A special product development initiative to provide funding and other support for qualifying businesses to quickly create, develop and bring new products and services to market.
It is time for a dynamic and new approach to product development with a view to boosting economic activity, expanding the production base and fostering greater capacity to earn and save foreign exchange.
An assessment of the economic landscape of Barbados over the past 10 years showed a need for the diversification of locally produced products and services that can meet the needs of the local population and attract the overseas market.
In this intensely competitive global environment, a culture of product development could enable businesses to become more competitive, have greater responsiveness to consumer and market changes and become more resilient in the process.
Create, a product development initiative under the BIDC’s Special Technical Assistance Programme (STAP), has been developed to encourage companies to embrace research and development (R&D) as a regular and consistent component of their business model. The initiative will provide businesses with access to valuable dedicated resources and is focused on identifying new market opportunities which can be capitalized on through the development of new products, product extensions, product modifications and services.
Create can offer the following benefits to Barbadian businesses, consumers and the nation:
Educate entrepreneurs about the value of product development
Improve product/service offerings for consumers
Improve awareness and interest in product development and innovation within local businesses
Build internal capabilities within participating local businesses to continue in product development efforts beyond the programme
Potentially increase earnings and improve brand equity for local businesses with new and innovative products and services
Quicken the normal pace of product development in Barbados by creating a ‘safe space’ that reduces the associated cost and risk for the private sector
Support the development of new, market-driven products and services that can significantly broaden Barbados’ export base within the next 5 years, and increase opportunities for the saving and earning of foreign exchange
Who should apply and how
The initiative’s initial focus, under the Special Technical Assistance Programme, will be on Food & Beverages, Health and Wellness and the Information and Communications Technology (ICT) sectors. Other products and/or services with potential to save or earn significant foreign exchange may also be considered.*
*Businesses receiving funding under the Accelerate programme are not eligible for these funds. Accelerate programme participants can also pursue product development as part of that programme.
Watch our videos to learn more about the Create initiative and the importance of product development.