BIDC Business Catalyst 7 #4.Indd 1 12/16/11 4:55:48 PM
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BIDC Business Catalyst 7 #4.indd 1 12/16/11 4:55:48 PM BIDC Business Catalyst 7 #4.indd 2 12/16/11 4:55:50 PM GET YOUR FINANCE ,QWRGD\·VFKDOOHQJLQJ EXVLQHVVHQYLURQPHQW\RX DEPARTMENT QHHGWREHFHUWDLQ\RXU ILQDQFHGHSDUWPHQWLVLQ JRRGVKDSH$WDOOOHYHOV IN SHAPE 7KDW·VZK\$&&$KDV LQWURGXFHG)RXQGDWLRQVLQ $FFRXQWDQF\$QHZVXLWH RITXDOLILFDWLRQVZKLFKFDQ SURYLGHWKHMXQLRUPHPEHUV RI\RXUWHDPZLWKDKHDG VWDUWLQDFFRXQWLQJDQG ILQDQFH+HOSLQJWKHPWR GHYHORS(QVXULQJWKH\DUH ILWIRUEXVLQHVV6RWKH\ FDQHIIHFWLYHO\FRQWULEXWH WRDVXFFHVVIXOWHDP FIND OUT MORE ABOUT THE GLOBAL BODY PROFESSIONAL ACCOUNTANTS FOR LQIR#ZLDFFDJOREDOFRP BIDC Business Catalyst 7 #4.indd 3 FDULEEHDQDFFDJOREDOFRP 12/16/11 4:55:50 PM July - September 2011 Contents Volume 7 #4 Editor’s Desk - Trade Shows, Expos & Conferences 5 CEO’s Desk 6 - 9 Making Footprints Around The Globe 10 -11 Challenges of Entrepreneurship 12 -13 Pride In Industry 14 Full Speed Ahead 16 - 17 Animation Comes Alive 18 - 19 Winning Designs 20 Dream Imagine Believe 21 - 22 Carving Out a Niche 23 Food for Thought 24 -25 Skill-full or Empty? 26 The Barbados Competitiveness Progremme 27 Factoring Programme for SMEs 28 BBC Notebook 29 EcoScope 31 When In...Belize 32 TradeScope 33 Manufacts 34 - 35 PG. 15 Full Speed Ahead The BARBADOS BUSINESS CATALYST is 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] PG. 14 PG. 23 Pride In Industry Carving Out a Niche Editorial Team: Fern Lewis, 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] Disclaimer: Some of the views expressed in this publication are the views of the writers and not necessarily those of the BIDC. © 2011 BIDC. Printed By: COT Caribbean Graphics, #16 Newton Industrial Estate, Christ Church. Tel (246) 420 8550 • Fax (246) 420 8555 Email: [email protected] PG. 24 PG. 28 Food for Thought Government Launches Factoring Programme For SMEs 4 Barbados Business Catalyst • July - September 2011 BIDC Business Catalyst 7 #4.indd 4 12/16/11 4:56:03 PM Editor’s Desk By Jane L. Brome t has become increasingly evident Development here at the BIDC, Mr. Michael Bynoe, will expand that diversification, new sector and on these as well as share his vision for the sector. Iproduct development are essential if Barbados is indeed to take The spotlight is also shone on exporting, featuring Barbados’ top advantage of new and emerging export companies, its products and markets. In keeping with the opportunities and is to secure its theme, Enterprise Barbados, Making Footprints Around place in international trade. the Globe, we share with you some of the market entry strategies engaged by these companies in the hope of inspiring Arguments for greater self-enterprise and innovation have often more to follow their lead. been articulated in the push to see Barbados transcend traditional boundaries. The importance of niche marketing and meeting international standards requirements, particularly as they relate to food safety This issue will focus on entrepreneurship and its role in making and quality are also expanded on in this edition. Barbados a producing, exporting nation. We are highlighting inspiring stories of thriving companies like auto manufacturer, And as the BIDC bids farewell to CEO Mr. Wilbur Basil Lavine, L&N Incorporated and animation specialist, West Learner. This we share with readers his parting words, marked by lessons edition will also cover some of the key challenges confronting learnt and hopes for the future. entrepreneurs. Newly appointed Director of Entrepreneurial Trade Shows, Expos and Conferences Sir Winston Scott Memorial Lecture Monday, November 21, 2011 to improve disaster risk management awareness and exchange information on Prof. the Hon. Cardinal Warde, a Barbadian physics professor at the good practices, while building stronger professional networks. Massachusetts Institute of Technology (MIT), will deliver the 36th Sir Winston CONTACT: http://www.cdema.org Scott Memorial Lecture at the Frank COLLYMORE Hall. The title of his lecture is “Science, Technology and Business Education Reform for the Caribbean”. Caribbean Marketplace 2012, January 22-24, 2012 CONTACT: http://www.centralbank.org.bb This event is open to suppliers, buyers and marketing companies targeting the hospitality sector. Scheduled for the Atlantis Paradise Island, Bahamas, 6th annual Caribbean Conference on Comprehensive Disaster registration is now open. Management, 5-9 December, 2011 CONTACT: http://www.caribbeanhotelandtourism.com The Annual Caribbean Conference on Comprehensive Disaster Management is the region’s premier event on disaster risk management. Organized by the BIDC Exporters Conference, Tuesday, February 21, 2011. Coordinating Unit of the Caribbean Disaster Emergency Management Agency This inaugural event under the theme “Engaging the World” will focus on the (CDEMA), the Conference is the region’s largest gathering of professionals requirements of embracing the export challenge. Scheduled for the Lloyd in the fields of disaster management and professionals from sectoral and Erskine Sandiford Centre, further details will be coming soon. thematic fields who have specific responsibilities in this area. Attending this CONTACT [email protected] event scheduled for the Hyatt Regency Trinidad, is an excellent opportunity Barbados Business Catalyst • July - September 2011 5 BIDC Business Catalyst 7 #4.indd 5 12/16/11 4:56:04 PM CEO’s Desk CEO Signs Off Wilbur “Basil” Lavine retired as CEO of the BIDC at the end of September. He reflects on time spent and the way forward for the Corporation. exports of fine foods to the United Kingdom market. During my .In the time that you have led the Corporation, term as CEO we also completed the Newton Business Park, a would you say you have achieved much of what you major project which had presented many challenges. Qhad intended? Q. What would you say were some of your greatest A. I would say a reasonable amount given the prevailing climate. accomplishments? I assumed the leadership of the Corporation just as the recession took hold and amid several challenges. I brought a vision which A. I believe that staff should be encouraged to add value to I am led to believe had the approbation of the management themselves so that they could also add value to the institution and and staff. Corporate and divisional goals and plans were then to the clients they serve. And so for me, it was very important to developed. Initially, we were aiming for sector growth in the make a positive difference in the lives of staff, encouraging them industrial and small business sectors. But certain critical success to upgrade their skills and to seek career advancement. I believe factors (assumptions), which included the availability of adequate I have been able to do some of that, even though not all of what finance, favourable investment climate, etc., failed to hold and in I intended. I have seen secretarial staff and others upgrading their consequence, some objectives had to be modified or abandoned qualifications and taking positions of much greater responsibility. in the face of a new policy orientation which sought, inter alia, This pleased me very much. to further the stabilization of the sectors, rescuing companies in difficulties, saving jobs, etc., by way of a Rent Relief Policy During my tenure at the Corporation, I was also able, with and other measures, through which company closures were the support of the managers and staff, to effect the design and minimized. Despite the difficulties, our export drive was also implementation of some systems and policies to meet stated kept up and growth was experienced in some areas, such as objectives. Specific examples include: 6 Barbados Business Catalyst • July - September 2011 BIDC Business Catalyst 7 #4.indd 6 12/16/11 4:56:07 PM CEO’s Desk Basil Lavine attending an EPA seminar Mr. Lavine leading a BIDC strategic planning session the coordinating of an exhibition and the production of a GIS video in association with Mr. Keith Richards of Barbados Light & Power as co-chair of the Technical Advisory Panel and the benchmarking of the knowledge management system for Technology Transfer, during the United Nations Global of the Corporation against that of a major international service Conference on Sustainable Development held here in 1994; institution in 2000. my contributing to national sustainable development In 1998, I was the Corporation’s representative among many policy as the Corporation’s representative on the National very senior public and private sector Caribbean officials on Commission for Sustainable Development under the the CARICOM Mission to Southern Africa. I was the only chairmanship of the late Professor Oliver Headley; Barbados public sector officer on that mission and I filed a report on the mission. the establishment of the Information Technology Department and the development of the Corporation’s With reference to current areas of focus for promoting computer network, involving all the overseas offices that sustainable development: Initiating in 2009/2010, the were then part of the Corporation, together with the development of a BIDC Green Policy and a Green Industrial Internet capability; Sector Development Plan focusing on green energy, etc., and the establishment of a think tank, namely the Science, Technology the changing of the concept of a library to that of a and Innovation Committee – the Renewable Energy Forum, computer-based Information Services Centre; for advancing this cause. As such, it took a special interest in renewable energy and had been engaging a company working on also from the concept of a registry to that of a computer- a pilot project on solar energy.