GEM Report: TT ranks above TEA threshold

Following the presentation of the report by Dr Henry Bailey, a panel comprising Dr Balraj Kistow, Lecturer and Programme Director of the Master of Small and Medium Enterprise Management at the Arthur Lok Jack School of Business, Scofield Thomas, Manging Director of TECH Limited and Management Consultant Gerard Pemberton, spent time discussing the Report.

The report indicated that the global Total Early-Stage Entrepreneurial Activity (TEA) now stood at 13.1 per cent and Trinidad and Tobago still ranked above this threshold. According to Dr Bailey, “There has also been a shift in trends for TEA, from the 25-34 age group to 35-44 age group”, which conflicts with the global perception that youth are more disposed to starting a business.

Panellist Scofield Thomas, himself a successful young entrepreneur, said there was a need to keep young entrepreneurs in the country through “positive encouragement”. Also coming out of the discussion was a suggestion that closer links be established with academic institutions, technology agencies as well as with entrepreneurs in neighbouring CARICOM states which already have ties with Latin American countries.

Another panellist, emphasising the need for innovation said, “Innovation is a key to higher Total Factor Productivity (TFP), which is distinct from labour productivity. This is necessary for us to move toward a diversified economy.” He added that such a move required “radical policy shifts and new institutions.”

While he supported a recommendation in the Report dealing with the setting up of an “independent, advisory, non-regulatory body with a mandate to develop an eco-system that facilitates such a network, he believes “It should also facilitate investor/investee matches as well as Initial Public Offerings (IPOs).” The Report however strongly recommends that survey of precise needs and desired outcomes be carried out before any plans are formulated.

The GEM Report is an annual assessment of the entrepreneurial activity, aspirations and attitude of individuals across a wide range of countries. This annual research is conducted in Trinidad and Tobago by UWI-ALJGSB, which is the only partner institute with GEM for the Caribbean. It also produces the Reports for Guyana and Suriname.