The Barbados Investment and Development Corporation offers specialized programs for SMEs
The Barbados Investment and Development Corporation (BIDC) was founded with a mission be a catalyst for innovative and productive endeavors in Barbados. The BIDC offers a variety of specialized assistance programs to Barbadian entrepreneurs and SMEs. The goal of these programs is to provide solutions that enhance the capacity of businesses to respond to market opportunities.
The BIDC offers the following programs for Small Businesses:
- Innovation Support: Provides strictly confidential assistance for creative Barbadians involved in the development, intellectual property protection and commercialization of any new product ideas that they may entertain from time to time.
- Mentorship: Intended to help small businesses benefit from the knowledge and experience of well-established and leading businesspersons, professionals and educators willing to provide advice, guidance and other forms of support.
- Incubator: Intended for start-up and emerging businesses, its primary objective being to improve their chances of success. The maximum period of Incubation is three years.
- Special Technical Assistance: Enhances the international competitiveness of local manufacturing operations, service companies, craft producers and small businesses. Participating companies are audited and benchmarked: Auditing analyses a company to determine its strengths and weaknesses, while Benchmarking further analyses a company in key areas to determine requirements for making it more competitive.
- Advisory Services: BIDC offers confidential business counselling, planning promotional activities, assistance identifying sources of raw materials, securing technical assistance and training, up-to-date market information, periodic industry sector bulletins, networking opportunities, among other services.
- Technical Assistance: BIDC aids small businesses in the development of business plans and financial projections, sourcing of finance, market intelligence, acquiring available fiscal incentives, among other services.
- Outreach Programs: Offers targeted outreach programs for schools, community groups, business associations, cooperatives, and professional associations as well as the general small business sector on a whole. The programs range from seminars and workshops to exhibitions.