Building Back Better - Strategic Approach, Initiatives & Solutions

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Wednesday, April 21, 2021

The Barbados Investment & Development Corporation (BIDC) is a solutions-oriented organisation with a range of services and support programmes designed to help businesses thrive at every phase of development.

Strategic Approach, Initiatives & Solutions

Covid-19 has proven to be a challenge for businesses and organisations worldwide. IT has also been a time of innovation and has resulted in the development and expansion of new businesses and novel approaches. The problems of Covid-19 have been a catalyst for new approaches, initiatives and solutions that can significantly advance the Corporation, business development, manufacturing and exports in Barbados.

  • BIDC’s Covid pivot, preparatory planning and remote work tactical plans ensured the continuation of critical service delivery and export facilitation through a combination of measures including export certification drop boxes, facilitation of electronic payment options, remote work resources, integrated digital media communications and information dissemination and newly devised work options for staff including remote work)
  • A BIDC Senior Leadership Team strategic planning session was held using design thinking approaches, customer empathy methodologies and creative problem solving to inspire solutions that could help the Corporation pivot and better serve its stakeholders
  • Create, a new product development initiative, was developed, funded and promoted to provide funding and other support for qualifying businesses to quickly create, develop and bring new products and services to market.
  • A public-sector planning design strategy tool was developed, tested and used to guide a series of inward-focused Innovate Barbados design thinking planning sessions. Sessions featured the creation of research-based user-centred stakeholder profiles and the identification of corresponding activities, designed to identify and meet needs, identify and leverage resources/powers, identify and appeal to user-aspirations and to identify habits and habitats to best meet stakeholders where they are. Activity specific objectives were identified for streamlining and inclusion in existing BIDC programmes and initiatives.
  • A BIDC Digitalization Committee has been established to progress a range of digital initiatives that can improve corporate efficiency and effectiveness.
  • Enhanced research efforts have been introduced to identify and explore new export territories and industry insights. Research has been presented to key stakeholders and further efforts are in progress to appropriately sell and publish findings.
  • Export promotion efforts have increased with the BIDC’s Bajans Connect integrated export marketing project. A lifestyle website and social media campaign that leverages nostalgia and culture to promote Barbadian export goods is live. A Bajans Connect system solution to increase the sale of export-ready goods is in progress.
  • Capacity building efforts by BIDC’s Business Development Officers is ongoing as the Corporation is working closer with stakeholders to uncover solutions.

The BIDC remains committed to supporting manufacturers, entrepreneurs and all Barbadian businesses that are determined to come out of this experience stronger and with even greater resilience and purpose. Our determination is not only to survive this disruption to our lives and businesses but it is our intent to build back better in all aspects of our lives.