“It is for freedom that Christ has set us free. Stand firm, then, and do not let yourselves be burdened again by a yoke of slavery.” — Galatians 5:1
Every economy runs on enterprise, but in Barbados our financial ecosystem is holding entrepreneurs to ransom. It is biased against startups, innovators and first-time entrepreneurs because it values security over possibility.
The result is economic strangulation. Just as slavery once extracted wealth from developing societies, today’s risk-averse, asset-backed lending suppresses the very enterprise growth needed to expand our economy.
We have been here before. Sir Neville Nicholls, first chairman of the Financial Services Commission (FSC), understood this challenge. He also chaired the Caribbean Business Enterprise Trust (CBET), which I had the privilege to manage for over a decade. That Trust birthed the 3M Shepherding Model — Metamorphosis, Money and Management — designed to break the ransom model and channel capital toward capability. Yet, the challenge remains.
Two Saturdays ago, the inaugural Sir Neville Nicholls Memorial Lecture was delivered by Professor Sir Hilary Beckles, who reminded us that economic freedom requires structural change, not just good intentions. We cannot honor Sir Neville’s legacy while ignoring the barriers he worked to dismantle.
So let me say directly to young people with ideas: we have your back. Your talent is national capital. Your startup is tomorrow’s foreign exchange earner. But belief without backing is just noise.
Three actions can shift us from ransom to release.
First, institutionalize Export Enterprise Builders — public-private vehicles using the 3M Shepherding Model to transform ideas into export-ready businesses, combining equity capital, governance, global access and shepherding as collateral.
Second, challenge our regulators. FSC, how will you enable second-tier financing — revenue-based funding, diaspora equity, SME bonds — while protecting consumers? Regulation must unlock innovation, not entrench incumbency.
Third, fund with patience. Apply long-term capital, as seen in the Pierhead Development, and measure success by exports earned and jobs created.
The mechanism exists. The mindset must follow. To every young Barbadian with a “DNA of an elephant idea,” the message is clear: we see you, we need you and we support you.
Now, FSC and financiers — show us your commitment. The future of Barbados’ economy will not be secured by caution alone, but by the courage to back enterprise at scale.
Dr. Basil Springer GCM is a corporate governance adviser. He can be reached at basilgf@marketplaceexcellence.com. His columns may be found at www.nothingbeatsbusiness.com.