Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss (centre), speaking to the media at BIMAP yesterday. Looking on are Chairman of the Board of BIMAP, Benson ‘Ricky’ Straker (left); and Executive Director, Dr. Sonia Greenidge-Franklyn (right).
inspiring youth enterprise
Tue, 08/23/2016 - 12:00am
Government will soon establish a special fund to support entrepreneurship and innovation in this country among the youth.
Word of the intended fund came from Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss, yesterday morning during a visit to the offices of the Barbados Institute of Management and Productivity (BIMAP) at Wildey, St. Michael. He told the media that his Ministry, through the Barbados Investment and Development Corporation (BIDC) and other agencies,
is currently doing the legwork for that fund which, once capitalised, should help to create additional businesses in Barbados.
“The view is that too many tertiary-level students in particular are being taught to get a job, but they are not being challenged to create enterprises. Through the BIDC, we will shortly be launching a project to engage with these young minds in particular as they go through our tertiary institutions, to be able to direct them towards more research and development and more creativity and innovation,” the Minister said.
The Small Business Minister said even if only five per cent of the youth look to become entrepreneurs or set up enterprises, it would be a step in the right direction for the country and its economy. With that in mind, he said while they have already identified a source for the money, they are at present examining the level of funding that would be required to execute the programme and are working to ensure they have the right structure in place to best target the intended groups.
However, Minister Inniss made it clear that the initiative will not be limited to academic institutions, as they recognise that there is untapped potential in the technical areas as well which can be de-veloped. He indicated that they have not had discussions with the Samuel Jackman Prescod Polytechnic as yet, but are eager to talk with the management there and at similar entities to encourage entrepreneurship and work with the young people to achieve it.
“A guy who studies to be a mechanic must have the dream of owning a modern-day mechanic workshop with the latest in technology available, and that is where we have to take this country. If a guy wants to be
a plumber, he must be able to run his business in a proper way – do the books, do the planning and invest in equipment and technology; not to just be a plumber, but to be the owner of a plumbing firm, for example,”
he stated.
Moreover, the Minister said the plans go even further, such that the intention is also to focus on a few niche areas where the entrepreneurs can make a mark not only
locally, but regionally as well. As such, he said they are prepared to facilitate trade missions within the region.
“…We are going to say we are going to hold your hand and we are going to take you down to the OECS… and you are going to really and truly carry that Barbados brand, as we expand the footprint of Barbadian entrepreneurship throughout the region. So that is the direction we are going in and certainly BIMAP will be there with us as a partner, providing the training in management-related areas to get us there,” he stated. (JRT)