Mentorship and Networking

Pillar Summit Outcome & 2011

Action Plan

Mission“Establish mechanisms that generate a successful

cycle of mentorship in 2011 in order for Barbados to be the #1 Entrepreneurial Hub in the World by

2020”

Measures of Success Champions for each theme identified by 1st Dec 2010 Relationship with 3 media house established by Jan 2011 Establish monthly mentoring meetings within Entrepreneur community

What does World Class look like?

Internationally recognized and celebrated role models

Pay it forward mentality, mentees become mentors

Environment without fear Collaboration of Government, Private

Sector, Academia and other agencies Formal structure to enable quick and fair

response to requests for assistance (be it funding, advice, scholarships, internships, government licenses/permissions)

Where is Barbados on the Benchmarks / Indicators -(score out of 10)

Benchmark / Indicators World Class Barbados

Highly connected entrepreneurial community, purposeful networking

USA (San Diego) – 8

3

Active Investment opportunities, access to value driven investment partnerships

UK - 8 3

High levels of accountability, trust and credibility

Denmark - 9 2

Internationally renowned role models

USA - 7 2

• Highly connected entrepreneurial community, purposeful networking

Great examples of outstanding mentoring but not adequate (quantity)

Several organizations exists e.g BIDC, Invest Barbados, BYBT, YES, Bimventures and others but they are not connected .

No mechanism to connect entrepreneurs to potential mentors.

Low awareness levels of how to access business persons

No networking event or facility specifically for entrepreneurs

• Active Investment opportunities, access to value driven investment partnerships

Lack of hand holding Mechanisms exists such as CBET, Bimventure

shepherds Lack of awareness of existing mechanisms Fear of poaching of ideas

Situation in Barbados

High levels of accountability, trust and credibility Small market syndrome Low levels of trust among entrepreneurs towards

potential mentors Limited focus on entrepreneurship development of

young persons ( overcoming the fear factor, building self-confidence, improving business skills)

Internationally renowned role models Sir Kyffin Simpson, Sir C. O Williams, Bizzy Williams. Few internationally renowned role models No celebration of success stories (i.e. local role models)

Situation in Barbados...cont’d...

Mentorship and Networksfor Entrepreneurship

Key Themes:

Create supportive and interactive networking

Establish governing body representing relevant organizations

Cultivate enabling culture for entrepreneurship

Celebrating successful mentor – mentee partnerships

Looking beyond borders of Barbados

Create supportive and interactive networks

Monthly networking event (face-to-face)

Online forum/share point

Directory of resources (summit speakers, panelist, moderators, participants as starting point)

Establish an umbrella body representing various stakeholders Introduce entrepreneurs to suitable

mentors

Identify point of contact within stakeholder organizations

Introductory function to lenders, government bodies

Cultivate enabling culture for entrepreneurship

Educate Mentors on the key values of a mentor – mentee relationship

Influence people from early years on benefits of business mentorship

Develop business mentorship awareness initiatives

Celebrating successful mentor – mentee partnerships

Establish relationship with media

Create an avenue for people to tell their stories

Publicising examples of outstanding mentorship

Looking beyond borders of Barbados Identify international mentorship

opportunities

Seeking best practice examples from other economies

Utilise international speakers at monthly networking events to raise awareness of world class standards

Medium Term – Executing the Plan

Develop and implement entrepreneurship public awareness and involvement campaign (business mentorship as a key ingredient in growing sustainable entrepreneurship in Barbados).

Long Term – Executing the Plan

In collaboration with the social partnership establish the policy framework to create the enabling culture for entrepreneurship (Ministry of Education and Human Resource Development as the target ministry)

What Why When Who Status Remarks/Actions/Measures

Establish a monthly networking event and online forum/share point.

In order to share knowledge, experiences and create an open discourse on entrepreneurship

January 2011 TBC Volunteer leaders. Measure – number of people attending the event. Website traffic. Fully operational directory

Celebrate successful entrepreneurs & examples of mentorship

In order to raise awareness on mentorship opportunities.Build confidence in the entrepreneurs and encourage potential mentors and entrepreneurs to take the challenge .

Week 1, Dec, 2010

TBC Measure: Increased awareness of where and who to go for mentorships. Addition of personal storiesd to forum post designed to capture experience.

Invite the media leaders to an inception event

To share information on the importance of business mentoring in helping young entrepreneurs to start and grow businesses.

Dec 2010 TBC Establish a point of contact at media houses for young entrepreneurs.

Establish a structure to drive interest in mentorship

In order to have clear guidelines on developing world class mentorship program.

31 Dec 2010 TBC Complete structure is delivered to the E-Team and partner organizations.

Priority Areas 2011– Executing the Plan

Re-affirm Mission

“Establish mechanisms that generate a successful cycle of mentorship in 2011 in order for Barbados to

be the #1 Entrepreneurial Hub in the World by 2020”