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Rebranding Export Marketing BIDC the Barbados Investment $&&$GHYHORSVLWVWUDLQHHV DQGPHPEHUVJOREDOO\ZLWK YOUR GROWTH WKHPRVWULJRURXVDQGUHOHYDQW WUDLQLQJ:HHQVXUHHDFK IS THE MEASURE LQGLYLGXDO·VRZQGHYHORSPHQW DQGPDNHVXUHWKH\·UHILWIRU EXVLQHVV6RWKH\FDQKHOS\RXU OF OUR SUCCESS RUJDQLVDWLRQJURZ$QGWKHQXVH XSWRGDWHVNLOOVWRPDQDJHWKDW JURZWK6RHYHU\ERG\ZLQV FIND OUT MORE ABOUT THE GLOBAL BODY PROFESSIONAL ACCOUNTANTS FOR LQIR#ZLDFFDJOREDOFRP FDULEEHDQDFFDJOREDOFRP January - March 2011 Contents Volume 7 #1 Editor’s Desk - Trade Shows, Expos & Conferences 5 CEO’s Desk 6 Ready To Go 8 Revolutionizing Barbados’ Export Marketing 10 BIDC Targeting Canada 12 BIDC Rebranding Export Marketing 13 Out With The Old, In With The New 14 The Road To Hell Is Paved With Good Intentions 16 Caribbean Trade Mission A Success 18 Venture Capital More Than A Financing Option 20 Using Standards As A Competitive Advantage 22 Mission Imperative Green Revolution 23 Engagement, Empowerment And Effective Results 24 New Year Revolutions 25 Bajan Art Company Pictures A Healthy Barbados 26 Byndelle Building Barbados 27 New BIDC Appointments 28 BBC Notebook 29 Bigger, Better BMEX Expected 30 SMART Fund To Fuel Renewable Energy Drive 31 When In Brazil 32 Commitment By Trade & Investment Partners Recognised 33 PG. 8 Manufacts 34 Ready To Go 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. 12 PG. 14 BIDC Targeting Canada Out With The Old, Editorial Team: In With The New Fern Gooding, 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; Disclaimer: E-mail: [email protected] 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. 26 PG. 27 Creative Thinking, Entrepreneur’s Forum: Inspirational Artwork Byndelle Building Business 4 Barbados Business Catalyst • January - March 2011 Editor’s Desk By Jane L. Brome think by now we’re all familiar with There is a saying that “If you always do what you’ve always done, the drill: Competition’s up, costs you’ll always get what you’ve always got.” So beyond just saying Iare increasing, profits are down and you’re going to make a change, we want to encourage you to everything you’re doing is changing. Under look at new approaches to businesses in 2011. Timed to coincide the current circumstances, most of us are with the start of fiscal year for most businesses, as opposed to reeling — out of breath, out of time, and the calendar year, this edition focuses on revolutionizing key probably out of what’s left of our minds given the new thrust in processes and functions to achieve new targets and results. the direction of thinking outside the box. Since the financial crisis It includes coverage of new market penetration, changing has laid waste to business as usual, it’s time to do something approaches to export marketing, and strategies to improve the different. But what? And more specifically, how? business climate. It includes also executive coaching advice on new year revolutions and goal setting. Well we can’t tell you what to do and we certainly can’t tell you how either. But the way I see it, the world is brimming with It’s ironic that most of us go through life studying what successful potential. The economic future will be populated by the movers people did and trying to emulate that success by doing the same and shakers willing to put their creative imagination to work, thing. The irony is that most of the time, when the successful willing to take a risk and daring to stand out in the crowd. ones did it, they were doing something different. By the time we get around to copying them, it’s no longer unique. To be counted among this elite grouping however demands a little more than simply a willingness to do something different. You simply have to find a way to be different and to do things This edition, with the theme, Forget Resolutions, Think differently if you want to succeed. Revolutions is really intended to kick start revolutionary thinking. Trade Shows, Expos and Conferences Export Workshop, June 8th, 2011 Caribbean Fashion Week, June 14th - 20th, 2011 The Export Development and Promotion Division of the Barbados Investment The Caribbean’s largest fashion event takes place at the Nation Indoor Sports & Development Corporation will be hosting a workshop targeted at exporters Centre, Jamaica. under its Market Development Programme as well as potential exporters CONTACT: www.caribbeanfashionweek.com interested in exporting to the UK. It will be facilitated by the BIDC’s UK Market Access Representative, Mr. Peter Martin and major UK importer, Taste of the Caribbean, June 22th - 27th, 2011 Mr. Alexander Douglas of Dees Caribbean Imports. Some of the topics to Hosted by the Caribbean Hotel and Tourism Association, this year’s edition of be covered are: Product Suitability, Market Demand, Marketing/Promotion Taste of the Caribbean is expected to be a much improved and larger event of Products, Timely and Consistent Supply of Products, Pricing, Ingredients/ with more teams, a consumer oriented food fair, greater destination marketing Allergens, Packaging, Long Term Business Planning for Export and New opportunities. Product Development. CONTACT: www.caribbeanhotelassociation.com CONTACT: [email protected] Design Caribbean, September 1st - 4th, 2011 BMEX 2011, June 10th-13th, 2011 Caribbean’s artisans have another important opportunity to show off their Barbados’ largest manufacturers’ exhibition, BMEX 2011 comes off this year products to regional, international and diaspora buyers. The region’s foremost at the Lloyd Erskine Sandiford Centre under the theme ‘Innovation through trade show, Design Caribbean, is scheduled for, Santo Domingo, Dominican Inspiration’. Hosted by the Barbados Manufacturers’ Association (BMA) Republic and will attract buyers from North America, Europe and the it allows participants to showcase products and/or services to a diverse Caribbean. All artisans engaged in design in the region can participate in the international audience. Design Caribbean trade show. CONTACT: www.bmex.bb CONTACT: [email protected] or visit www.designcaribbean.com Barbados Business Catalyst • January - March 2011 5 CEO’s Desk BIDC’s Plans for 2011 and Beyond By Wilbur “Basil” Lavine ore technical assistance and support services are in store The Corporation will seek to for Barbadian companies to better position them to encourage local businesses Mpursue opportunities in trade and business development. to increase their investment in innovation, research These are among the measures contained in the Barbados and development, whilst Investment and Development Corporation’s (BIDC) Corporate undertaking product development and diversification in order to Strategic Plan 2011/12. benefit from new and emerging opportunities. With the local economy poised to emerge from the worst Despite the current economic situation locally, the small recession in eighty years, the BIDC will be taking actions that business sector in Barbados remains a major provider of jobs and should in effect result in: a more resilient and sustainable opportunities for economic growth. As such, it has the potential export sector, a strong cadre of innovative and business savvy to contribute substantially to the social stability of the nation. entrepreneurs and new engines of growth in the renewable Many of the opportunities, however, require that businesses energy, creative industries and revitalized traditional sectors. engage in greater creativity and innovation. Consequently, encouragement in these areas will be a focus of the Corporation. To move the local manufacturing sector onto a more sustainable and productive path the Corporation will be seeking to re-invent The BIDC intends to alter the structure of the Special Technical itself with the adoption of a new mind set and modus operandi Assistance Programme (STAP) by introducing an equity/loan that, inter alia, fosters entrepreneurship and innovation, within financing component during the coming year. The ‘Basic and without aggressively and embodying the concept of ‘creative Industries’ and ‘Turnaround Management’ programmes will destruction’. continue to provide critical support for producers who are seeking to achieve a greater level of efficiency and improved The prevailing economic environment has underscored the need performance. A cluster initiative will also be launched during for a new thinking in business; doing different things and doing the year to assist small enterprises that face capacity and supply things differently. The BIDC is in the vanguard of the quest for challenges and to help them enhance their competiveness. Not an innovative approach to business practice and development being oblivious to the present challenges facing the local industrial going forward. This thinking is what inspired the theme of sector in the face of the international crises, the Corporation’s this year’s Strategic
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