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

1. Business Facilitation Pillar
Summit Outcome & 2011 Action
Plan

2. Mission
Make it ‘easy to do business in Barbados’
in
order to be the #1 Entrepreneurial hub
in the world by 2020

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. 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. 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. 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. 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. 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. 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. WEF ranks Barbados #43 of 139 countries
in 2010 Global Competitiveness Index

11. Most problematic factors for doing
business - Barbados
Source: The Global Competitiveness Report 2010-2011, World Economic Forum

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. 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. Reconfirm Mission
Make it ‘easy to do business in Barbados’
in
order to be the #1 Entrepreneurial hub
in the world by 2020