"Entrepreneurship is widely regarded as an important driver of economic growth, productivity, innovation and employment, and it is viewed as a key aspect of economic dynamism by driving innovation and competitiveness. It is for these reasons that entrepreneurship will be beneficial to our country's economy." That was the reasoning of Finance Minister and former Central Bank Governor Winston Dookeran to guests and students who gathered at the chapel of the University of the Southern Caribbean (USC) on November 20, for a one-day seminar entitled The Role of Entrepreneurship in Economic Development. The seminar was co-ordinated by the University's School of Business. Dookeran, who was out of the country on Government business himself, was represented by Permanent Secretary Marlene Juman-Redhead of the Investments Division in the Ministry.
According to Dookeran, entrepreneurship is both timely and critical given the important role it plays in national economic development and as a source of potential growth in global economic recovery efforts. He said despite the recent global economic downturn, 69 per cent of entrepreneurs in T&T believed they had good opportunities for starting a business in the next six months, while only 12 per cent feared the risk of failure. "These realities are particularly encouraging for us, and the Government of T&T is committed to supporting local entrepreneurs with an enabling environment and adequate support," vowed Dookeran.
He added that the Government was also embarking on a number of initiatives that would serve as catalysts for budding entrepreneurs in T&T. These include the National Innovation Policy-a governing policy to create an enabling environment for innovation. Under this policy an innovation Fund of $10 million has also been established to allow individuals with pioneering business ideas the opportunity to build their concepts.
Secondly, the recently introduced National Integrated Business Incubator System, (IBIS) will assist local small and micro enterprises (SMEs) by providing the proper infrastructure for them to be sustainable and competitive. Thirdly, entrepreneurs can also benefit from the Government's increase in grant funding. Single projects can now receive $100,000 to $500,000 while joint venture projects can expect $200,000 to $1m from the Business Development Company. "Government's Fair Share Programme was also revised to provide an opportunity for MSE growth allowing ten per cent of Government contracts to be awarded to suitably qualified MSEs and it also encourages large private contractors to sub-contract to MSEs," said Dookeran. "The Government remains committed to playing its role of partnering with entrepreneurs to ensure that our local environment is investment friendly and conducive to doing business. "This country's stronger competitive advantage hinges on the issue of entrepreneurship," he added. "Government's role will be to create a favourable climate in which innovative ideas can be developed and commercialised. Your role would be to take full advantage of the opportunities provided to you to unleash your entrepreneurial potential."