A recent workshop held in Saint Lucia is part of a seven-year program funded by the Government of Canada that seeks to build an environment that strengthens and enables entrepreneurship in the region.
Accelerate Caribbean, the regional entrepreneurship development program of infodev (The World Bank group) launched its second regional Business Incubation Management (BIM) Training and Entrepreneurial Development Workshop at Royal by Rex Resorts in Rodney Bay, Saint Lucia, on Wednesday.
Speaking at the opening ceremony, Saint Lucia’s Commerce Minister, Hon. Emma Hippolyte, described the Accelerate Caribbean Project as timely and necessary for the island’s emerging economy, especially the small business sector. She called for a significant "culture change" from competition-based entrepreneurship to collaboration-based entrepreneurship, so that small and medium enterprises (SMEs) on the island and the region can strengthen their capacity, access capital and business opportunities.
Noting that “the small business of today is the mega company of tomorrow” she identified the J.Q. Charles Group, Bay Gardens Resorts and the CIE Group of Companies as exemplifying this ideal.
Underscoring the importance of government support for the growth of the business sector, Minister Hippolyte said the time has come for us to move away from the myth of the “self-made entrepreneur.” She cited the need for policy and legislative reform and the nurturing of an entrepreneurial culture among our youth. She also called for the elimination of silos and the need to create greater synergies among public sector agencies in particular.
The Minister’s impassioned message resonated with the diverse regional audience of business enablers, government officials, representatives of business support organizations, and entrepreneurs.
The 3-day exercise brought together participants from Barbados, Belize, Jamaica, Dominica and host country Saint Lucia.
Steven Koltai, Lead Mentor for the Accelerate Caribbean Project, echoed the Minister’s sentiments.
He told the gathering: “There is no single thing you can do to spur entrepreneurship. All activities must be woven together to create programs that move the needle in bolstering the entrepreneurship ecosystem.”
Koltai went on to clarify that this often doesn’t mean more funding, but rather, deliberate planning and greater coordination to grow start-ups.
He noted that most entrepreneurs are self-funding and the traditional banking system is not designed, nor inclined to provide funding to start-ups.
Noting that entrepreneurship is not viewed favorably–especially in developing countries–Koltai said it is imperative that successful entrepreneurs tell their stories in order to inspire others to explore their own business ideas and pursue their dreams.
About Accelerate Caribbean: Accelerate Caribbean is designed by infoDev (The World Bank Group) as part of its Entrepreneurship Program for Innovation in the Caribbean (EPIC). EPIC is a seven-year program funded by the Government of Canada that seeks to build an enabling ecosystem to strengthen entrepreneurship and boost job creation across the region. Coming out of a needs assessment in 2014, it was found that the region was lacking a silicon-valley-type approach to entrepreneurs, where qualified small business could receive tailored nurturing to improve their competitiveness, and therefore stay in business.
The project is implemented by IMC Worldwide Ltd (IMC) in partnership with KoltaiCo, UWI Consulting, and the Barbados Coalition of Service Industries (BSCI).