Pillar Presentation - Business Facilitation

1,198 views

Published on

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

Published in: Business, Travel
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
1,198
On SlideShare
0
From Embeds
0
Number of Embeds
395
Actions
Shares
0
Downloads
13
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Pillar Presentation - Business Facilitation

  1. 1. Business Facilitation Pillar Summit Outcome & 2011 Action Plan
  2. 2. Mission Make it ‘easy to do business in Barbados’ in order to be the #1 Entrepreneurial hub in the world by 2020
  3. 3. 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%
  4. 4. 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
  5. 5. 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
  6. 6. 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
  7. 7. 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
  8. 8. 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
  9. 9. Benchmark / Indicators Singapore Top 3 Barbados Top 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?
  10. 10. WEF ranks Barbados #43 of 139 countries in 2010 Global Competitiveness Index
  11. 11. Most problematic factors for doing business - Barbados Source: The Global Competitiveness Report 2010-2011, World Economic Forum
  12. 12. Some key themes you raised 1. Access to mCommerce & eBanking 2. Delayer bureaucratic processes in public & private sector. Simplify. 3. ‘Productive democracy’ - replace anonymity in Social Partnership with accountability 4. Performance Management across the private & public sector 5. Quality & cost of professional advisory services
  13. 13. 2011 Action Plan – Executing the Plan Short term top 3 activities only What Why When Who Status Remarks Status audit of all actions items by Social Partnership Productive democracy Name 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 culture Reduce 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
  14. 14. Reconfirm Mission Make it ‘easy to do business in Barbados’ in order to be the #1 Entrepreneurial hub in the world by 2020

×