Entrepreneur of the Year award seen as boosting regional integration
By Desiree Jodah
Guyana's entrepreneurs, having copped two of the five awards available last year, will once again compete with their counterparts in the Caribbean for the Entrepreneur of the Year (EOY) awards. The second International EOY programme was launched at the Hotel Tower on Wednesday night. The programme was developed 13 years ago by Ernst & Young of Trinidad and Tobago, to celebrate the excellence and achievement of entrepreneurs. It is now an international initiative, with annual programmes in over 70 cities throughout North America, Europe and the Caribbean. The National Bank of Industry and Commerce Ltd is the co-sponsor of the programme. Last year, Guyana competed for the first time successfully, with local businessmen Jad Rahaman winning in the Tourism and Hospitality category for Whitewater Tours, and Didco's Deo Singh coming out on top in the Food Processing and Distribution category. Entrepreneurs from Guyana, Trinidad and Tobago and Grenada participated last year. Senior Auditor of Ernst & Young, Ken Tsoi-A-Sue, said the EOY programme was run previously in two regions--one consisted of Guyana, Grenada and Trinidad and the other Barbados and the Organisation of Eastern Caribbean States. However, he said, in keeping with Caribbean and regional integration, efforts were consolidated to host one award programme in the Caribbean. He said the vision for the EOY programme for this year and beyond was to position the ceremony as the premier event in the Caribbean for honouring successful entrepreneurs. In order to qualify for the award, an individual must be an owner or manager who is primarily responsible for the recent performance of a privately held company which is at least two years old. Founders of public companies are eligible, provided the founder is still active in top management. Judges would be looking for outstanding entrepreneurs who have achieved business excellence, not only evidenced by financial performance, but also by sound business practices and the integrity and responsibility displayed by their social community contribution. Anyone who is associated with a successful entrepreneur could nominate a candidate. Anyone can enter this year, including winners from previous years. To nominate an entrepreneur, a Response Card would have to be filled out. These cards would be available from next week at the office of Ram & McRae or from any NBIC branch. The completed cards must be returned to either of these offices. Nominated entrepreneurs would be sent a package directly from Ernst & Young's Barbados office by June 30. Nominees would be required to give a brief description of their organisation, some financial information, details about how they started their business and how they were able to achieve success. Qualifying nominees would be interviewed by Ernst & Young during July and mid August. The categories for this year are energy; agriculture; food processing and fisheries; tourism and hospitality; manufacturing; services; emerging entrepreneur; e-business; entertainment and real estate. Tsoi-A-Sue said these categories are subject to changes based on the entries received and the judges' discretion. An independent panel of judges would select three finalists in each category from all the participants. These finalists would be profiled in the media in all participating countries. Winners in each category as well as the overall winner would be announced at a gala banquet in Barbados on September 16. The senior auditor said that this year's ceremony would be in the form of a three-day Conference for Caribbean Entrepreneurs. The overall winner and his/her spouse would be flown to Palm Springs, California where they will attend the international conference of winners from around the world and will be inducted into the Entrepreneur of the Year Institute. Minister within the Office of the President with responsibility for Finance Saisnarine Kowlessar sees the EOY programme as not only relevant, but providing a much needed source of support and encouragement for business people to press on, despite the persistent socio-economic challenges they face in their efforts at growth and prosperity. He noted that the local private sector was weak, but through no fault of its own. According to the minister, in an economy that was 80% state owned and controlled, the private sector appeared to have lost some of its entrepreneurial skill and vision. Yet, he said, it has survived through a long period of economic and social decline. Kowlessar said that today, a large percentage of the country's manufacturing sector was so highly leveraged that it could not handle additional debt financing. He said it was to this end, that President Bharrat Jagdeo has constantly been calling for a move towards more equity investment. He said the government has an open-door policy towards the private sector and they were working in close partnership on many issues. The minister said the EOY programme was an appeal to creative thinking and the discovery of new ways of doing things. Another plus for the scheme, according to the minister, was the attention it required in relation to aspects of marketing, employee relations and environmentally sound business practices. "These must accompany efforts at sustainable growth of an emerging enterprise," he said. Managing Director of NBIC, Nigel Baptiste, described the awards as a mark of appreciation for the intrepid business people who every day take on the challenges of the market. According to Baptiste, it has long been felt that the Caribbean had a need for greater unity among its various nations, especially in terms of its commercial life. He saw no better way of building relationships, than at a function celebrating the ingenuity and acumen of the entrepreneurs. "Our entrepreneurs must form bonds that will help them ride out turbulent times without fear, or at least with the knowledge that there are others who know what it is like to be a newcomer surrounded by the experienced and powerful," said Baptiste. Also speaking at the launching ceremony were Chairman of the NBIC Board, Senior Counsel Ashton Chase and Christopher Ram of Ram and McRae, local representative of Ernst & Young.
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