The panel discussion entitled " Creating the framework for success of SMEs in Dominica" served to identify many challenges and opportunities for creating the desired framework for the success of SMEs in Dominica.
However, a much deeper analysis is required. Continuous dialogue and engagement is the only way of identifying the challenges and finding the solutions. Here is an invitation to continue the dialogue in your own time and space. While we await part2 of the discussions.
We learnt much from that which was imparted by panelists: Ambassador Charles Maynard, Dr. Valda Henry, Mrs. Mathilda John-Rose, Messrs: Atherton Martin, Colin Bully, Melbour Phillip and moderator, Felix Wilson. Much was also learnt from the interchange between panelists, moderator and members of the audience.
Let us continue the search for answers. Post your comments and links to resource on this blog.
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"Creating the framework for the success of SMEs in Dominica".
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First, I want to clarify that whereas I represented the development organisation that I work with at the Panel Discussion, this comment and all my comments on this blog will be from the perspective of my personal opinion and observations.
In my mind, there are many issues that need to be delved into, as we are a young and growing economy. We need to use best practices from elswhere and also to be part of developing an appropriate model. We also need to think deeply into issues and not get caught using empty verbage, terms and terminology without considering practicality. Hence, I pose the following for further discussion:
1) Development Banking & Commercial Banking approaches required in this era in the Dominica context. That the Development Bank (AID Bank in this case) needs to stand behind its repeated statement that financed projects now become ours and not YOURS. Therefore it should no longer be that "YOU" need to get advice in xyz areas, and YOU need to get expertise in xyz areas, but that WE are in this together - the weaknesses are in xyz areas for several of OUR projects, so lets provide cluster or direct training in these areas.... therefore, as Mr. Bully made the point, "collateral" assistance. In the case of the Commercial Banks, what are the new instruments that can we need to consider? New types of collateral (eg. intellectual property)? New Modus Operandi - more risk taking?
2) What is Ëntrepreneurship" based on?" Does one just wake up and become an ëntrepreneur? Selling what? Doesn't an entrepreneur need to have some saleable skill?? Shouldn't we be concentrating on developing TRADES and SKILLS as well as business acumen in our students and youth, which will all come together to create successful ENTREPRENEURS?
3) The last point that I make refers to locally produced creative products (music / film for example) that are sent overseas to be placed on low-value carriers (CDs/DVDs for example) in bulk for use in promotions and sale. When these low value imported CARRIERS with high value LOCAL CULTURAL CONTENT arrive at the local port, customs duties and other charges are levied on the FULL VALUE - ie. the combined value of the imported portion (the CD/DVD) and the LOCAL portion (the creative product). As a result, these primarily LOCAL products are far more expensive on the market than they should be. This is a barrier to the Creative Industries, that needs to be examined objectively if we plan to develop this sector.
Please be reminded that these are my personal thoughts and opinions.
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