The BizBooster Model
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The BizBooster incubator is now seen as a model for virtual incubation in the Caribbean. BizBooster's manager, a Babson MBA grad took the helm in Sept 2012 and oversaw the recruitment of three cohorts.
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The BizBooster Model
- 1. The BizBooster Model By Candace Brathwaite
- 2. The Original Proposed Structure Ian Ivey 2012
- 3. The right Eco-System is vital Mentors Trainers Business Developers Angel Investors Networks Institutional Partners Key Supporters Specialists & Academics Ian Ivey 2012
- 4. Sustainable Energy Incubator Ecosystem • An Entrepreneurial Ecosystem - can be defined as a set of interconnected entrepreneurial actors, organisations, institutions and processes which are interdependent and connect, mediate and govern the local entrepreneurial environment’s performance1. • The Sustainable Energy Incubator Ecosystem will be the first Entrepreneurial Ecosystem focused on clean energy development in Trinidad and Tobago and the wider Caribbean region. • It will involve a number of local and international actors to contribute to its success.
- 6. PERSONAL PERSONAL SOCIOLOGICAL PERSONAL ORGANIZATIONAL Achievement Locus of Control Risk Taking Personal Values Education Experience INNOVATION TRIGGERING EVENT IMPLEMENTATION GROWTH ENVIRONMENTENVIRONMENTENVIRONMENT Opportunities Role Models Creativity Competition Resources Incubator Government policy Competitors Customers Suppliers Investors Bankers Lawyers Resources Government policy Risk Taking Job Dissatisfaction Job Loss Education Age Commitment Networks Teams Parents Family Role Models Entrepreneur Leader Manager Commitment Vision Team Strategy Structure Culture Products Moore-Bygrave Model of the entrepreneurial process Ambiguity Tolerance Based on Carol Moore's Model (Moore 1986) Opportunity recognition Gender Resources Economy Advisors Economy
- 9. Critical Success Factors of Incubation 1. Use of Technology: Skype, WhatsApp, Linkedin 2. Benchmarks: Uganda, 3. Networks: NBIA, CBIA, Incubator Council 4. Access to Capital for Incubator and Entrepreneurs 5. Critical Mass of Cutting Edge Research to be Transferred 6. University and Business School Support of Initiatives: Dept. of Engineering, Dept. of Agri. Econ, Office of Research - IP Policy 7. Entrepreneurial Culture
- 10. Business Incubator Staffing • Incubator Manager • Liaison Officer • Project Officer • Business Development Officer • Research Officer • Intern Supervisor • Interns
Editor's Notes
- 1-The Organisation for Economic Co-operation and Development (OECD) 2014. N.B. entrepreneurial actors (both potential and existing), organisations (e.g. firms, venture capitalists, business angels, banks), institutions (universities, public sector agencies, financial bodies) , entrepreneurial processes (e.g. the business birth rate, numbers of high growth firms, levels of ‘blockbuster entrepreneurship’, number of serial entrepreneurs, degree of sell-out mentality within firms and levels of entrepreneurial ambition) Additional Notes:- An Entrepreneurial Ecosystem like in MIT consists of multiple education, research, and social network institutions and phenomena centred on the educational institute’s history and culture which vitally contributes to a growing entrepreneurial output-Roberts & Eesely 2011
- RE-Renewable Energy EE-Energy Efficiency R&D-Research & Development In Diagram - Policy-Government has already established some incentives such as:- Solar • 25% Tax Credit on Solar Water Heaters (SWH) • 0%VAT on SWH& Solar PV Systems • 150%Wear & Tear Allowance for SWH;SWH Plant ,Machinery and Equipment, and Solar PV Systems Wind • 0% VAT on Wind Turbines . • 150% Wear & Tear Allowance for Wind Turbines and supporting equipment. Energy efficiency • 150% Allowance for the design and installation of energy saving systems by an Energy Service Company(ESCO) • ESCO can write off value of assets in two years: - a)75%Depreciation on plant, machinery and equipment acquisition; b)25% Wear& Tear allowance in following year However, the government needs to implement other regulatory/legislative mechanisms such as: •Open Access •Feed-in-Tariff •Net metering •Minimum Standards •RE Legislation In Diagram-Support-Support Professions e.g. Energy Dynamics Limited, Solar Dynamics, Solaris Energy, SMART Energy, etc Non-government institutions – APETT, Trinidad & Tobago Green Building Council, Sustain T&T