All five enterprises have also been awarded spots in PitchIT Caribbean business accelerators across the region.

After two rigorous days of pitching to two different panels of judges and an audience of regional and global investors, SENSI (Grenada), Nestd (Trinidad and Tobago), Kraasimages (Jamaica), Isle&Dine (Barbados) and The LocaL App (Antigua & Barbuda) were chosen from 25 tech teams representing seven Caribbean territories.

PitchIt’s Chief Coach Sergiu Escobar, Managing Director of Canada’s Founders Institute, also presented three finalists, Kraasimages of Jamaica, nDuna and LoanFren from Trinidad and Tobago with US$300 worth of Budgeto Access, the institute’s online platform that helps entrepreneurs with budgeting.

LoanFren also received 6-12 months of individual coaching by Escobar and coach Damion Daley, a Jamaican software architect and Tamu Petra Browne (Trinidad and Tobago).

Deputy Prime Minister of St Kitts, Shawn Richards pledged the continued support of his government in promoting entrepreneurship in St Kitts as an effort to lower unemployment in the country. “A carpenter becomes a builder and grows a large building company,” he said, alluding to how acquired skills can help develop a nation.

St Kitts & Nevis has already invested $8 million through the Caribbean Development Bank in several different technical vocational education and training projects designed to enhance entrepreneurial skills beginning at the secondary school level.

A total of 25 tech entrepreneurs from nine countries across the Caribbean participated in the competition, which aims to highlight and support the growth of the region’s top talent in tech app development.

Finalists by country were: The LocaL App of Antigua &Barbuda, Isle&Dine, Podium & Pocket Shop of Barbados, Oruh, Tect, Lynck & CariFind of Dominica, SENSI of Grenada, Munchies of Guyana, Link Your Purpose, Kraasimages, My Lending Angel, App@round, OneShapp & ResearchAid+ of Jamaica, Pazport of St. Lucia, MyStudyLibrary of St Vincent & the Grenadines, GrocerY, WEV, Parlay T&T, Nestd, LoanFren Limited, nDuna & Trust PIN of Trinidad and Tobago.

PitchIT Caribbean is a program aimed at enhancing the mobile app development ecosystem across CARICOM.

It is designed to accelerate mobile app entrepreneurs through the startup life cycle, which runs from ideation to pitch, from pitch to market and from market to maturity.

It currently supports four hubs, one each in Barbados, Dominica, St Kitts and Nevis, and Trinidad and Tobago.

PitchIT Caribbean is the central operation of the Caribbean Mobile Innovation Project, which is part of the Entrepreneurship Program for Innovation in the Caribbean (EPIC), an initiative funded by the government of Canada and executed by infoDev/ World Bank Group, through a threeparty Caribbean consortium, led by UWI Consulting Inc., working along with Mona School of Business and Management, and Mona Business Support Services.

“When we came here, there were only six other houses,” said Rosalind. Rosalind is in her late 50s and her family moved to the Extension when she was only ten. It is the parlour boasting an array of snacks in front of her house that initially drew Business Day to her. We went out among our community to find out how these small and micro level enterprises were doing, particularly with the presence of their new neighbours. Rosalind is sitting outside with two young girls.

In the yard are seven to eight sandbags, a reminder that this area, with the Caroni River mere feet away, is prone to floods.

The community’s development has been rapid, particularly now with the presence of the outsiders. Rosalind spoke of the old days, when there were no lights, or water to be had and the road was little more than a dirt track.

“Back then, if there was a flood, you would be afraid to go outside, especially at night, because of the snakes and the caimans,” she said.

Her little shop was closed when we visited. She invited us inside her home just behind to show that she was still engaged in clean-up operations from the passage of the tropical storm last week.

“Yes, it is good that they are here,” she said when we ask about the larger businesses, “The place bright now.” She also doesn’t mind the occasional purchase she gets from employees, though her son in law, who arrives some minutes later said they were not as many we might think.

A little way down is a variety store. It is air-conditioned and sells foodstuff, toys and clothing.

The man behind the counter sold a bottled water to an employee of Massy Communications just opposite. He is hesitant at first as he explained that his wife and sister were the persons who really deal with the business and he’d prefer if we speak to them, but he said that the presence of the larger concerns has generally been good, as they brought employment to the area.

Alicia didn’t agree. Alicia is a seller of soaps and creams who passes through the area regularly. She tried to pitch us her line of products as we offered her a drop back across the highway where she was heading. On the way, we saw one small eatery and another parlour. There was a line in front of the eatery. They looked like office staff from the surrounding buildings.

But it doesn’t seem as though they are as generous with Alicia.

“They don’t do anything,” she said shaking her head, frowning.

When we returned, we spoke to another parlour owner, this time just opposite the Camacho Brothers wholesalers.

He told us he has been there for 14 years and is grateful for any business he gets. His location is a little out of the way off the main flow of traffic though, and he told us that people were more likely to go to somewhere that was closer. Ultimately, he was glad, because even if it wasn’t him, it was someone else within the community benefitting.

His words give an indication of the kind of spirit that seems to govern the small neighbourhood, where cooperation is evident and entrepreneurship is clearly encouraged. In the young and the old.

Rose is short for Rozeena. She has a gift shop and an adjoining roti shop on Chanka Trace.

Rose as she preferred to be called has been in business since her late teens. She is now 38 and has decidedly moved beyond the one small table she told us she started with.

“Yes, it is good that the other businesses are here you know,” she told us, “Because people walk down the street, they see the shop, they will stop and look and they will buy.” She thought however that the businesses could do more to help with problems such as flooding.

Meanwhile, there is the larger than life “Bossman” just a few houses down on the corner. Bossman rents out part of his building to a Chinese restaurant. His own grocery and general goods store sits next to it and his home, upstairs.

Those in the immediate vicinity of the interview as it is going on agree that he is something of a neighbourhood ‘live wire’.

“If I close here for a day, they would miss me,” he said.

Bossman is in favour of the larger businesses in the area, saying he has definitely benefitted from their presence.

As we leave, we turn down the corner. A group of young men outside another home, sell limes, $10 a bag.

Acticities include a magic and puppet show; face painting; local foods and delicacies, children’s yoga; petting zoo; arts and crafts and horses.

Horses Helping Humans provides hippotherapy (therapy with the aid of horses), which involves both horseback riding and physical interaction with the horses to stimulate the motor, sensory and cognitive skills of the patient.

Tickets on sale at MovieTowne’s Box Office.

The tea will be hosted by Yvonne Webber, wife of the Australian High Commissioner, at their residence in Moka, Maraval. The event which is support by bmobile, will feature a silent art auction of the works of renowned local artists Beverley Fitzwilliam-Harries, Donald “Jackie” Hinkson, Abigail Sabeeney, Peter Sheppard and Trevor Rostant.

Chairman Anthony Inglefield explained that The Shelter is a safe house for survivors of domestic violence from all over the country.

Referrals mainly come from 800-SAVE but some are referred from the embassies, social workers, police stations and the Children’s Authority, and has on occasion also housed human trafficking victims.

The Shelter caters for up to 26 people and offers communal living where the women are encouraged to support each other.

“We accept boys up to ten years. However, we do try as much as possible to keep families together. Among the current residents, we have abused and abandoned children,” Inglefield said. “The length of stay at The Shelter varies on a case-by-case basis. The counselling provided guides how we manage their care and by extension their stay.

“We’ve had women stay for days to as much as a year. Unfortunately too, so many of them are financially vulnerable, they do not have anywhere to go. What we don’t want to happen is they go back into the abusive situation they escaped from. Our aim is to provide the support they need to leave feeling empowered and in control of their lives.” The Shelter offers temporary housing, counselling, meals, clothing medical services, legal assistance, food cards and assistance with job placement.

The Shelter seeks to ensure children continue their education by providing support such as uniforms, school supplies and activities for the children. It is also developing programmes for job training, life skills and a network of support services for the residents after they leave The Shelter.

Graeme Suite, TSTT’s senior manager, brand, public relations and external affairs, said: “Bmobile is excited to support the work of organisations like The Shelter that work to eliminate abuse and promote equality especially among vulnerable persons in our society.

We need to be always willing to work towards eliminating abuse and reverse its effects on women and children.

It is necessary and important for the public to also partner in this special event to be a part of the community for change.” Speaking about her involvement in The Shelter, Webber said:, “I have been able to teach and work in local communities in a range of activities that empower women and therefore strengthen the community.

Domestic violence is something that I feel strongly about and we should do whatever we can to eradicate it from society and help survivors of domestic violence.

“I’m looking forward to making this an afternoon that people will remember, and also that they will remember why they are there and perhaps be motivated to find other ways in which they can contribute to places like The Shelter where survivors of domestic violence can be protected, sheltered and nurtured while they begin to put their lives back together.” Thanking bmobile and Webber for their “tremendous” support, Inglefield said: “The costs of running The Shelter are an ongoing challenge. There are a number of additional support programmes we want to put in place, so we are dependent on the kind support of the corporate community, the diplomatic corps and the public.” Inglefield said the protected and confidential nature of a safe house meant the number of people visiting The Shelter had to be limited.

For more info: Facebook: The Shelter – A Safe Haven for Victims of Domestic Violence, from the website trinidadshelter.com.

This will be followed by the Arima group’s meeting on July 8 at the Arima Town Hall, Sorzano Street, from 10am – 1pm.

The Tobago meeting at the Division of Health and Services Senior Activity Centre, 47 Rockley Vale Road, Scarborough, takes place from 4 to 6pm on July 11.

The San Fernando group will meet on July 29 at the RC Church Community Hall, Harris Promenade, from 2 – 4pm.

The monthly meetings are published at the end of each month. AzATT ’s new board is led by Ann Smith, president; Dr Lorraine Patience, secretary; and Joanne Shurland, treasurer.

This was disclosed yesterday by Finance Minister Colm Imbert in Parliament as he responded to a question by Pointe-a-Pierre MP David Lee about the cost of the assessment.

Imbert said the Ministry of Finance approached Fitch Ratings, which he says is the third of the three largest credit rating agencies, for a costing to conduct a private rating. He said the cost provided by the agency was “within the normal range of charges for services of this nature.” He said the decision to pursue this credit rating agency followed ratings by Standard and Poors (S&P) and Moody’s.

He said Moody’s downgraded this country to Ba1from Baa3 and assigned a stable outlook up from the negative outlook in 2016.

While S&P, who visited the country in April , lowered its long term sovereign credit ratings on TT and revised the country’s outlook to stable from negative in 2016. He said the country’s transfer convertibility assessment was also downgraded to A from AA- while the short term soverign rating was affirmed at A-2.

Imbert said the Ministry was of the view that the downgrade by Moody’s was unjustified given the country’s significant buffers. He said it was difficult to understand how this country could be deemed a moderate credit risk given particular characteristics.

“Firstly, net official reserves of US$9 billion or ten months import cover, a Heritage and Stabilisation Fund of US$5.64 billion, the equivalent of 25 per cent of GDP and deposits in sinking funds for the express purpose of repaying debt totalling $6.5 million. Given the ample buffers just highlighted the Government has the ability to repay the country’s external debt several times over. Given this discrepancy it was considered prudent for the Government to seek a third credit rating in an attempt to eliminate the discrepancy that currently exists,” he said.

Fitch Ratings is expected to visit the country for its first rating assignment in October this year.

Having complete freedom and open access to the potential rewards of running a company is an aspiration shared by a growing number of people across world.

For some, it’s a means of escaping the feeling of having someone standing over them, telling them what to do and how to do it, which can come with traditional employment. For others, it’s a means of adapting in the face of the changing economic conditions that threaten their finances.

With the most recent falls i commodity prices bringing a loss of export income, the challenging market conditions have contributed to higher levels of informal employment and lower salaries across many parts of the Caribbean and Latin America.

These unpredictable times call for a more flexible, responsive attitude to work and an entrepreneurial spirit in the face of adversity.

Unemployment or a fear of redundancy has been the catalysts for many people becoming self-employed. The World Bank reports that within the past four years, 19 per cent of new businesses in Latin America and the Caribbean were founded by someone under the age of 35. With the current market offering fewer opportunities to secure traditional forms of employment, an increasing number of young people are clearly following the trend towards self-employment.

The Caribbean does have a serious unemployment issue, especially with its levels youth unemployment. Not only is youth unemployment high relative to global levels, it is also significantly higher than adult unemployment. Data from the Caribbean Development Bank indicates that the average youth unemployment rate for countries in the region with available data was nearly 25% in 2013, compared with the adult rate of only 8%. Gender differences were also significant, with unemployment among female youth exceeding 30% as opposed to 20% for males.

Job creation can be problematic for many governments when economic conditions are less favourable. But there has been a rising trend in many countries to promote entrepreneurship and small business development to combat the lack of quality jobs available in the region’s larger or multi national businesses.

The rise in ‘going solo’ isn’t just being seen in this part of the world. The self-employed economy is also one of the great UK success stories of recent years. According to The Association of Independent Professionals and the Self-Employed (IPSE) it has grown by 25% since 2009 and provides an estimated ?30 billion a year in “added” value to UK GDP. The latest UK labour force figures from the Office for National Statistics show a record 4.63 million people are self-employed, which is equivalent to 1 in 7 in the total workforce.

Self-employment itself can be a double edged sword for those who embark on earning a living through this form of work. A steady income keeps a family well supported and many money problems at bay, whilst selfemployment income can fluctuate and bring money worries to the forefront.

Income variations make it more difficult to budget effectively and set aside appropriate amounts of money for savings. This means having the ability to see through the rough times and plan for the future is key.

This knowledge is called financial literacy, which allows an individual to make informed and effective decisions about their financial resources. Anyone in control of a small business will benefit from recruiting the services of a professional accountant who can best support them on how to get hold of sustainable finance, navigate through the government procurement process, and how to comply with regulations.

Regrettably, regulations and taxes are generally designed with the larger businesses in mind and then retro-fitted to the smaller ones. Every tax or regulation break and nuance later created to help small businesses only adds to the weight of regulation that small business owners have to understand and apply.

A good financial foundation is a must.

Any good accountant can be as flexible as a business needs them to be, and able to explain anything that is unclear to ensure the best decisions are made.

There are many attractions and great benefits from becoming self-employed, however the reality is uncertainty is the new norm. Anyone who makes the brave decision to go it alone will have to factor in turbulence as a very real possibility, and should develop strategies for a range of different economic, market and of course, personal, scenarios

Massive roadworks undertaken by the ministry of works over the past seven years have made it more accessible.

Charran, who has acquaintances who have invested in the area, said this is one of the primary attractors for businesses to the area.

“Aft er Port-of-Spain, San Juan is the first commercial centre,” he explained. “When you look at the development of Port-of-Spain, it is difficult to develop Port-of-Spain further east. Barataria, El Socorro extension, fi rst of all, give easy access off the highway. When you are coming from the docks in Port-of- Spain in the morning, you are driving against the traffic. If you are coming from Point Lisas, it is also easy to get access to that area from the highway.” This is why several large warehouses have called El Socorro home for the past several years, but it is not only larger concerns that thrive there.

“If you take a drive there now, you’ll see that there are restaurants, bars and smaller shops. For the entrepreneurial minded, if you wanted to open a roti shop or a breakfast shed in the morning, if you wanted to sell doubles, the hustle and bustle in the morning and the evening, could help you become an entrepreneur,” said Charran, who credited the development with bringing greater employment to the community.

But development has not come without its drawbacks.

Referring to a historic pattern of growth of several town centres on the East West Corridor, where a central business district has expanded radially into the surrounding communiti es, Charran said a similar pattern in the Croisee has increased traffic to the area to the point where it affects mobility and the ability to obtain parking.

“The San Juan Business Associati on has been calling for certain changes to be made and we have presented a plan to the Ministry of Works,” said Charran.

“These call for a few subtle changes with regard to traffic management. We think there are some minor fixes that could assist the area greatly.” Business in the El Socorro community is oft en hampered by a lack of water too, he said. This, despite repeated entreaties to the Water and Sewerage Authority (WASA). Charran said businesses have been relying on the truck borne water supply for an extended period of ti me and this has created hardships, particularly for companies with many workers.

Meanwhile, other water issues, this ti me in the form of flooding plague El Socorro.

Charran appealed to the regional corporation and the Works Ministry to complete the necessary drainage and engineering works A drain filled with water and garbage off Chotoo Road, El Socorro Extension. The area is plagued with flooding and drains need to be cleaned.

that would solve this issue.

The business association president additionally observed that the contracting economy was leading to a loss of sales for some members, while the unavailability of forex and increasing taxation posed challenges for others.

Charran was also dissatisfied with the current state of labour/employee relations in the country and said his members were affected by what they see as a trend of anti -employer judgements in the court.

“Getting people to work in a productive manner continues to be a problem,” he said. “Several of the judgements coming out of the industrial court reflect a bias toward the employee.” He expressed hopes that this government would re-visit the triparti te process, as well as to look into reform of labour laws and consult more widely with business chambers across the country for their views.

Residents in areas such as Woodbrook and St James have been dealing with encroachment by business for several decades now, with clashes between home and business owners garnering media attention. However, Charran said El Socorro residents have not expressed any complaints to him about the development of the area.

He said so far, the presence of business has been largely positive, including an appreciation of land value, although he speculated that this might become an issue with the re-institution of property tax.

“I think the only thing that is stopping further development is the price of the real estate, because the value of the land has appreciated over the last few years and this is acting as a barrier to entry,” said Charran.

He also said those who invested in property in the area are also unlikely to sell at this point because of the potential the area holds.

This scenario can be replicated any number of times, as we see and experience patterns where our work, experiences, qualifications and offerings are usually received with guarded embrace, whilst those being ‘imported’ sometimes to do the same task, with the same level and weight of qualification and experience earn more respect and remuneration. There are many contributing factors to the levels of self-denial we experience and sometimes participate in, factors including, race, gender, competence and nationality, among others.

Sometimes the experience is just the opposite, where we present ourselves in other territories and receive rousing positive feedback, whilst wondering why such experiences cannot be replicated ‘at home’.

I recently returned from a very successful journey in Antigua and Barbuda, where, in collaboration with partners, hosted another installation of a motivational series for women, titled Oxygen with Nicole. This event was supported by the Antigua Barbuda Festivals Commission, with the venue being sponsored by the Blue Waters Resort and Spa. The event also collaborated with the Miss Antigua Barbuda Pageant. The point is, all parties involved, saw the benefit of staging such an event.

They recognised the intrinsic benefit to all participants involved, as well as the value of developing the regional footprint, and went all out to ensure its success. This event [Oxygen with Nicole], was hosted before in Guyana with similar effort by the various government institutions.

The regional footprint continues to develop at such a pace, that others island nations have verbalized interest in hosting such an event on their doorsteps.

This topic will most certainly evoke emotionally charged responses, as I have received such a large number of similar experiences where local parties never really feel or believe they are valued in their own territory. These experiences do not stop at simply business, entrepreneurship or academia, as our lack of conscious development and support of our own, extends to the treatment of our cultural and natural resource pool. We are on the verge of squandering our heritage sources and pools, with little being done in terms of preserving these goldmines for future inheritance.

We see demonstrated almost daily, the destruction of our historic buildings, with their own stories and pasts, with little effort being placed into heritage protection and preservation. The lack of sensitivity extends to our heritage sites, parks, and other natural and man-made resources. Very soon, our children may not even be aware of the history of Carnival, the stories of Lopinot, the importance of Chaguaramas, or the disappearing fields of the Central Plains.

The issue of valuing who and what you are is built into the larger value discussion of whom and what we place value upon. If we place less value on our people, our resources, our environment, our past, present and future, then we shall always see more value placed on what is not intrinsic to us..

Perhaps we need to ask how serious a problem is natural disasters.

The evidence on the cost of natural disasters using the EM-DAT (EM-DAT database is compiled by the Centre for Research on the Epidemiology of Disasters) database over the period 1970 – 2013, shows that the Caribbean was affected by some 302 natural disasters. These caused 233,342 deaths, injured 310,672 and rendered 1,868,477 persons homeless. The estimated monetary value placed on the damage brought on by these disasters was US$41.81 billion. Natural disasters have deleterious effects on economic growth, worsen balance of payments (exports fall and imports rise), negatively affect the fiscal balance (taxes fall and expenditure rises) and last but certainly not least, result in an increase in public debt. In addition, when Caribbean countries are affected by disasters and aggregate demand falls, so does imports from Trinidad and Tobago.

It is also important to remember that a natural disaster might be experienced within a five-year period for many a Caribbean country, with some having disasters more frequently than others. Data suggests that a disaster can affect government revenues on average by more than five percent of annual budgeted revenues.

Heads of Government of the CARICOM asked for World Bank assistance in improving access to catastrophe risk insurance. The Caribbean Catastrophe Risk Insurance Facility (CCRIF) was established to provide its members with access to affordable and effective coverage against natural disasters. However, the sums available are neither wholly adequate to compensate for the destruction and devastation caused, nor are distributions timely in the throes of disaster. Although insured, many Caribbean countries are still forced to fund their emergency expenditures with substantial amounts of debt. The CCRIF is insufficient to address the challenge that natural disasters present to Caribbean countries.

It is against this backdrop that the Prime Minister may want to ask his Minister of Finance to look at establishing a Caribbean Stabilisation Fund and a Catastrophe Fund which will provide the respective budgetary support in the face of a collapse in earnings from the main export sector after a disaster, and funding for replacement of infrastructure damaged in environmental events.

These two facilities are also meant to prevent disasters from adding to national debt as countries should no longer have to borrow the resources required to rebuild infrastructure that may have been damaged or destroyed.

The small island states of the Caribbean do not have the capacity to absorb the financial impacts of natural disasters; this includes our country.

Caribbean countries have been highly vulnerable to natural disasters. A stabilisation fund, designed to serve as emergency financing to help them address the issue of volatile and unpredictable revenue losses that can arise from these disasters, could be of significant value. A regional fund would facilitate the pooling of resources and spreading of risks, as well as provide access to higher levels of financing. This regional fund could be viewed as a safety net for Caribbean countries, contributing to sustained buoyancy of the economies, given their vulnerability to natural disasters. This could prove beneficial to exporters from Trinidad and Tobago who could expect to see sustained exports even in in the face of natural disasters.

Another benefit of such a mechanism is that it could impact on the sovereign rating of individual Small Island Developing States (SIDS).

Without such a fund, the SIDS’ ability to repay debt after a natural disaster can be compromised, and its sovereign rating downgraded. A stabilisation fund would contribute to maintaining the stability of a country’s rating. A potentially stable rating would require less risk capital being set aside by potential investors.

The stabilisation fund would be best implemented in conjunction with an initiative of debt relief for the Caribbean. Whether the debt relief is immediate or phased, the ability of Caribbean countries to contribute to the stabilisation fund would be enhanced if there is increased fiscal space. In this regard, the Prime Minister needs to be urged to pursue his initiative with ECLAC to find a workable plan for debt relief for the Caribbean.

In addition, a Catastrophe Fund should also be considered to operate separately and apart from the CCRIF and will serve as a reserve pool managed similarly to the Stabilisation Fund, which would allow the contribution of each country to accumulate annually if no disaster were to occur. The Fund should have as its main objective the replacement of infrastructure and productive capacity that are destroyed or damaged by weather events, volcanic eruptions, earthquakes, or other disasters over which countries have no control.

Perhaps given the recent experience of Bret, and the good fortune of not more serious and extensive damage, it may prompt us to consider these ideas to put in place mechanisms to deal with far more devastating natural events.