“ ..The prevailing economic environment has underscored the need for a new thinking in business: doing different things and doing things differently. The BIDC is in the vanguard of the quest for an innovative approach to business practice and development going forward .. and empower the more vulnerable micro and small enterprises. Self-enterprise and innovation will be promoted … “
(Barbados Investment & Development Corporation)
“ … The SME sector found it increasingly challenging to realise growth … economic situation continues ... characterised by no growth and growing fiscal deficit … The SME sector must therefore continue to explore more innovative ways to do business and be sustainable … This is the time for SMEs to be re-energised and to be repositioned for growth” ….
(Barbados Small Business Association)
In order to address these identified issues discussions were held between TFEP and the Barbados Investment & Development Corporation (BIDC), INVEST Barbados, Caribbean Export, the Barbados Small Business Association (SBA), the University of the West Indies, the Head of the EU Delegation and the UKTI (in both Barbados and the UK).
In February 2014 The Foundation signed a Memorandum of Understanding with the Barbados Small Business Association to promote the Enterprise Partnership Service (EPS) to enterprises in Barbados and the UK to develop and support International enterprise Partnerships.
Senator Dr Lynette Holder, Chief Executive Officer, SBA & Dr PA Quantock, Chairman, TFEP
Once a “Partnership Match” is found the Small Business Association in Barbados and various support organisations in the UK will be on hand to offer practical support and guidance to ensure an effective and productive partnership, along with other "Partnership Support Organisations".
Government Agencies and Enterprise Support Agencies in Barbados and the UK are ready to support, encourage and enhance Entrepreneurship & Innovation and has identified a number of Action Areas that require further development.
Barbados Community College
In late 2019 TFEP started discussions with the Barbados Community College with a view to signing a Memorandum of Association to develop robotics and 3D printing courses for their students.