Post on 07-Nov-2014
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Business Facilitation Pillar
Summit Outcome & 2011 Action Plan
Mission
Make it ‘easy to do business in Barbados’ in
order to be the #1 Entrepreneurial hub in the world by 2020
2011 Measures of success
Accurate calculation of GDP generated by small business established since 2008
100 new business start ups in 2011 Launch a Fast track (fasttrack.co.uk)
to measure entrepreneurial activity 12 month ‘start up’ Survival rate of
70% Reduce ‘start up’ time by 20%
Barbados 2020....Landing on the moon
Everything works first time, every time
Wi-Fi Island Total, simple e-government HBR Case Study written on the
Barbadian entrepreneurial spirit
Situation: What does World class look like for a great place to do business?
Competitive Economic environment GDP per capita >$35,000 Driven by Innovation Higher efficiency in the production of
goods & services
Situation: Barbados Performance +/ve First-class institutions Strong infrastructure Excellent primary and effective higher
education-/ve GDP per capita $13,000 Very poor macroeconomic fundamentals Small market size goes hand in hand with
a relatively inefficient goods market
Situation: Barbados in context
Past Sugar – the basis for development in education and
self government Global center for trade in shipping British influence & impact of slavery on the Bajan
psyche
Impact on ‘doing business’ Unique culture - History of punching above our weight Conservative – Risk averse mindset Vendors – Small scale of business & market Fear of growing too big – inward looking
Situation: Barbados in context
Contemporary Successes Real Estate investment - Port St. Charles Global talent in Entertainment & Sport
Hurdles to creating an Entrepreneurial mindset
No culture of Performance Management & objective setting in business practice
Fear of Accountability & lack of measurement Fear of failure = -/ve attitude towards
entrepreneurship
Benchmark / Indicators SingaporeTop 3
BarbadosTop 50
Institutions 6.1 4.4
Infrastructure 6.2 4.4
Macroeconomic Investment 5.1 5.2
Health & Primary education 6.7 5.4
Higher education & training 5.8 4.3
Goods market efficiency 5.7 6.5
Labor market efficiency 5.9 5.0
Financial market development 5.8 4.3
Technological readiness 5.3 4.6
Market size 4.5 1.9
Business sophistication 5.1 4.1
Innovation 5.0 3.3
Source: The Global Competitiveness Report 2010-2011, World Economic Forum
Where is Barbados on the Benchmark?
WEF ranks Barbados #43 of 139 countries in 2010 Global Competitiveness Index
Most problematic factors for doing business - Barbados
Source: The Global Competitiveness Report 2010-2011, World Economic Forum
Some key themes you raised1. Access to mCommerce & eBanking2. Delayer bureaucratic processes in public &
private sector. Simplify.3. ‘Productive democracy’ - replace anonymity
in Social Partnership with accountability4. Performance Management across the
private & public sector5. Quality & cost of professional advisory
services
2011 Action Plan – Executing the PlanShort term top 3 activities only
What Why When Who Status Remarks
Status audit of all actions items by Social Partnership
Productive democracyName accountability
June 2011
Open • Needs cooperation of social partners
• Publish memo of commitments from private sector to public sector & vice versa in Nation.
• Use blogs, internet to stream coverage of SP meetings, outcomes, to much broader section of population.
Lobby professions to provide greater accountability and improve service levels
Service led performance cultureReduce the cost to serve
Oct 2011 Open All professions to produce annual customer charters and explain how they have improved competitiveness over past 12 months
Remove frictions from e-commerce
Ease of doing business, especially for small business/entrepreneurs
Oct 2011 Open BBA, SBA and Central bank to review and remove impediments to facilitating ecommerce
Reconfirm Mission
Make it ‘easy to do business in Barbados’ in
order to be the #1 Entrepreneurial hub in the world by 2020