Cummins: Transform small business

Business minister Senator Lisa Cummins has issued a rallying cry for a comprehensive transformation of small business, urging entrepreneurs to embrace innovation, foster collaboration, and adopt a forward-thinking mindset to remain competitive.

Speaking at the 2024 Small Business Association (SBA) Small Business Awards at the Savannah Hotel, she highlighted significant opportunities available in the emerging energy and bio-economy industries. 

“The future of small businesses in Barbados depends on their ability to evolve, scale, and work together,” said the minister of energy and business, underscoring the vital role of innovation in driving growth, particularly in emerging sectors like energy. She encouraged businesses to capitalise on new technologies and market trends, asserting that “innovation and capital are key to growing businesses, particularly in sectors like energy, which offer significant opportunities for first movers.”

The minister detailed how the government is actively fostering an enabling environment through legislation designed to encourage local participation. 

Referring to the new Energy Supply Bill – which passed in the House of Assembly on Monday – Cummins explained: “There’s an entire section—Section 13—that prioritises local participation. We expect partnerships with local businesses, the transfer of technology, and the development of joint ventures that will allow small businesses to consolidate capacity and grow.”

Senator Cummins highlighted the evolving bioenergy sector as a significant opportunity: “We have agreed with the Cabinet and the Senate to consolidate all the diverse elements of policy and commercial work to develop a new bioenergy economy.” 

She urged small business owners to be proactive.

“This is your chance to come in as first movers, to be the ones who innovate and lead in this space, building capacity and ensuring that Barbados not only grows but leads regionally,” she said.

The senator identified collaboration as another critical element for small businesses to scale and grow, calling for a change in the cultural mindset that often discourages partnerships. 

“We, as a people, don’t like to grow capacity by collaborating with others who look like us. That’s a fact, and we have to get past that mindset. We will only grow through collaboration,” Senator Cummins stated firmly.

Drawing on past successes, she cited examples from the solar industry where businesses partnered with larger enterprises to expand and build more sustainable companies. She encouraged entrepreneurs to explore collaboration within similar sectors.

Senator Cummins also promoted partnerships with foreign companies to facilitate technology and skills transfer. 

“The opportunities are there for you to take advantage of emerging sectors and create joint ventures that bring the expertise of international companies together with local businesses. This will allow you to scale and compete for projects in the energy and other nascent sectors,” she contended.

She also stressed the importance of evolving business practices to keep pace with modern advancements: “If you’re still thinking that the business you ran 10 or 20 years ago can be run the same way today in 2024, you are missing the mark.

“Everyone in this room remembers when mobile phones were as big as this speaker. Now, no one carries those phones anymore, and businesses must evolve in the same way—by embracing the future and the tools that come with it.”

The minister also highlighted new financing mechanisms, such as the forthcoming Junior Stock Exchange, which will enable businesses to raise capital through collaboration and scaling. 

Reaffirming the government’s commitment to supporting small businesses through policy reform, capacity-building, and strategic partnerships, Senator Cummins said: “There is no reason why little Barbados cannot be the global leader in companies promoting and supporting the energy transition in small island developing states. We have the potential and the mechanisms to succeed, and I look forward to seeing small businesses grow, scale, and take their rightful place on the world stage.” (RG)