Entrepreneurship Catalyst - PowerPoint Presentation

Slide1

Entrepreneurship Catalyst

Initiative to promote entrepreneurship in Barbados & the CaribbeanSlide2

Agenda

Importance of Entrepreneurship

Building an Ecosystem

Filling in the Gaps

How?

Venture Accelerator Models

Incubator Models

Benefits to BarbadosSlide3

Power of Entrepreneurship

A clear correlation is evident between economies with high levels of entrepreneurship and economic strength and growth worldwide

Research has shown that fast growing firms are responsible for 10% of job creation

Entrepreneurship is a catalyst for innovation, competitiveness and economic growth and provides significant economic and social wealth

New technologies

JobsInnovative productsEconomic wealth

2013 Global Entrepreneurship Monitor reportSlide4

Building an Entrepreneurial ecosystem

S

everal important elements are needed to develop an ecosystem that fosters high-impact new venture creation and growth

Below are key components required to foster an entrepreneurial ecosystem

Accessible Markets

Barbados has a fairly robust consumer segment and is also uniquely placed within a 1 hour flight to Latin America, 3 hours to the United States and 7hrs to Europe -- 3 high-potential marketsHuman Capital/WorkforceFree primary through tertiary education system has equipped Barbados with a highly skilled and qualified workforce

Funding & Finance

Outside of bank loans and limited grants, funding for new ventures are family and self-financed

Mentoring & Advice

There is a wealth of knowledge available from successful business leaders and entrepreneurs (Charles Williams, Mark Maloney, David

Lavine

), however it is not being leveraged.

Entrepreneurial Education/Training

While the quality of education is high, it has focused on traditional topics in business and law.Slide5

Fill in the Gaps

Social, Cultural, Political, Context

Entrepreneurial Framework Conditions

Entrepreneurial Capacity & Preferences

Entrepreneurial Opportunities

Business Dynamics

National Economic Growth

The

goal

of this project is to

build

a program to foster an innovation

driven

economy through entrepreneurship in Barbados and the wider Caribbean

The program seeks to influence the social, cultural and political context and improve the entrepreneurial capacity to create an ecosystem conducive to producing highly innovative and scalable businesses

Model for Entrepreneurial Processes Affecting National Economic Growth

Source: Reynolds, Hay & Camp (1999)Slide6

How?

The emphasis is to use a two-pronged approach and address entrepreneurial training with an education focused accelerator program

New start-up

Existing businesses

Incubator

Mentorship & AdviceFundingProvide seed funding for start-upsPrepare businesses to seek and receive fundingIdentify and cultivate potential angel investors in the region

1

2

3

4

Entrepreneurs seek to build companies

Grow companies to significant scale

Entrepreneurs stay in Barbados

Successful Entrepreneurs support next generation

ModelSlide7

Venture accelerator models

New start-up accelerator

is

f

ocused on attracting high-impact entrepreneurs from across the Caribbean with revenues between $0 - $100,000USDThe 4 month long program will be heavily focused on providing the tools entrepreneurs will require to launch and grow a highly scalable and sustainable businessFormal courses & workshops

Professional mentorship

Web development & design services

Legal services (Registering, Incorporating, Copyright)

Accounting services

Demo Days

The

Small Business Accelerator

is aimed at helping stagnant companies with revenues above $100,000 accelerate their growth.

Several key hurdles inhibit growth, owners not wanting to grow (lifestyle businesses), failure to innovate, lack of support among others

The small business program will provide the same tools but tailored to the needs of growing existing businessesSlide8

Incubator model

The incubator seeks to attract promising entrepreneurs and businesses from across the Caribbean to a hub where they can get the support needed, network and learn from each other

6-12 month

i

ncubation periods will be available

The model is grounded on the idea that traditionally graduates remain the local community and provide jobs and support

The

w

ide array of companies and industries coming to Barbados will diversify

the local

economy

The incubator will provide cutting-edge technologies at below market rates and resources

Office space & furniture

High-speed internetTelephony servicesColor Printers & Copiers

Business WorkshopsSlide9

Benefits to Barbados

Barbados Entrepreneurship Foundation has mandated for Barbados to become the #1 Entrepreneurial hub in the world, there are significant benefits to be had from Entrepreneurship

Entrepreneurship creates

and retains wealth

The wealth created by entrepreneurs stays in the community through reinvestment

in employees and business infrastructure

Job creation

Startups and scale-ups create jobs

faster than

traditional

firms.

On average, scale-ups

contributed to 32

% of newly created jobs over the past 3 years in developing economies Retains, Attracts Talent and KnowledgeKeeping talented and innovative minds in the society builds stronger civic leadership, better students, more productive workers, and enterprise creators

New ideas & solutionsNovel products and more efficient processes benefit local citizensDiversified Economy & Increased Foreign InvestmentBarbados has seen recent significant declines in FDI, this program seeks to attract funding while decreasing the dependence on global

economic pendulum swings especially affecting the tourism industryIntangible benefitsCitizens of Barbados would have a greater sense of security, optimism

and community prideSlide10

Thank you

Kofi Callender

kcallender1

@Babson.edu

246-244-7055