ENTREPRENEURSHIP and MSE DEVELOPMENT IN TRINIDAD AND TOBAGO 2014 - PowerPoint PPT Presentation

ENTREPRENEURSHIP and MSE DEVELOPMENT IN TRINIDAD AND TOBAGO 2014 and Beyond

 OVERVIEW AND MANDATE OVERVIEW AND MANDATE ◦ Develop policy, coordinate its Develop policy, coordinate its implementation implementation and and perform an advisory role on behalf of the Minister perform an advisory role on behalf of the Minister  ROLE OF THE EDD ROLE OF THE EDD ◦ Develop and Develop and implement policies and implement policies and programmes to programmes to promote micro and promote micro and small small enterprise (MSE) growth enterprise (MSE) growth ◦ Mitigate adverse condition Mitigate adverse conditions for smaller businesses for smaller businesses ◦ Create a Create a more favourable more favourable environment for environment for entrepreneurship (and MSEs in particular) entrepreneurship (and MSEs in particular)

Goal : To create a facilitative environment for MSEs so that they can contribute significantly to economic diversification and wealth creation. Objectives: To accurately define the sector  To create and expand opportunities and reduce obstacles for MSE  entrepreneurship. To reduce the barriers between formal and informal sectors.  To apportion equitable treatment to MSEs as to that of medium and  large enterprises. To improve MSE access to finance and to business development  support. To improve the national and international market network for MSEs.  To encourage productive and innovative MSEs in the interest of  economic diversification and wealth creation.

Small Small Business Development and Entrepreneurship usiness Development and Entrepreneurship Institutional Strengthening Enhanced legislation A new and enhanced suite of tax incentives More in-depth small business training Expanded and customised funding facilities The establishment of new business clusters Acutalising the “fair share” programme

Po Policy Initiatives licy Initiatives Inclusion of Strengthening of state A new regime of fiscal entrepreneurship and institutions incentives, preferential tax innovation in school rates and concessions curriculum specifically to develop small enterprises Comprehensive targeted Small business windows in Grant funding, start-up training with loans all public and private capital and seed money financial institutions where required Creation of business Protection for local Active monitoring of clusters within communities manufacturers against contracts by government unfair competition from agencies to ensure that foreign manufacturers and smaller enterprises are imported goods included (FairShare Programme)

Programmes specific to the Ministry for supporting entrepreneurs and small  businesses: Nationa National Entrepreneurship Devel Entrepreneurship Development Compa pment Company Limited (NEDCO): ny Limited (NEDCO): ◦ MSE Lending and business advisory services.  Operating in all sectors except primary agriculture.  FairShar irShare P e Programme: ramme: ◦ Established in 2012  Set-aside programme giving MSEs access to government contracts up to $1 Million  Over 1,200 enterprises are certified.  242 officers from 74 Government Ministries and State Agencies (GMAs)  National I Na tional Integrat grated B ed Business siness Inc Incuba bator Sy Syste stem (IB (IBIS): ◦ Established in September 2011  A facility that supports existing and new small businesses  Provision of entrepreneurship training, mentorship, seed capital and business facilities  240 MSEs accepted  134 completed pre-incubator training  89 incubator clients (on site and off site)  64 revenue generating clients  91% credited IBIS for sales growth  Partnerships with two (2) commercial incubators (CARIRI CED and ALJGSB BizBooster) 

◦ Ente Enterprise Inv Investment nt Fund (EIF): Fund (EIF): Support for public-private partnership initiatives related to strengthening the eco-  system that supports micro and small enterprise development. Board established in 2015.  EIF is affected by limited funding  ◦ Nation National B al Baseline seline Survey: rvey: Partnership to have periodic surveys of the sector in general and specific areas  (e.g. NEDCO-CSO-ALJGSB baseline survey, on-going) Collaboration with MTI to provide $2 Million to CSO to assist with improving data  collection capacity through funding of technology based system

SITUATIONAL SITUATIONAL ANALYSIS ANALYSIS • Micro and small enterprises • Represent approx 90% of the total number of registered businesses in Trinidad and Tobago (CSO) • Employ up to 25% of the labour force. • Comprise of a large number of informal enterprises (approx twice the number of registered businesses) • Are often disadvantaged due to: • Size • Challenges accessing finance • Challenges accessing markets • Limited management skills • Entrepreneurship is essential to successful economic diversification. • Most new companies start small; therefore supporting small business growth is important for entrepreneurship development.

 Main players in MSE Development Main players in MSE Development a. Busines Business training training and deve and development lopment NEDCO-ETIIC, Business Development Unit (BDU - Tobago House of  Assembly) National Integrated Business Incubator System (IBIS)  Youth Business Trinidad and Tobago (YBTT)  Academia: University of the West Indies; University of Trinidad and Tobago;  Arthur Lok Jack Graduate School of Business; COSTAATT b. Financi Financing BDU, 8 commercial banks; 17 non-bank financial institutions; EXIM Bank  Credit unions (a large number of diverse institutions)  Venture Capital Incentive Programme (VCIP)  Development lending institutions: Agricultural Development Bank (ADB);  MicroFin; Development Finance Limited; NEDCO-ETIIC Grant funding: Ideas to Innovation (i2i, Ministry of Planning and  Development), REACH (Tobago), among others from the Ministry of Community Development, Ministry of Social Development, NIHERST

Marketing keting Ne Networks tworks c. c. • Eximbank • ExporTT d. Other Other d. Ratings Ratings agency gency Caribbean Information and Credit Rating Services Ltd (CariCRIS) • Rese Research ch and and Dev evelopm opment nt Research and Development Fund (ExporTT) • Caribbean Industrial Research Institute (CARIRI) • Academia, including UWI, COSTAATT and its Family Entrepreneurship • Research Centre (FEDRI) and USC.

Na Nati tion onal Integr Integrated Busine siness In Incu cubato tor To impr prov ove the pe perfor ormance nce of MSEs thr hrough suppor support of  System System (IBIS) (IBIS) community community base based enterpr nterprise ise development evelopment To To provide provide sup upport port to to the the potentially otentially high hig growt growth MSEs MSEs  providing providing innova nnovative tive prod produc ucts ts and and servic ervices Enterpr Enterprise se Investment Investment Fund Fund To To imp improve business usiness dev evelopm elopment nt by by providing oviding sup uppo port to to  priva ivate sector ector agencies ncies tha hat have an intere nterest in MSE SE develop development. ent. Quality Quality Mana anagement ement Enhancement nhancement (Q- Q- To To imp improve mana anagement ement and nd product oduct and nd service service quality uality  ME) ME) standards standa TTBS TTBS Certification in G Certification in Good ood  Management Prac Management Practic tices (GM s (GMP) Certific Certificatio ion in n in Pro Produc uct and Servic t and Service e  Stand Standards Certificati ification/Accredi n/Accreditation ation o of t the  serv service provid ice providers ers Green Enterpr Green Enterprise se Development Development To To develop develop environmenta environmentally lly sustaina sustainable MSEs ble MSEs  To est To establish blish a G a Green een Certification Certification syst system em  To establish suppor To establish support syst system em for creating green MSEs for creating green MSEs  To increase To increase oppor opportunities unities for green proc for green procurement urement 

FairSha FairShare Pro rogr gramme amme To To create create a forum orum for for showca howcasing ing MSEs SEs  GMA opportunities pportunities To increase To increase access access to to public public procurement procurement oppor pportunities unities   MSE Certificati tification To To improve improve the he capacity capacity of MSEs SEs   Training Training  Pre- e-Qualification Qualification  Market Market Access Access Progr Programme mme To raise the To raise the prof profile of MSEs an ile of MSEs and their d their prod produc ucts ts and servic and services es  Virt Virtua ual Mall all in the local in the local mark market et  Infor Information on ation on and access to and access to local and local and  internatio internationa nal tra l trade shows e shows To improve To improve the access the access of of the the MSEs goods and services to MSEs goods and services to  Info Informatio ion on n on interna internatio ional stan nal standards export markets export markets 