Importance of leadership stressed in initiative’s 10th cycle

The Barbados Entrepreneurship Foundation (BEF) $20 Challenge has entered its 10th cycle with officials stressing the importance of good leadership and partnership in order to build resilient businesses.

During the launching ceremony of the competition at the Sagicor Cave Hill School of Business and Management on Thursday, Andrea Burgess, Acting Deputy Chief Executive Officer of Export Barbados (BIDC), told participants it was important to develop good leadership qualities as they take on entrepreneurial activities.

“You are going to see that the characteristics of a leader are sometimes not what we think they are. It is not necessarily being the best in another person’s eyes, it is not necessarily being at the top all the time, but it is a holistic set of qualities that goes towards shaping your mindset and how you think about life, and the solutions that you design,” she said.

Pointing to the importance of design thinking and innovation as critical elements to transform businesses, Burgess said, “design thinking defines the process of redefinition, empathy, ideation, prototyping, testing and collaboration, with a focus on sustainability.”

She urged participants in the challenge to be motivated by the needs of their peers, families and the wider society, as they think about the products and services they want to offer.

“Be motivated by those real needs, so that empathetic nature guides you to the design solutions that make a difference and make a real world impact,” said Burgess.

Noting that the first attempt at business might not be a success for some, she urged them to be patient, persevere and form collaboration where possible.

Registration for the BEF $20 Challenge is being facilitated online this year and will close on October 31. Up to Thursday, 18 schools had signed up for the competition.

Businesses will be adjudged on logo and packaging, product and service quality, innovation and teamwork. The winning team will receive an injection of $100 prize money. A number of other prizes and awards are up for grabs. Final judging will take place in February.

Executive Chairman of the BEF Celeste Foster said she expected an exciting cycle of the $20 Challenge, noting that this year, it will consist of a pop-up market at Coconut Walk in Hastings.

In honour of a former colleague who worked with the BEF $20 Challenge, officials have also introduced the Sophia Lisk Award, which will go to the team that best exemplifies the “Spirit of the Challenge – tenacity, ability to resolve challenges, demonstrates teamwork and collaboration, exhibits a positive attitude and is enterprising.”

Manager at the Haggatt Hall Branch of Scotiabank Barbados Ryan Carrington said he was pleased with the commitment of the BEF to the development of young people on the island.

He said Scotiabank Barbados was committed to investing in programmes and working with organisations that help young people improve their economic resilience.

“For us, economic resilience means enabling individuals, households, communities and economies to adapt to a range of circumstances so people can get on, stay on or rise-up the economic ladder,” said Carrington.

“One of the biggest barriers to economic resilience is that young people who do not complete secondary education struggle for opportunities to enter and participate in the formal economy.

“Through our sponsorship of the $20 Challenge, we’re aiming to help our young people continue their education, helping to bolster their employment prospects, financial success, and life opportunities. Furthermore, the Challenge aims to encourage a spirit of entrepreneurship, removing barriers to jumpstart careers,” said Carrington.

(MM)