MENTORSHIP and NETWORKS PILLAR SUSTAINABLE ECONOMIC DEVELOPMENT takes place One Successful ENTERPRISE after another Effective and Efficient ENTREPRENEURS drive successful ENTERPRISES MENTORSHIP of ENTREPRENEURS mitigates the risk of business failureNETWORKS among ENTREPRENEURS build new business relationships and generate business opportunities
BARBADOS YOUTH BUSINESS TRUST15 YEARS EXPERIENCEChangeInterestPartnersSlow developmentCURRENT – NEW WAVENew breed of producersDifferent types of mentoring/mentorsStrong benefits / established cultureVolunteerismSocial corporate responsibilityTrust /community developmentYoung entrepreneurs -75% - significant progress with business mentors
BARBADOS YOUTH BUSINESS TRUSTTHE FUTURE Bright, bright, brilliant High interest – all levels Recognize type of mentoring/benefits Knowledgeable individuals key stakeholdersTHINGS TO CONSIDER What do you want to achieve How to achieve it How do you know when you have achieved it Does it make sense, or do you just like the idea Is it feasible?
BABSON COLLEGE Building an Entrepreneurship EcosystemArthur M. Blank Center for Entrepreneurshipwww.babson.edu/eship
BABSON COLLEGE• Babson view – Identifying the opportunity, acquiring the resources and providing the leadership to create something of value • Economic and societal value • Variety of contexts
BABSON COLLEGEWhat is the state of Barbados Entrepreneurial Ecosystem now?
BABSON COLLEGEFocus on People, Programs, Partnerships Inspire Others to Take ActionInvest for the Long Term
IDEAS FROM DISCUSSION (1 of 4)• Establish links with other BEF Pillars in the interest of completeness• Enhance networking activity between enterprises for mutual benefit from the interactive dialogue• Develop Smart Partnerships between BEF/UWI/CHSB/BCC and Babson College to benefit for mutual benefit from state-of-the-art practices• Introduce the concept of virtual mentoring to allow greater access of enterprises• Develop a range of BEF goal related performance measures wider than financial – the triple bottom line (people, planet, profit) - to obtain a more realistic assessment of business sustainability• Continue the monthly BEF Fora to stimulate the networking experience• Invite business development officers at commercial banks to register as mentors to the mutual benefit of the entrepreneurs and the bank
IDEAS FROM DISCUSSION (2 of 4)• Monitor the failure rate of enterprises in the future to assess the effectiveness of the mentorship programme• Determine why failures take place so as to avoid making the same mistake again• Showcase success as a motivational strategy• The Mentorship database should include business function, sector and special needs specific mentors to meet the needs of the enterprise• The enterprise’s first contact with a mentor should be an individual who is registered as a mentor under the generalist category to protect the enterprise against any error in judgment in the selection of a mentor category• The generalist mentor should, after assessment of the specific needs of the enterprise, select other mentors in response to these needs.
IDEAS FROM DISCUSSION (3 of 3)• Establish online chat groups on E/MMMIS or on existing social media platforms to allow enterprises to share information• Pay special attention to the mentoring and networking needs of the creative industries to facilitate creative industry enterprises• Identify sources of market research information to facilitate the needs of enterprises• Ensure that access to the E/MMMIS is user friendly to facilitate the needs of enterprises• Consider the virtual teaching of basic business functions for the uninitiated
IDEAS FROM DISCUSSION (4 of 4)• Virtual mentors’ training programme to be established and should include perspectives of the future economy of Barbados• Education pillar should access E/MMMIS Mentorship pillar to identify mentors for the schools programmes• Mentors must be approved before they are allowed to register in the E/MMMIS
MENTORSHIP PILLAR MISSION (2012)To officially launch an automated online Information System which will register and match mentors and enterprises, monitor the performance of enterprises and report on the progress of the enterprises
Measures of Success (2012)• Automated BEF Enterprise/Mentor Matching & Monitoring online Information System (E/MMMIS) to be officially launched - 1 February 2012• Mentors trained in the use of E/MMMIS• Enterprises will be invited to register and be virtually trained in the use of E/MMMIS• BCCI, BIM Ventures, BSBA, BYBT, YES, BCSI, CICMC (Barbados) , Commercial Banks et al will be approached as sources for mentors• BCCI, BEF’s $20 Challenge, BIM Ventures, BREA, BSBA, BYBT, CAIPO, NCF, YES,BCSI et al as sources of enterprises in need of mentoring services• E/MMMIS will be enhanced to monitoring the performance of enterprises, who have entered into an enterprise/mentor agreement• 300 enterprises will be monitored after the information system is launched
Mentoring Pillar Team Resource AllocationTasks Time ResourceLaunch of E/MMMIS Feb 01 Mentoring Pillar TeamMentors and Enterprises registered and trained Ongoing Mentoring Pillar TeamvirtuallyMatching, initiated by the enterprise, takes Ongoing Mentoring Pillar TeamplaceMonitoring Quarterly Mentoring Pillar TeamVenture Capital (estimated at BB$500,000) Ongoing Finance Availability Pillar Teamneeded to invest in enterprises