said the Cat. - Barbados Investment and Development Corporation

are indeed entrepreneurs, but the
majority are not. Their businesses are
simply microenterprises in the informal
sector, with little growth potential or any
particular intention to grow beyond what
is considered their comfort zone. The
promotion of self-employment is a very
noble objective and certainly one that
as an agency of government we cannot
ignore, but it should not be confused with
entrepreneurial development.
Q. What are your top priorities for
entrepreneurship development
within the short to medium term?
A. Entrepreneurship development should
be about helping people start and grow
dynamic businesses that provide high
value-added. My priority for the short
to medium term would be a selection
process that attempts to identify those
individuals or partnerships that have
some of the key prerequisites for
entrepreneurial success. Let me state
very clearly here that this is not at the
expense of other players in the sector.
The country needs some success
stories at the moment to help move
the economy forward and improve our
foreign exchange position. While I am
well aware that it will be argued that
public funds should be spent on those
who most need help, a selection process
deploys limited resources where they are
most effective, to the overall benefit of
the country.
Q. How do these fit in with the goal
of making Barbados the No.1
entrepreneurial hub by 2020?
A. The process discussed above is just
a minutiae to the mandate of making
Barbados the entrepreneurial hub by
2020. There are a number of anomalies
that should be addressed involving
agencies of influence that affect the business sector. To my
mind corrective procedures need to be in place from now. I
cannot in all honesty say that any significant improvement is
taking place.
Q. What is your vision for the sector?
A. Firstly, that we can develop programmes driven by a research
Entrepreneurial Development
Michael Bynoe.
component that helps aspiring entrepreneurs to recognize
and design unique, innovative business opportunities, based
on an analysis of our existing conditions and resources.
Secondly, to develop a cadre of Business Development
Officers fully trained to identify risks and the factors that
affect the levels of entrepreneurship, and determine the
likelihood of success in the sector. Thirdly, that business
development services be streamlined in a way that offers the
entrepreneur the best possible services available.
Barbados Business Catalyst • July - September 2011
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