Business in Barbados
Barbados’ Entrepreneurship Vision The Barbados Entrepreneurship Foundation (BEF), a Private Sector not-forprofit entity, established in 2010, has embarked on an ambitious vision to make Barbados the #1 entrepreneurial hub in the world by 2020 with the full backing of all the Social Partners and a personal endorsement of the Prime Minister. Barbados is already an aspirational lifestyle and hospitality
destination. Everyone wants to be in Barbados. Its emergence as a world class international entrepreneurship location is now in the making. The two combined will make Barbados the best place in the world to live, invest and play. The World Economic Forum’s The Global Competitiveness Report 2010-2011 ranks Barbados 5th in the Americas after USA, Canada, Chile and Puerto Rico and 43rd in the world. Barbados is the highest ranked Caribbean Country by the World Economic Forum in the Global Information Technology Report 2009-2010.Barbados has one of the highest world rankings by the UNDP in its 2010 Human Development Index; it is ranked 3rd in the Americas behind Canada and the USA and ahead of Chile and Argentina. It has a lower corruption rating in Transparency International’s 2010 Corruption Perceptions Index than the USA, UK and France. Geographically, Barbados, on the doorstep of the Americas, is strategically located as a natural hub. World class air and seaports make it is easy to travel and connect with the main international trading centres of the world. With a 99.7% literacy rate there is a highly educated and trained work force that can meet the demands of global enterprises. The Cave Hill School of Business, a division of the University of the West Indies, located in Barbados, produces local business graduates and is partnering with the BEF to provide sophisticated tools and educational support for Entrepreneurship. Throughout its fascinating history, Barbados has been renowned for its political maturity, social stability, successful economy, financial independence, the integrity of its legal system and a welleducated population. Barbados has enjoyed political stability and strong leadership for decades. This political stability has fostered investment grow and provides an attractive, stable environment for doing international business. Socio-Culturally, Barbadians enjoy a high standard of living. International entrepreneurs who have chosen to relocate here have found that the amenities they are accustomed to enjoying in the developed world are paralleled in Barbados, with the added benefits of a rich local culture and beautiful year round weather and top class business and residential accommodation. Technologically, Barbados has the connectivity that facilitates global business. On 11.11.11 Barbados will become the first island in the world to have 100% free Wi-Fi enabled internet access from “Rum shop to Bus stop”. Step off the plane or boat and you are connected from anywhere-free. The Barbados Entrepreneurship Foundation’s board of highly respected and experienced persons, is well represented by all the Social Partners and is dedicated to identifying and addressing the main areas which will make Barbados a real force in global busi-
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ness. Our vision encompasses attracting Highly Skilled Individuals, International Entrepreneurs and High Net Wealth Individuals to make Barbados their business and personal homes. BEF’s agenda is constructed on five pillars that are the key success factors in the achievement of its 2020 Vision. The five pillars and their broad missions are as follows: 1. B usiness Facilitation: Making it easier to setup and conduct business in Barbados for both local and international businesses. 2. Mentorship & Networking: Ensuring that there is interaction between entrepreneurs in an effort to foster greater cooperation as well as create mentorship relationships to share knowledge and experiences. 3. Finance: Providing the infrastructure for entrepreneurs to access capital to finance their enterprises and innovations. This will include the creation of an angel investor network. 4. Government Policy: Working with the government towards the creation of a clearly enunciated government policy on entrepreneurship. Also to enhance the efficiency with which the government operates and working to make its departments more competitive and productive. 5. Education & Talent: Provision of training for local entrepreneurs as well as educating the population through programs in the schools aimed at encouraging and enabling the development of the innovators and entrepreneurs of the future. Each pillar is led by a champion supported by a team of passionate and qualified volunteer team members drawn from the community. The activities of the five pillars are coordinated by the programme manager who reports to the CEO, the Chairman and board. In the coming year, each pillar will be executing its clearly outlined missions. Achievements will be measured and detailed reports will be delivered at the Barbados Entrepreneurship Summit on 17/18 November 2011. At the November Summit delegates will determine the BEF’s goals for 2012. The BEF will also continue to use its popular monthly forum as a highly valued education and networking tool, with inspirational presentations by successful entrepreneurs’ both international and local. The forums are also used as a means to continually report on our progress to our ever growing entrepreneurship stakeholder audience. Barbados as a serious and competitive business destination is currently a dream. The BEF’s vision of making Barbados the #1 entrepreneurial hub in the world by 2020 is achievable. Over the next nine years the Barbadian business environment will become more and more attractive for international entrepreneurs to establish their global headquarters, as well as affording them all the benefits of modern living within a modern, unique Caribbean landscape. n By Peter N. Boos, FCA Chairman Emeritus, Ernst & Young Caribbean Chairman, Barbados Entrepreneurship Foundation