Education system failing entrepreneurs says IOB boss

Local entrepreneurs are being set up for failure because the education system has nothing in place to support them,  Institute of Business Executive Director, Dr Rolph Balgobin told those attending  a seminar organised by the Venture Incentive Capital Programme (VICP). Noting that Trinidad and Tobago did not have a culture of entrepreneurial activity, Balgobin stressed that the education system needed to wake up if it wanted to turn things around. He lamented that the education system did not teach people how to find, take advantage of  opportunities and exploit them. The seminar was held at the Hilton Trinidad.

“Local entrepreneurs are set up for limited success because the education system ignores their reality,” he said. He suggested that students be allowed to intern at businesses and that educational institutions needed entrepreneurial involvement. In response to a question from business consultant Richard Joseph on providing a safety net for budding entrepreneurs, Balgobin said that Government should think about putting policies in place to lower the risk of failure. “Why work at a bank for $50 when you can earn $500 by going into some sort of entrepreneurial activity?” he asked.
Trade Minister Ken Valley noted that if TT wants to ignite its entrepreneurial spirit, “we must remove the irritants and frustrations faced by the budding entrepreneur.

Even so, he said qualifying small businesses in TT are yet to benefit from the tax-spared interest provision, adding that venture capital has not yet proven to be a feasible alternative. In this age of globalisation, he said emphasis must be on developing a cadre of home-grown entrepreneurs meeting international competitiveness. What seems to be needed, he said, is emphasis on creating a “success environment” for entrepreneurs. Inter America Development Bank (IDB) representative William Robinson reminded the audience that big global companies like Dell, Microsoft and FedEX started off on venture capital. Drawing on the experience of the USA, he said Government played an active role in financing programmes and technology development schemes.
He also observed that there was the existence of exit mechanisms for entrepreneurs which came in the form of IPOs.