BIDC boost

The time is ripe to harness and develop the potential to create a viable entrepreneurial sector in this country.

So says Sonja Trotman, Chief Executive Officer of the Barbados Investment and Development Corporation (BIDC). Trotman made the comments while delivering remarks at the launch of BMEX 2018 yesterday morning at the Lloyd Erskine Sandiford Centre, as she disclosed that over the last five years the BIDC has assisted in the start-up of close to 100 new enterprises and that hundreds more already in existence have received assistance in the form of development advice, financing as well as marketing and technical expertise to help put them on a path to success and sustainability.

“High potential niches have been identified in the health and wellness industries, food and beverages, science and technology… It is clear however that significant intervention is required if the entrepreneurial class is to capitalise on these industry segments,” she added.

Turning her attention to BMEX, she said the BIDC seeks every year to put the spotlight on some of the best locally manufactured products and services and added that they are pleased to assist the Barbados Manufacturers’ Association (BMA) in flying the Barbados flag again this year. With that in mind, she said the BIDC is committed to using the four-day event as an avenue to push entrepreneurial development and the home grown offerings of local companies as part of that development.

To that end, she disclosed that the BIDC is this year sponsoring 11 companies’ participation in the manufacturers’ exhibition. Trotman said all of the companies were carefully selected based on the Corporation’s consideration of the increasing incidence of non-communicable diseases and their recognition of the need to develop goods and services that would support a healthier lifestyle.

“The BIDC will be supporting these companies by ensuring that their packaging, as well as promotional materials are market ready and that their designated exhibition spaces are attractive to target audiences. The Corporation has in recent times been aiding these entrepreneurs in achieving sustainability, arriving at solutions and getting on the growth path through our programmes, covering design assistance, business fundamentals training, business development advice, export readiness and special technical assistance,” she added.

The BIDC CEO further stated that in addition to the full sponsorship of the 11 companies, they will be covering 25 percent of the cost of eight other clients who are desirous of being exhibitors at this year’s event. According to her, those interested in getting this partial sponsorship must be tenants in one of the BIDC’s industrial estates ; be a registered manufacturer or indigenous services company; be in good financial standing with the BIDC, or be in a well maintained payment arrangement; and be occupying at least 200 square feet of space at BMEX.

Trotman said this sponsorship will be awarded on a first come first served basis and she is encouraging interested entities to come forward. She made the point while noting that the discount is in respect of the space at the exhibition, so that any other cost would have to be borne by the exhibitor. (JRT)