed, but they are taken quite seriously. If there is an agenda, it will be followed. At the conclusion of the meeting, there will be a summary of what was decided, a list of who will implement which facets and a list of the next steps to be taken and by whom. If you make a presentation, it should be direct and to the point. Visual aids should further enhance your case. Use statistics to back up your claims, since Americans are impressed by hard data and evidence. With the emphasis on controlling time, business is conducted rapidly. Expect very little small talk before getting down to business. It is common to attempt to reach an oral agreement at the first meeting. The emphasis is on getting a contract signed rather than building a relationship. The relationship may develop once the first contract has been signed.

Gifts In general, Americans give gifts for birthdays, anniversaries and major holidays, such as Christmas. A gift can be as simple as a card and personal note to something more elaborate for a person with whom you are close. Gift giving is not an elaborate event, except at Christmas. When invited to someone’s home for dinner, it is polite to bring a small box of good chocolates, a bottle of wine, a potted plant or flowers for the hostess. Gifts are normally opened when received.

Modern business is global and demands that people travel to foreign countries and mix with foreign clients, colleagues or customers. Each one of those cultures will also have their own etiquette rules, many of them unwritten. When two or more different cultures mix, it is easy for small etiquette mistakes to be made that could have negative

consequences. Not understanding the etiquette of another culture can and does lead to soured relationships, lost deals and in the end poor business results. The Barbados Business Catalyst explains the etiquette behind business dealings with the United States of America (USA).

When in….THE USAThe Cultural Etiquette Critical for Success


Trading Developments

If Barbados and other CARICOM nations are to fully make the most of the tremendous opportunities afforded by Mexico, then transportation is of critical importance.

This is the view of Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, who made this clear during a press briefing at the 2nd CARICOM-Mexico Summit.Indicating that this was an area that would have been discussed by the Heads of Governments during the two-day conference, she pointed out that transportation was identified as critical to furthering the stated objectives.

She noted: “As we look at what is happening internationally, the development of economies such as Mexico and Brazil are those which suggest... we are near, but yet so far. But there are tremendous opportunities and if we are to actualise those opportunities, then transportation, whether maritime or air, would be critical, and that is appreciated as we look at Central and South America. So moving forward, transportation must be a critical part of any initiatives to strengthen our relationships especially our economic and trade relationships.”

This book, produced by the International Trade Center (ITC) considers how trade policy influences enterprise competitiveness, enhanced market access. It considers

how the export potential of an enterprise may best be advanced through trade policy reform along the value chain aimed at reducing the cost of production, logistics, creating a

sound business environment and attaining enhanced market access. Entrepreneurs and private sector organizations will be able to use this book to assess the impact of trade policy and regulations on the competitiveness of their businesses. The book can be downloaded from www.intracen.org/National-Trade-Policyfor-Export-Success.

Transportation Between CARICOM and Mexico Critical

REGION YET TO TAKE ADVANTAGE OF EPA

ITC Announces The Publication Of National Trade Policy For Export Success.

Co-executive director of the Caribbean Policy Research Institute Senator Dr Christopher Tufton has said Caribbean countries must endeavour to do more to transform and

advance the economic prospects of their respective countries.

Tufton said this could be done by adjusting more rapidly and radically to changes in the global investment and trade environment and leveraging its strengths through its people and indigenous raw materials to create and protect branded goods and services.

Speaking at the Caribbean Conference on Trade Policy, Innovation Governance and Small State Competitiveness organised by the Shridath Ramphal Centre for International Trade, Policy and Services, Tufton said austerity budgets are becoming the norm in the region and these budgets are geared more towards bridging revenue gaps and not advancing economic growth through innovation and exposure to new opportunities. He said the region will have it increasingly difficult to achieve economic expansion from traditional industries because of the erosion of uneconomic trade agreements that were supportive of the region, but have changed to competition based on efficiency and competitiveness.

Citing the Economic Partnership Agreement (EPA) signed between CARIFORUM and the European Union in 2008, Tufton said while this agreement offered opportunities to access markets in Europe, the region is still lagging in preparing itself to exploit these opportunities, as it still seems to be attempting to come to terms with the fact that the trade environment has changed away from preferential market access linked to our colonial past.

“Over three years after signing on to the EPA, we are yet to be positioned to take advantage of opportunities with this signing”, he said.

Citing innovation in services, he said the region is not moving fast enough to expose for profit its cultural industries, its proximity to large and traditional markets in North and South America and Europe for financial services, health tourism, and ICT services.

He said the region’s small-island states should exploit their rich heritage and technology platform and education infrastructure to expand service offerings to markets outside of the region. Tufton said regional governments must be encouraged to do more to provide better market information, providing easier and cheaper access to technology and support legislation to protect the region’s intellectual property.


Industry By Numbers

DOMESTIC EXPORTS JANUARY - MARCH 2011 / 2012

SELECTED EXPORTS AS % OF DOMESTIC EXPORTS

16,970,833 18,157,851

181,1481,790

3,039,342 2,364,860

2011 2012

4,066,872 3,028,103

1,621,053 501,171

7,372,9113,080,930

4,134,8982,438,088

64,941 181,595

1,427,032 282,523

5,236,5892,001,783

185,724 133,789

17.24% 17.99%

4,759,736 3,878,682

276,798 303,625

2,022,950 1,457,873

2,947,221 2,740,319

1,001,747670,929

1,436,221830,534

114,568,496 93,956,243

88,688,520 73,401,988

17.24%88,688,520

73,401,988

4,616,073 3,798,110

27,326,431 27,549,433

6.99%

-99.01

-22.19

-25.54

-58.21-69.08

-41.04179.63

-61.77-80.20

-27.96

-18.51

-27.939.69

-7.02

0.82

-33.02

-17.72

-42.17


Industry By Numbers

EMPLOYMENT IN MANUFACTURING SECTOR AT DECEMBER 2011/2012MARCH 2011 MARCH 2012 NET CHANGE % CHANGE

3,71

0-1

.59%

-59

*3,

651

-45

*55

651

1-8

.09%

-54

*

393

339

-0.2

6%

-1 *

385

384 - 10

.50%-

13.7

4%

-21

*

200

179

9.06

%

80 *

883 96

3

51.7

4%

-82.

00%

-27.

18%

-268

*98

671

8

-7.2

0%

-17*

-10.

90%

-17

*15

613

9

-2.3

6%

-17

*72

070

3

7.14

%

14*

196

210 -5

.47%

-7 *

128

121

8,54

9

10,0

001,

800

8,13

73,

683,

848

5,

589,

955

63,5

00

255,

000

1,20

0

15,0

00

-4.8

2%-4

12*

DISTRIBUTION OF INVESTMENT IN MANUFACTURING SECTOR AT MARCH 2011/2012(BDS$)

1,67

8,48

8

-1.5

2%

-100

.00%

-100

.00%

-45.

62%

-51.

94%

100.

00%

-28.

23%

-94.

12%

274.

92%

-89.

46%

2,07

2,80

6

11,3

90

0

783,

619

2,93

7,92

0

495,

798

238,

274

139,

671

100,

240

262,

907

142,

965

29,3

220 1,

153

0 16,5

0016

,250

23.4

9%

2011 2012

236

219

Documents

Volume 8 #2 Quarterly Magazine of the Barbados …...Also inside: Quarterly Magazine of the Barbados Investment & Development Corporation April - June 2012 ISSN 2077-3382 Volume 8