Entrepreneurs Told To Be More Innovative

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Minister of Economic Affairs, Dr. David Estwick??

Minister of Economic Affairs, Dr. David Estwick, has spelt out the ingredients that are required for the entrepreneurial sector to introduce an element of ingenuity into their operations.

He made this disclosure today, emphasising that it was no longer "business as usual." ??Dr. Estwick was speaking at the Barbados Investment and Development Corporation’s Symposium, under the theme: Entrepreneurship, Innovation and Renewable Energy.?? It was held at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael.

In a wide-ranging address to the audience, Dr. Estwick highlighted the importance of innovation as a critical element of economic growth. "Innovations improve the quality of life in Barbados by increasing the range of choices available to Barbadian consumers.?? They enrich people’s lives in numerous ways through enhanced communications, new forms of entertainment and improvements in the delivery of health care.?? Thus, innovation and entrepreneurship are complementary qualities which would lead to long-term success," he pointed out.

Dr. Estwick acknowledged that the on-going global economic crisis had a dire impact on local businesses and the Minister pledged government’s continued assistance to the sector.

"Government sees the importance of entrepreneurship in bringing the economy out of this economic slump.?? Entrepreneurs create new businesses and generate employment for themselves and those they employ.?? In many instances, entrepreneurial activity increases competition and with technological or operational changes, it can increase productivity," he noted.??jwilson@barbados.gov.bb

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