Micro, small and medium-sized enterprises (MSMEs) continue to play a vital role in fostering job opportunities and driving economic expansion especially in the creative sphere.
Nonetheless, the Caribbean Industrial Research Institute (Cariri) believes these enterprises often operate without a comprehensive framework, which may hinder their ability to thrive and endure.
To surmount these obstacles and maintain a competitive edge amid growing global connectivity, Cariri wants MSMEs to cultivate resilient and sustainable business models.
In this vein and recognising a need to be filled, Cariri, in collaboration with the Compete Caribbean Partnership Facility (CCPF); a partnership between the InterAmerican Development Bank (IDB), Britain’s Foreign, Commonwealth and Development Office (FCDO), the Caribbean Development Bank (CDB) and the Government of Canada, has launched the “Enterprise Framework for Competitiveness, Resilience, and Sustainability for Creative MSMEs” project, as part of the economic growth initiative. The project will focus on small island countries and the business environment for entrepreneurship in the Caribbean.
The project aims to empower MSMEs in the creative industries today for the market demands of tomorrow.
Carina Cockburn, the IDB’s country representative in T&T, indicated that “intrinsically linked to the country’s cultural heritage, creative MSMEs are essential contributors to sustainable development.”
She noted the project seeks to provide focused support to strengthen T&T’s diverse, vibrant and unique creative micro, small and medium-sized enterprises (CMSMEs).
The project officially launched phase one with a gap analysis to identify areas of opportunity for growth and development. Successful applicants will receive specialised technical assistance to transform their business.
Cariri said it is looking for 50 “passionate, goal-driven entrepreneurs to challenge themselves to become more resilient, competitive and sustainable.
These sectors include music (recording/production/performance/composing/song writing) film (production/distribution); fashion (design/production); animation and gaming (design/production/distribution) and mas bands (design/production/distribution).
Thirty firms will also be chosen for firm-specific developmental interventions such as intellectual property, e-commerce, legal, regulatory, licensing and contract mentorship, information and communication technology (ICT) and energy reduction plans.
How the project helps creative sector
Cariri told Sunday Business the project is focussed on building resilience, sustainability and competitiveness for MSMEs operating in the creative sector.
To achieve these objectives, diagnostic assessments of eight core business factors including strategic planning, legal and financial compliance, information and communications technology and intellectual property readiness, environmental social and governance, operational excellence, brand management and business models will be conducted on enterprises operating in the creative sector.
Based on the findings of the diagnostics, participants will be provided with cluster broad-based training as well as specific capacity-building interventions.
In addition, design thinking workshops, ideation workshops, idea advisory services and intellectual property clinics will also be conducted to stimulate innovative approaches to developing existing and new enterprises in the creative sector.
There will also be a focus on developing the youth, women-led enterprises as well as enterprises from rural communities.
At the end of the project, participants would have strengthened their business models, increased their competence in intellectual property and information and communications technology, increased operational efficiency, improved financial management and incorporated stronger marketing strategies.
According to Cariri, this project will bring together subject matter experts, consultants and mentors for enterprises in the creative sector, emphasising that CMSMEs are essential in achieving the UN Sustainable Development Goals namely gender equality, decent work and economic growth, reduced inequalities, sustainable cities and communities and climate action.
The preparation of the next generation of CMSMEs is crucial to the achievement of the UN Sustainable Development Goals and national socioeconomic growth, Cariri added.
It further advised that CMSMEs must adopt effective business continuity strategies, fourth industrial revolution technologies, protect and leverage intellectual property, adopt environmentally friendly practices, and promote energy reduction utilisation to provide value to stakeholders.
“It is recognised that firms that contribute to the protection and sustainability of the environment by adopting practices that minimise climate change may become more competitive on the global stage,” said Cariri.
It recommended that to increase the contribution of this sector to GDP, CMSMEs must build resilience, productivity, and competitiveness.
Developing this sector will provide foreign exchange earnings, employment including youth and increase intellectual property activity thereby, building sustainable communities and the tourism sector.
Cariri further advised that local CMSMEs can no longer operate with a mindset of continuously delaying competency building as international firms compete for their market segments as it noted that the internet and social media have made it possible for local creatives to become visible to a global audience. The Institute noted while online shopping platforms have facilitated sales to international customers, many CMSMEs do not leverage e-commerce resulting in a lost opportunity.
In 2019, the Ministry of Finance indicated that the Creative Sector contributed 0.3 per cent of GDP. Due to the pandemic this figure decreased.
Those interested can complete the registration form using the link: https://forms.gle/8AWSDPV7SC5aZnNX6