| By Lance HindsGuyana has,China NFL Jerseys, and continues to suffer acutely for the migration of university graduates and professionals seeking greener (if not just green) pastures in more enabling environments. This state of affairs severely affects the ability of the Private Sector to become a fully effective, competitive force with the ability to challenge for business opportunities in the region and further afield.Lance HindsIt is understood that migration is a natural phenomenon and not particular to Guyana. There is a critical need, however, for all stakeholders to begin to develop a series of initiatives that will build an enabling, progressive environment that convinces our citizens to remain and provide significant inputs into the local economy.It is estimated that the size of the economy at the end of 2014 was just under US$3 billion. It is clear that it is either not large or diversified enough to provide the employment, growth and the across-the-board revenue generation needed at this time.Guyana, like many of its fellow CARICOM countries, has become increasingly uncompetitive in global markets, on account of the low-value-added in their main exports whether it be raw materials or food commodities. Along with this, our economies have become even more dependent on imports,Soccer Jerseys Cheap, resulting in an unfavourable balance of payments and additional pressure on the availability of foreign exchange.The issue of the size of economy is sometimes a bone of contention in some business circles…with the main discussion surrounding whether it should have been larger given the natural resources that we have. Guyana’s economy is the fifth largest in the Caribbean, behind Trinidad and Tobago, Jamaica, Suriname and Barbados. Note that the last two countries are smaller than we are not only in terms of size, but also population. There is a legitimate conclusion that after almost 50 years of independence, the economy, for a variety of reasons I suspect known to all,Wholesale China Jerseys, has underperformed.Back, however, to the matter at hand. If we are going to work on expanding and/or diversifying the economy, entrepreneurship and innovation must be fostered and supported by all the country’s stakeholders and policymakers. These two pillars are the keys to our transformation and ultimate economic success. Traditional ways of production and services, such as importing machinery and equipment or foreign investment, are simply not enough to confront the challenges of inclusive economic development.The culture of innovation must be developed and nurtured. We must encourage high school and university graduates to tap into their creativity and channel it into creating new, exciting business. I have found that there are a lot of young people with great ideas who are unable to convert them into sustainable income-generating operations. A way must be found to harness these ideas and support the impetus of moving them from thought to finish.At the policy level, there is a need for the creation of a national innovation system that will focus on the creation and expansion of innovative businesses. Innovation policy must coordinate the implementation of policies that complement the strengthening of institutions and new programmes focused on the promotion of business innovation and innovative entrepreneurship. Greater emphasis must be placed on innovation in the services, intellectual property, creative and ICT sectors, as well as exploiting the possibilities in traditional sectors like tourism and agriculture.This, of course, is not the responsibility of the government alone. Business support organisations (BSOs) must realize that critical to their long term sustainability, and even existence, is the creation of new businesses, to continue the advocacy and lead the way to sustainable economic growth and long term prosperity. These organizations must be open to directly and aggressively supporting the growth of new businesses, and most especially those by the youth in our society.The Georgetown Chamber of Commerce and Industry (GCCI), for example,Cheap Jerseys USA, has been working with local, regional and international partners over the past four years to develop a series of interventions to help encourage the further development of entrepreneurship and innovation. There has been a particular focus on youth entrepreneurship, since research has shown alarmingly that there is low income generation in this sector and that unemployment levels are near 40 per cent.It is clear that the current business and productive sectors cannot significantly reduce unemployment levels in the short term. The Chamber is currently working on a medium to long term plan to develop a business incubator to support the further development of ideas and concepts being conceived by young innovators.The latest effort in this regard is a collaboration between the GGCI and Scotiabank on a new initiative called LivePitch. The concept is based on two television shows called SharkTank and Dragon’s Den,Wholesale Jerseys Free Shipping, in the United States and Canada respectively. In these two shows, participants present their ideas and services to group of investors (The ‘Sharks’ and ‘Dragons’) who after listening to the presentations, ask questions about viability and related areas, and decide whether they are going to invest or not.LivePitch is a modified version of these two programmes. In this instance it will be the culmination of the ongoing Scotiabank business plan competition, where the finalists will be required to present (or “pitch”) their ideas/concepts on television before a group of experienced professionals and a live studio audience. The contestants will be required to present a comprehensive overview of their business concepts and also convince the evaluators based on their understanding of the target market, their production,Cheap Wholesale Jerseys, sales and distribution models, and their vision of the company in terms of revenue projections and sustainability. The winner of LivePitch will be awarded $500,000 by Scotiabank to develop the product that was evaluated.It is going to be a rigorous evaluation process and participants have the responsibility to ensure that they are extremely well prepared. This is not just for the sake of being difficult, but to help the participant prepare for future engagements with potential investors as a method of gaining financial support.It is these kinds of initiatives that should be observed and duplicated in the interest of fostering and supporting the growth of entrepreneurship and innovation that is necessary for the long term expansion, growth and prosperity of the Private Sector and the economy as a whole.Lance Hinds is the President of the Georgetown Chamber of Commerce and Industry. He is also the Chief Executive of the BrainStreet Group, an Information Technology and Content Development Company. |
