L A I C ON E P S ITI ED
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Small Business ASSOCIATION
Vol. 02 Issue. 9
September, 2014 Edition
Building Networks; Creating Wealth
IMAGINATION, MAKES IT HAPPEN about the “entrepreneurial state” and challenged the audience, to conceptualise a greater state than what currently obtained. The audience, which included policy makers, administrators, financiers and small business practitioners, was reminded of the innovative work of Jean Roddenberry whose television series, Star Trek, paved the way for the creation of mobile and touch screen devices some 50 years later. Professor Persaud revealed that it was “50 years after it was imagined, the tablet came to existence and 30 years later the mobile phone”. The imagiFeatured Speaker: Professor Avinash Persaud nation of Roddenberry incentivised someone years later to create these technology Albert Einstein once said "imagination is tools and proved that if it could be imagined more important than knowledge”, and it could be done. Professor Avinash Persaud underscored this truism as he delivered the keynote address at Underlining the role of the entrepreneurial the recently held Awards Ceremony & state, the renowned economist posited that the majority of innovations today started Dinner during Small Business Week. through research & development funded by Professor Persaud addressed the standing the state. Governments therefore had an room only event, held at the Barbados entrepreneurial role in encouraging new Hilton, under the theme of the Week – industries and sectors to emerge. This “Small Business as an Elixir for process should begin with setting the goal Economic Recovery.” The professor spoke of where the country needed to go, helping
the citizenry to develop ideas through research and access to finance, and in turn creating nationwide solutions for economic creating nationwide solutions for economic and social growth. He noted that macro funding for many "visionaries", such as the late Steve Jobs was provided primarily as a "helping hand" from the state. The non-resident senior fellow of the Pierson Institute for International Economics in Washington provided one such example for the Barbadian context – a mobile app to aid doctors to easily diagnose ailments such as diabetes and other noncommunicable diseases in a timely and costeffective manner. Local entrepreneurs, students and interested persons could be mobilised through a national competition to develop the technology for this product. The presentation from Professor Persaud was hailed by all as not only thought provoking but the kind of national dialogue needed at this time to identify solutions for Barbados’ economic recovery.
And the Winner Is.....
PRESIDENT’S AWARD Andrea C. Taylor
Sectoral Award: WHOLESALE/RETAIL Biz Office Systems Solutions Inc.
Sectoral Award: CULTURAL INDUSTRIES East Point Productions
Sectoral Award: MANUFACTURING Miracle Balm
SMALL BUSINESS OF THE YEAR Sectoral Winner: Agro Processing
C & G Star Trading
Sectoral Award: ICT Advanced Computer Services Inc.
Sectoral Award: GROUP MEMEBERSHIP AWARD Women Entrepreneurs of Barbados
Sectoral Award: TOURISM RELATED SERVICES Caribbean Dreams MAgazine
Sectoral Award: GENERAL SERVICES
THE COMMUNITY AWARD Caribbean Export Development Agency
THE COMMUNITY AWARD Barbados Coalition of Service Industries Inc.
Sentry Insurance Brokers Ltd.
IMPORTANT DATES 2014 Members’ Meeting - OCTOBER 28 Nominations for Board of Directors Deadline - NOVEMBER 4
FEATURE ACTIVITY
PEOPLE’S ENTREPRENEUR OF THE YEAR AWARD FEATURE ACTIVITY
Lyle Sealy C.S.L Enterprises Inc.
REACH THE SBA HEAD OFFICE 1 Pelican Industrial Park, Bridgetown, Barbados Phone: (246) 228-0162 Fax: (246) 228-0613 Email: theoffice@sba.bb Website: www.sba.bb
SMALL BUSINESSES CAN MAKE A BIG IMPACT “Barbados, on the evidence before us, has been our most successful economy. It has achieved a level of development and per capita income that compares with Taiwan and Singapore, but seems to be severely hit, like the rest of us in the region, by the extreme severity of the global recession.” Sir Dwight Venner.
Much in conjunction with what the Small Business Association has been promoting over the years, Sir Venner declared that “critical mass is what cuts it. We must begin to mobilise the entrepreneurs of the region from the very early stages, and the existing business organisations such as the SBA must be in the vanguard” the leading Caribbean economist stressed.
These words reverberated the Errol Barrow Centre for Creative Imagination, as keynote speaker, Sir Dwight Venner addressed the VI Annual Leo Leacock Memorial Lecture during Small Business Week 2014. Speaking on the theme Small Business as an Elixir For Economic Recovery, the Governor of the Eastern Caribbean Central Bank proffered that Barbados’ "catch-up game" was proving to be a bigger feat than expected since the country was lagging to create sustainable growth following the 2008 global crisis. Though not impossible to rebound, Barbados needed more than the monopolising of a few persons; the country required a new strategy that would harness the strengths and creativity to create the numbers, which would quicken the wheels of progress currently lacking.
Sir Venner further listed the beneficial factors to grouping resources among small enterprises. “Collective action and networking add considerable value to enterprises. The value proposition comes from the ability to source things in bulk, to jointly manufacture products, to engage in scientific research. The value proposition of collective action is somewhat like the supply of electricity. If it is cut off then you really appreciate the service,” he posited.
“So that is why I would put my money on the smaller firms", he assured. These small and medium enterprises too have to make their own adjustments to service what small economies have been plagued with since Independence. "We must enter into a phase of sober reflection on our current state of how we got here, and to extract the positive from what has to be seen as a socio-economic reality check,” Sir Dwight concluded.
Sir Dwight noted Barbados’ conglomerates Goddard Enterprises and Sagicor Financial Services as companies that have proven to be pathfinders to economic recovery. However, as Barbados and the region looked to the bigger companies to sustain and stabilise growth, he posited that new initiatives would come from the companies that can innovate The Governor of the Eastern Caribbean Central Bank and have the incentives and support to do so. (ECCB), Sir Dwight Venner
YOUTH IN FOCUS
Over the past seven years the Small Business Association has produced a Youth Forum as a part of the array of activities during Small Business Week and with this being the 11th year of the week of activities, the Forum's intriguing atmosphere was no different. "The Youth Forum is focused on preparing those students involved in the Enterprise In Action Youth (EIA) Programme, to understand in a very practical way the world of business," explained Ms. Lynette Holder, CEO of the Small Business Association. A combination of secondary and primary schools across the island were educated on the opportunities in the entertainment and information technology sectors. Holder emphasised that the SBA had taken note that in recent years, the youth have gravi-
Over the past seven years the Small Business Association has produced a Youth Forum as a part of the array of activities during Small Business Week and with this being the 11th year of the week of activities, the Forum's intriguing atmosphere was no different. "The Youth Forum is focused on preparing those students involved in the Enterprise In Action Youth (EIA) Programme, to understand in a very practical way the world of business," explained Ms. Lynette Holder, CEO of the Small Business Association. A combination of secondary and primary schools across the island were educated on the opportunities in the entertainment and information technology sectors. Holder emphasised that the SBA had taken note that in recent years, the youth have gravitated towards the creative sector and ICT industries and she wanted to encourage them to pursue
the comercialisation of their hobbies in these areas. The students were given a brief workshop on on-line marketing & planning, social media publications as well as mobile app development from members of the SBA. They were also introduced to the science of vocal training and the ins-and-outs of the music industry. Amidst the quiet atmosphere at the Savannah Hotel, the students received a private "concert" from Kirk Brown and Dwayne Antonio Husbands backed by the Energy Band. One could hear the students’ roaring applause from the wellreceived performances. It is expected that the students would build on this introduction into the world of business as they commence the roll out of the EIA programme for academic year 2014 – 2015.
Students participating in the Annual Small business Week Youth Forum with workshops and exhibits from SBA Memebers. SBA Outlook Newsletter September 2014
SBW 2014 – YOU REALLY COULDN’T ASK FOR MORE! The curtain has finally been drawn; the lights, cameras, and action experienced during the week of activities will certainly be remembered as yet another successful and excellent Small Business Week. Join us as we review the week’s activities.
and one primary school. Held at the Savannah Beach Hotel, the youth forum featured presentations on the cultural industries and ICT sector. Members and stakeholders were on hand to share particular experiences in the sectors on display and to help the students prepared for the Enterprise in Action Youth Giving praise and thanksgiving was in order programme for 2014 – 2015. for the start of the week, as members, friends and stakeholders fellowshipped at Meet, greet and let’s talk, was the purpose of The Sanctuary Empowerment Centre. the Promotional Bus Tour, which visited strategic business points around the island This was followed by the VI Annual Leo such as Speightstown, Six Roads and Oistins. Leacock Memorial Lecture where regional Members and sponsors engaged with several economist, Sir Dwight Venner, Governor of small business owners, educating them on the the Eastern Caribbean Central Bank, deliv- service offerings of the SBA and industry ered the keynote address. Governor Venner partners. called for sustained action through access to finance, legislation, research & development A historic day was on September 26th, when to help those critical sectors during this the SBA was finally crowned the 20/20 economic downturn. He posited the view Cricket Champions after three years of that Caribbean leaders needed to rethink their accepting defeat from the strategic partners. strategies to ensure an effective comeback to A resounding win by eight wickets proved economic recovery. that the home team was ready and determined to capture the title. Congratulations to On September 24th it was ‘youth in focus’ as all the players and good sportsmanship by the the association unveiled its Youth Forum to teams. A day indeed to remember. over 150 children from 13 secondary schools
SBA Outlook Newsletter September 2014
Finally, the prestigious Awards Ceremony and Dinner at the Hilton Barbados, was held to standing room only as several entrepreneurs and business support organisations were recognised for their business and community development. The President’s award was coped by the SBA’s business operations manager, Ms. Andrea Taylor, while C & G Star Trading was crowned Small Business of the Year. Another highlight was the dynamic presentation by featured speaker Professor Avinash Persaud, internationally acclaimed economist and Barbadian, who captured the audience with his powerful and thought provoking presentation. Special thanks to all sponsors who supported Small Business Week, particularly title sponsor First Citizens Bank, and all members and stakeholders who participated in the events. The postmortem will demonstrate that the value of the small business sector to the economy has been further underscored and should be evident by improvement in the local business environment, in the months to come. Small businesses are truly an ‘elixir’ and must be harnessed to contribute to the recovery efforts of our nation.