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What’s the background?
Over the past three years we have been involved in a number of Sector Foresight Best Bets projects in T&T and other countries in the region. In T&T some of the Best Bets identified have been picked up by private sector entrepreneurs and are in the process of being developed into new businesses or extensions of existing businesses. But in St. Vincent and the Grenadines, something much bolder is happening.
What’s the basis?
- In February 2007 the government of SVG, in conjunction with the EU, launched its Private Sector Development Programme. At the launch a two day foresighting workshop was run. At this workshop smart public and private sector people came together and developed fifteen Best Bet business opportunities in six different sectors. The participants rated each one using a 1 - 5 star rating scale (5 = best). Ten were given 4 or 5 star ratings.
- A further OAS/CCST project identified another three best bets in three sectors for which full business investment opportunity cases were built. Finally, at an entrepreneurs’ workshop funded by OAS and CCST in SVG in October, a further four exciting foresight-based Best Bet business concepts were developed.
What happened next?
The government of SVG, through its business development agencies, has appointed an international consulting group to turn a total of twenty Sector Best Bet opportunities, primarily from the three described Sector Foresight Projects, into real businesses. The funding is being provided jointly by the EU through its private sector development funding programmes and the government of SVG which has allocated EC$ 10 million to support the commercialisation process.
How is it going to work?
The approach is multi-faceted. It includes:
- Working alongside existing entrepreneurs in SVG who already have a proven track record and can participate in the development of a number of these Best Bets.
- Taking a risk with a few new young entrepreneurs so that the younger generations are included in the economic transition process.
- Aligning public and private sector resources in the same direction so that real outcomes can be achieved.
- Doing all of this within a ten year vision - that is also evolving as part of the overall process - which aims to improve the economic and social status of the Vincy people.
What does this mean for T&T?
What’s happening in SVG is an example of the type of approach that has been used successfully in many small countries internationally to achieve real economic and social development progress. T&T could learn a great deal from what’s happening in SVG. It’s a way of making things happen by developing and using a national growth and innovation strategy. T&T does not have a comprehenisve one and this is limiting progress.
Useful links:CCST S&T Foresighting EU - Private Sector Development SVG
Key question: With oil and gas prices falling dramatically, should T&T focus on developing a national growth and innovation strategy to minimise such impacts in future?
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