Business Facilitation Pillar

Summit Outcome & 2011 Action Plan

Mission

Make it ‘easy to do business in Barbados’ in

order to be the #1 Entrepreneurial hub in the world by 2020

2011 Measures of success

Accurate calculation of GDP generated by small business established since 2008

100 new business start ups in 2011 Launch a Fast track (fasttrack.co.uk)

to measure entrepreneurial activity 12 month ‘start up’ Survival rate of

70% Reduce ‘start up’ time by 20%

Barbados 2020....Landing on the moon

Everything works first time, every time

Wi-Fi Island Total, simple e-government HBR Case Study written on the

Barbadian entrepreneurial spirit

Situation: What does World class look like for a great place to do business?

Competitive Economic environment GDP per capita >$35,000 Driven by Innovation Higher efficiency in the production of

goods & services

Situation: Barbados Performance +/ve First-class institutions Strong infrastructure Excellent primary and effective higher

education-/ve GDP per capita $13,000 Very poor macroeconomic fundamentals Small market size goes hand in hand with

a relatively inefficient goods market

Situation: Barbados in context

Past Sugar – the basis for development in education and

self government Global center for trade in shipping British influence & impact of slavery on the Bajan

psyche

Impact on ‘doing business’ Unique culture - History of punching above our weight Conservative – Risk averse mindset Vendors – Small scale of business & market Fear of growing too big – inward looking

Situation: Barbados in context

Contemporary Successes Real Estate investment - Port St. Charles Global talent in Entertainment & Sport

Hurdles to creating an Entrepreneurial mindset

No culture of Performance Management & objective setting in business practice

Fear of Accountability & lack of measurement Fear of failure = -/ve attitude towards

entrepreneurship

Benchmark / Indicators SingaporeTop 3

BarbadosTop 50

Institutions 6.1 4.4

Infrastructure 6.2 4.4

Macroeconomic Investment 5.1 5.2

Health & Primary education 6.7 5.4

Higher education & training 5.8 4.3

Goods market efficiency 5.7 6.5

Labor market efficiency 5.9 5.0

Financial market development 5.8 4.3

Technological readiness 5.3 4.6

Market size 4.5 1.9

Business sophistication 5.1 4.1

Innovation 5.0 3.3

Source: The Global Competitiveness Report 2010-2011, World Economic Forum

Where is Barbados on the Benchmark?

WEF ranks Barbados #43 of 139 countries in 2010 Global Competitiveness Index

Most problematic factors for doing business - Barbados

Source: The Global Competitiveness Report 2010-2011, World Economic Forum

Some key themes you raised1. Access to mCommerce & eBanking2. Delayer bureaucratic processes in public &

private sector. Simplify.3. ‘Productive democracy’ - replace anonymity

in Social Partnership with accountability4. Performance Management across the

private & public sector5. Quality & cost of professional advisory

services

2011 Action Plan – Executing the PlanShort term top 3 activities only

What Why When Who Status Remarks

Status audit of all actions items by Social Partnership

Productive democracyName accountability

June 2011

Open • Needs cooperation of social partners

• Publish memo of commitments from private sector to public sector & vice versa in Nation.

• Use blogs, internet to stream coverage of SP meetings, outcomes, to much broader section of population.

Lobby professions to provide greater accountability and improve service levels

Service led performance cultureReduce the cost to serve

Oct 2011 Open All professions to produce annual customer charters and explain how they have improved competitiveness over past 12 months

Remove frictions from e-commerce

Ease of doing business, especially for small business/entrepreneurs

Oct 2011 Open BBA, SBA and Central bank to review and remove impediments to facilitating ecommerce

Reconfirm Mission

Make it ‘easy to do business in Barbados’ in

order to be the #1 Entrepreneurial hub in the world by 2020