Pillar Presentation - Government Policy

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Presentation of the ideas generated from the discussions, the gaps, medium to long term plans, priority areas for 2011.

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Pillar Presentation - Government Policy

  1. 1. Government Policy Pillar Summit Outcome & 2011 Action Plan
  2. 2. Mission Set the conditions for a Business friendly Barbados in 2011 in order for Barbados to be the #1 Entrepreneurial Hub in the World by 2020
  3. 3. What does World Class look like? • Supportive Regulatory Environment - India - rapid change to make businesses creation easier • Low corruption with strong and enforceable laws- in USA • IP protection – in USA • Government Support to R&D – California, Defense Dept funding of internet research , rapid licensing for commercialization of ideas from universities • Government commitment to education – Israel R&D programme in science and technology • Access to capital – Public and Private partnership 50/50 in Israel
  4. 4. WHERE IS BARBADOS ON THE BENCHMARKS – INDICATORS (score out of 10) Benchmark / Indicators World Class Barbados Create supportive regulatory environment USA - 8 4 Culture in the Public Sector 2 Support to Innovation Israel - 8 3 Social Partnership ??
  5. 5. SITUATION in BARBADOS Create supportive regulatory environment Lack of clarity and inconsistent application of legalisation Slow turn around times from Government departments Slow legalisative changes Government monopolies Culture change in the Public Sector Lack of will to drive significant change Lack of facilitation of business issues Support to Innovation Too much process Social Partnership • Lack of meaningful collaboration •Reactive not proactive
  6. 6. National Policy for Entrepreneurship ‘Business friendly Barbados’ Key Themes:  Create supportive regulatory environment  Culture change in the Public Sector  Support to Innovation  Social Partnership  Facilitation of business (separate pillar)  Education – cultural change (separate pillar)
  7. 7. ‘Business friendly Barbados’  Create supportive regulatory environment  Improve and enforce IP, NDA and copyright laws - S  Business focussed immigration (skills and capital inflow priority) - S  Clarity, communication and enforcement of legalisation – S  Identify and measure progress by benching against global competitive index – S  Accessibility to non-sensitive Government information (FOI act) – S  Timely updating of legalisation to facilitate business (eg Tourism Development Act) – M  Flexible tax system to encourage risk and start ups – M  Removal of Government monopolies (eg CBC TV) - L
  8. 8. ‘Business friendly Barbados’  Cultural Change in Public Sector  Review systems and conditions in order to upgrade capability – S  Simplify processes to increase competiveness - M  Create a ‘customer’ focus - L  Increase accountability for Public Sector leaders to deliver - L
  9. 9. National Policy for Entrepreneurship – ‘Business friendly Barbados’  Support to Innovation  Services led not just product (science and technology) innovation - S  Coordinated implementation of ‘e-commerce’ policy - S  Clarity on how to rapidly achieve the ‘Green’ economy – S  Increase Government internal use of IT - M
  10. 10. National Policy for Entrepreneurship – ‘Business friendly Barbados’  Social Partnership (Public, Private and Labour)  Increase Social Partnership engagement (3 x champions per pillar) - S  More capital available and the capability to deliver it (Finance Pillar)  Factoring services for Government debt – S  Private sector help in drafting and preparing initiatives for government - S  Government pay businesses on 30 days - M
  11. 11. National Policy for Entrepreneurship – ‘Business friendly Barbados’  Facilitation of business (separate pillar)  Define micro business and bring into formal sector (Small Business Act)  Education – cultural change (separate pillar)
  12. 12. 2011 ACTION PLAN – EXECUTING THE PLAN What Why When Who Status Remarks/Actions/Measures

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