“The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” – Proverbs 21:5

Enterprise development holds the promise of propelling small island developing states (SIDS) to new economic heights. The Caribbean, in particular, stands poised to take full advantage of this opportunity by nurturing homegrown businesses and preparing them to compete on a global scale. However, achieving this economic transformation demands a strategic approach that I believe can be effectively guided by the “3M Shepherding Model”.

The 3M Shepherding Model, beta-tested extensively throughout the region, targets three critical areas for success: Metamorphosis, Management, and Money. Metamorphosis starts with identifying ideas that have the potential to transcend local markets and attract global interest. The Caribbean is rich in culturally unique and creative ideas. These products and services can attract tourists seeking authentic experiences and appeal to international markets, craving something fresh and different.

Next comes Management. I propose assigning each emerging enterprise a Shepherd who provides life coaching and business mentoring. The Shepherd’s role extends beyond traditional business advice. It’s about guiding entrepreneurs on a personal level, encouraging them to push beyond their limits while remaining grounded. A Shepherd helps entrepreneurs anticipate challenges, adapt to changing market conditions, and maintain resilience through the inevitable ups and downs of running a business. The shepherding approach mitigates the risk of business failure.

Then, we come to the crucial matter of Money. Financing remains a significant hurdle for startups and small businesses. To tackle this challenge, we must establish private-sector equity growth funds incentivized by government policies. Grants and loans are not sustainable solutions.

These equity funds, advised by the Shepherd, enable entrepreneurs to grow their businesses while maintaining a long-term vision. A critical feature of this model is a market-driven buy-back clause. This allows entrepreneurs who trade shares for initial capital to regain full ownership once they’ve established financial stability. This strategy ensures enterprises not only survive but also thrive, free from debt or loss of control.

In a recent address during the 10th Annual Leo Leacock Memorial Lecture in Barbados, Allen Chastanet, Leader of the Opposition in St. Lucia, echoed similar sentiments, though he did not offer a specific proposal. The former Prime Minister, drawing from his vast experience in the tourism and business sectors, emphasized the importance of empowering startups to drive growth in the Caribbean. He highlighted that startups, particularly those rooted in the region’s rich culture, have the potential to preserve our unique heritage while sparking transformative growth.

Chastanet’s call for governments to take a more active role in supporting these enterprises resonates with me. He pointed out that tourism is one of our region’s greatest export opportunities, noting that tourists seeking authenticity are often willing to invest in local products. The challenge, of course, is to convert that one-time purchase into a long-term customer relationship.

He stressed the importance of innovation, urging local entrepreneurs to think globally from the start. His message was clear: small businesses can become global giants if encouraged to dream big and supported in their early stages of development.

Chastanet’s warning that the Caribbean will fall behind in the global economy if we do not act swiftly is a call to action for all stakeholders. We must foster a collaborative environment where governments, the private sector, and civil society work together to nurture a thriving startup ecosystem.

The Caribbean is at a crossroads. We can either remain on the periphery of the global economy or embrace enterprise development as a catalyst for exponential growth. Through the 3M Shepherding Model, evolving technologies, and collaborative efforts, Caribbean businesses can not only compete but also lead on the world stage. The time to act is now.

(Dr. Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com).