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A new mobile application called Findrpro has received $5,000 USD investment via the LINK-Caribbean programme’s 5-5-5 pitch competition.

In the recently held Bahamas edition of the competition, sister co-founders Yamel Marshall, and Janay Pyfrom-Symonette presented their new mobile app that promises to provide a digital on-demand platform to connect consumers with a reliable network of service providers in the Bahamas and provide them with instant estimates and prices ranges for desired services.

The sisters found that they were struggling to contract service providers to get things done such as household repairs, electricians and plumbers. After a few years of developing the idea, Pyfrom-Symonette, who has a strong background in web application development and technology systems for business start-ups, applied to the LINK-Caribbean 5-5-5 pitch competition to advance the business further.

“It’s a data-intensive initiative, so we do require a research assistant that will provide support to our strategic partners and gather market intelligence needed to code dynamically into the web and mobile applications. We will be using the investment to support staff salaries to assist with this,” Pyfrom-Symonette said.

Five judges comprising local high-net-worth individuals and members of the entrepreneurship ecosystem judged the five companies who pitched. The judges were Raymond Jones, Donald Demeritte, Keva Cartwright, Sean Brennen, and Christopher McNair. They felt that the proposition presented by Findrpro was not only great for the market but also has the potential scalability.

“We received 27 applications to pitch from The Bahamas alone, which is a great indication of the entrepreneurship ecosystem apparent in this market,” said McNair, manager of competitiveness and export promotion at Caribbean Export. To date, a total of 97 applications have been received across those markets that will be hosting pitch competitions.  The final two pitch competitions to be held in Grenada and Saint Lucia are open to all businesses in the OECS and have been rescheduled to take place in April 2018, allowing more time for entrepreneurs to submit pitch decks and apply before March 16, 2018.

Caribbean Export and the World Bank Group under the Entrepreneurship Program for Innovation in the Caribbean (EPIC) initiated the pitch competition to raise greater awareness around the LINK-Caribbean programme and to support the development of a vibrant angel investment ecosystem within the region.

The World Bank Group, together with the Caribbean Export Development Agency, launched LINK-Caribbean, funded by the government of Canada under the auspices of EPIC. The investment facilitation program aims to enable early-stage Caribbean entrepreneurs to raise capital from private investors, particularly business angel investors.

Accessing finance to fund business ventures has long been an issue across the Caribbean, especially for women.  Now that the Caribbean Export Development Agency and the Caribbean Development Bank (CDB) have joined forces to tackle this challenge, sourcing funds could become easier for women-owned businesses in the Region.

The two organisations today signed an agreement to collaborate on a new programme, Women Empowered through Export (WE-Xport), to support capacity-building for women-owned businesses to facilitate their access to finance.  A key component of the new initiative to be launched in March 2018 by Caribbean Export, will be “Access to Finance”, and will include a two-day workshop that aims to increase participants’ understanding of the requirements of financial institutions and how best to meet them.  Ongoing technical assistance through regional business support organisations will also be available to participating companies through the CDB-funded component.

“CDB recognises the importance of micro, small and medium-sized enterprises as contributors to economic growth and development in our Region. We welcome the opportunity to partner with Caribbean Export to give women-owned businesses the support they need to gain better access to financing. We view WE-Xport as another opportunity for the Bank to directly advance women’s entrepreneurship, and help women business owners overcome one of the greatest obstacles they face when looking to grow their businesses—unlocking financing,” said Daniel Best, Director of Projects, CDB. 

During his statement at the signing of the agreement, Best noted that between 2013 and 2017, CDB provided lines of credit to micro, small and medium-sized enterprises (MSMEs) totalling approximately USD18mn and benefitting 974 MSMEs across the Region. The Bank’s support for interventions targeting women business owners builds on research it commissioned in 2016, which identified gender disparities in access to credit across the region. As part of its response, the Bank is also collaborating with regional development financial institutions to develop gender policies.

Executive Director of Caribbean Export – Pamela Coke Hamilton expressed her gratitude to the CDB for catching the vision of the WE-Xport programme early in the initial planning of the project and partnering on the critical access to finance pillar.  “As we brainstormed ways of supporting women owned businesses, we recognized that we needed to address the constraints they face in applying for funding. The project which we are collaborating on with the CDB will seek to increase the capacity of women entrepreneurs to better prepare proposals to meet the requirements of the financial institutions. Through your support we will be able to provide training and technical assistance (TA) to 10 women-owned Micro, Small & Medium-sized Enterprises (MSMEs) and 10 Business Support Organisations (BSOs).”

Caribbean Export works closely with the European Union to implement a range of activities that support the development of the region’s private sector.  Their cooperation for the empowerment of women via WE-Xport is poised to be a game changer for women who participate in the upcoming programme.  WE-Xport aims to strengthen and support women-owned enterprises to increase their access to finance, improve and build their capacity as entrepreneurs, increase access to markets (including networking and being integrated to value chains) and advocate on issues and public policies that negatively affect female entrepreneurs.

At the signing, Mr. Luis Maia, Head of Cooperation at the EU Delegation to Barbados, the Eastern Caribbean States, the OECS and CARICOM/CARIFORUM reminded of the long relationship between the EU Delegation and Caribbean Export of close to 20 years of cooperation working towards the development of the region.

“Caribbean Export has been a valued partner in our cooperation with the region and without their assistance we would not have been able to fulfil our mandate towards private sector development and otherwise. Currently the EU is contributing with €24 million to increase employment creation, inclusiveness, particularly for youth, women and indigenous groups, and overall poverty reduction in CARIFORUM countries through targeted interventions that provide new and innovative frameworks for growth and development” shared Mr. Maia to the attending audience.

A new online tool developed by the Caribbean Export Development Agency (Caribbean Export) with funding from the European Union has been launched.  The SME Diagnostic Tool was developed to assist CARIFORUM SMEs increase their export competitiveness.  exporTT have adopted the tool which will be utilised as a central aspect of their Export Competitiveness Project launched.

“I am delighted that exporTT is the first Business Support Organisation (BSO) in the Caribbean to adopt the SMEs Diagnostic Tool Assessment project as the foundation for building export competitiveness. The SMEs Diagnostic Tool Assessment is in essence a response to the global economy which demands that successful industries are comprised of competitive firms producing modern and innovative products and services” commented Norris Herbert, Trinidad and Tobago’s Permanent Secretary at the Ministry of Trade.

The SME Diagnostic tool provides a standardised, expert-based methodology for accurately assessing SMEs and identifies the areas where development is required in the areas of management, production, access to finance and marketing.

“As we live and work in an information age, how many BSOs and TPOs can scientifically speak about the needs of their members with the relevant data to back up and show where their deficiencies lie? This is why the SME diagnostic tool which will be pioneered with exporTT is so valuable and essential for TPOs and BSOs to incorporate into their operations.” Shared Pamela Coke-Hamilton, Executive Director at Caribbean Export.

Caribbean Export worked closely with the European Union to develop the Regional Private Sector Development Programme and one of the key ways to support regional business to increase their exports is through the provision of trade and business intelligence.

“The EU is pleased to work with and support valued partners such as exporTT and the Caribbean Export Development Agency which focuses on private sector development,” said Aad Biesebroek, Ambassador of the EU Delegation to Trinidad and Tobago.  “While Governments are essential for creating the conditions for businesses to prosper, we all agree that it is ultimately the private companies, the core of which are the SMEs that create jobs and growth.”

Caribbean Export collaborated with Trinidad and Tobago’s exporTT to incorporate the SME Diagnostic tool within their Export Competitiveness Project as it will become the first step in prescribing interventions to improve a firm’s export competitiveness.

As the SME Diagnostic tool is rolled out to BSOs across the region it is anticipated that more firms will become better equipped to utilise the opportunities under the EPA increasing exports and competing globally.

Given the existing contribution of the outsourcing sector to job creation in the Caribbean region, coupled with its potential for expansion, calls are being made for greater levels of priority to be given to the outsourcing sector.

Executive Director of the Caribbean Export Development Agency Pamela Coke-Hamilton said more needs to be done by regional governments in seeking to position the Caribbean for the trending opportunities in the business outsourcing industry.

Ms. Coke-Hamilton made the plea as she addressed the opening session of the inaugural staging of the Outsource to the Caribbean Conference (OCC) sponsored by itelbpo, under the theme “Leveraging the Nearshore Caribbean for Outsourcing Services”, on December 6, 2017. The conference was held at the Iberostar Rose Hall Beach Hotel in Montego Bay, Jamaica, where representatives from over 26 countries gathered to discuss how best to attract more business from international companies to the Caribbean in areas such as call centre operations, website and animation design and legal and accounting services.

Pointing to the outsourcing sector’s existing contribution to job creation in the region and its potential for expansion, Ms. Coke-Hamilton highlighted that an average of 5,000 workers were being added to the BPO sector annually. “In 2010, the sector provided employment for 47,000 workers and by 2015, this number had increased to 74,000… BPO and other professional services generated over US$2 billion in revenue in 2014. Calculations show that companies in the region generate close to US$25 million in revenue for every 1,000 agents”, said Ms. Coke Hamilton.

According to the Caribbean Export Development Agency’s Executive Director, outsourcing investors are working overtime to expand their services in the Caribbean, despite the region being late comers to the business of outsourcing. “The Caribbean is a late comer to this industry but besides our educated, multi-lingual, customer focused talent pool – we have several other qualities needed to make this sector a resounding success story for the region,” contended Ms Coke-Hamilton.

Drawing reference to an outsourcing sector investor perception survey recently conducted by her organization, Ms. Coke-Hamilton pointed out that investors perceived the Caribbean as a strategic or ideal location for outsourcing, “as we provide time zone proximity and low operating costs to investors, as a nearshore destination, we are within a similar time zone as New York, with daily flights from key markets…from Miami, we are 45 minutes to our nearest destination and up to 3 hours to our furthest”, she told the investors.

The survey also highlighted that 45% of investors indicated that their future business plans entails expanding within the Caribbean in the next 12-24 months. “This is amazing news for the region and it means that those outsourcing firms who are here are experiencing success and want more. In making their investment decisions our respondents have noted that this forms part of a regional strategy. This is a significant motivation for us at Caribbean Export to support the promotion of the Caribbean for investments given that investors are looking regionally. They are not thinking of setting up only in one territory but several’, said Ms Coke-Hamilton.

Another interesting find of the survey is that 100% of investors have indicated that they will be employing additional talent in the next 12-24 months, and they will be looking to the Caribbean for this labour, given the human capital assets of communication skills, ability to learn quickly and the professional nature of the Caribbean’s talent pool.

According to Ms. Coke-Hamilton the survey also highlighted developmental issues for the Caribbean including the need to be more creative in its incentive packaging, additional training for its people and the need to provide more data or market research on the sector.

Also speaking at the opening session was Jamaica’s Finance Minister Audley Shaw who indicated that some 26,000 persons are currently employed in the industry across the island with some 60 companies of varying sizes operating from its shores. He stated that one aspect of his government’s response to the requirements of the BPO industry is to ensure that its people are trained and equipped with the necessary skill sets to meet the demands of investors. “There is now the drive to diversify the local industry and move Jamaica up the value chain by delving deeper into new areas such as Shared Services, Legal Process Outsourcing, Computer Aided Design and Medical Process Outsourcing. These areas will present new challenges including the language barrier. We must equip our workers and position ourselves to leverage all the investment we can”, said Minister Shaw.

He further added that the geographical spread of investors within the BPO industry is an area the government has taken note of. He pointed out that the Factories Corporation of Jamaica has been tasked with providing real estate solutions for a variety of industries, including the BPO sector. He said some 365,000 square feet of the Morant Bay Urban Centre and 750,000 square feet of the Naggo Head Technology Park will see spaces developed for the BPO sector.

Other notable speakers at this first ever Outsourcing conference in the Caribbean was Premier of the Turks and Caicos Islands, The Honourable Sharlene Cartwright-Robinson. She implored upon investors that if customer retention was their goal, then the Caribbean is the place to do business. “In the Outsourcing Sector retaining talent is often a challenge, in the Caribbean, BPO’s service providers can boost attrition rates as low as 3% in Suriname and 5% in Haiti, which further supports the Caribbean’s case compare to other major outsourcing markets like India at 40% or Mexico at 25%.

The Caribbean Export Development Agency (Caribbean Export), in collaboration with the world’s largest donor organization, the European Union, pulled together some of the region’s most influential business leaders and private sector representative organisations to answer this very question last week at a Private Sector Engagement Meeting in Kingston, Jamaica.

The meeting included a feature address from former Prime Minister of Jamaica Mr Bruce Golding who stressed that the region’s private sector collectively has the power to effect positive change in the region’s legislation and to drive the business climate in a manner that supports economic growth.  However, this is not currently happening due to the lack of a recognised regional private sector body to represent their needs when policies and trade relations are discussed by governments at the regional level. Without the private sector, the Governments cannot achieve the kind of sustainable economic growth needed to affect GDP.

H.E. Ambassador Malgorzata Wasilewska, Head of Delegation of the European Union to Jamaica, Belize, Turks and Caicos Islands, the Bahamas and the Cayman Islands, highlighted in her welcome remarks that the private sector is the engine for growth and plays a critical role in spearheading how the regional economies develop.  As the largest donor of Caribbean Export, the two organisations work together to support the increase of employment creation through the provision of targeted interventions of which the region’s private sector may take advantage.  Ultimately the development and growth of the region’s private sector will contribute to the overall goal of poverty reduction and sustained economic growth.

Executive Director at Caribbean Export, Ms Pamela Coke-Hamilton stressed that in view of the rapidly changing global trade environment and seemingly nationalistic foreign policy in the wake of BREXIT, the U.S. abandoning the Trans- Pacific Partnership Agreement and the approaching expiration of the Cotonou Partnership Agreement in 2020, the Caribbean will be significantly affected and therefore must be organized.

“As we face a rapidly changing environment, we need to ensure that our national and regional policies are adjusted to meet the new demands or challenges that they will face. Now is the time to move forward with the establishment of a regional body with private sector representation at the broadest cross sectoral level; a body that will become an integral partner in regional Public-Private Dialogue (PPD).”

With issues such as the current policies in relation to the free movement of labour which are hindering regional trade yet to be addressed, the attending private sector representatives collectively agreed that they needed to hold CARICOM and their governments to account for the implementation or lack thereof of the policies and regulatory frameworks that will improve the business environment and facilitate growth.

Joseph Cox, Assistant Secretary General, Trade and Economic Integration, CARICOM Secretariat emphasized the need for unity between the private sector across the region to ensure regional development.  A unified regional private sector would be more effective as it relates trade relations especially when it is results orientated in its approach.

It was clear from the attending participants that businesses want trade to happen and that there is a need to co-ordinate across the region for better PPD.  At the end of the meeting the grouping made a commitment to work together and signed an agreement on the way forward that will lead to the development of a relevant regional private sector body to represent their interests regionally and internationally.

De Jeunesse Bath and Body Products, a company that manufactures high-quality, natural bath and body products, earned the top prize at the launch of the LINK-Caribbean Pitch Competition held November 21  at the Hyatt Regency Hotel, Port of Spain in Trinidad and Tobago.

They wowed the judges with their pitch from a field of five competing firms and walked away with the coveted $5,000 prize. Chief Executive Officer Shenelle Hills-Fife said, “We are overjoyed but we also realized that it does not matter what kind of company you have. If 

you show your passion, demonstrable evidence that the business can work and get feedback from customers, then you are in business — if not, it is a hobby. We plan on using the funds to purchase equipment that will triple our current production capacity.”

Like many start-up founders, Hills-Fife juggled full-time work with developing a business, but quit her day job earlier this year to concentrate fully on growing her business. “This is only the start. We intend to apply for the $25,000 USD LINK-Caribbean Investment Readiness Grant and even the Co-Investment Grant given the increased interest of investors in our company,” she said.

The 5-5-5 Pitch Campaign is the latest initiative of LINK-Caribbean in an effort to find more investable businesses, or “deal flow” for the region’s Angel Investor networks. The competition allows five entrepreneurs to pitch their businesses to a panel of five investors, with the top successful business selected to receive a $5,000 cash award.

“We decided to run this initiative to raise greater awareness around the LINK-Caribbean programme and to ultimately spur a more buoyant angel investment ecosystem within the region,” explained Chris McNair, manager of Competitiveness and Export Promotion at the Caribbean Export Development Agency. The LINK-Caribbean pitch campaign will continue in the Bahamas, Grenada, and Saint Lucia in 2018 and all interested entrepreneurs are encouraged to submit applications via the website www.link-caribbean.com.

Untitled-design-13.pngThe World Bank Group, together with the Caribbean Export Development Agency, launched LINK-Caribbean in September 2016, funded by the government of Canada. This investment facilitation program aims to enable early-stage Caribbean entrepreneurs to raise capital from private investors, particularly business angel investors.

Title sponsor of the upcoming Outsource to the Caribbean Conference OCC2017, Itelbpo Smart Solutions, is committed to ensuring that the conference, the first of its kind to be held in the Caribbean, is a success.

Yoni Epstein, Founder and Chief Executive Officer of Itelbpo Smart Solutions, a Jamaica based organisation, explained that he supported the vision of the conference, which is to attract Business Process Outsourcing (BPO) companies to the region.  “I think that the region is poised for success and all we have to do is [implement] more initiatives like conferences in order to show the world that we are ready as a region and can compete with the best in the world right in North America’s back yard,” he said.

Mr. Epstein opened Itelbpo Smart Solutions in Jamaica in 2012 and since then has expanded operations to The Bahamas and Florida.  He credited his growth in the region to a number of factors.  “The people are our biggest asset. It’s why so many other industries are successful. Our proximity, cultural affinity [and] telecoms infrastructure [are also important]”, he pointed out, while noting that the Caribbean was a much nicer destination than India or the Philippines.

The BPO executive added that Governments could further assist in the development of BPOs like his in the region by creating a competitive fiscal landscape in which businesses could operate; ensuring that regulatory bodies are compelling telecommunications companies to constantly upgrade their infrastructure; providing suitable financing for the building of BPO space; and ensuring that the human capital is well trained.

Itelbpo Smart Solutions provides inbound and outbound sales and customer service; medical billing; online chat; email response campaigns; and google advertising management and website development. The services are offered in the areas of travel and tourism, car rental, automobile, medical, telecoms and utilities.

Executive Director of the Caribbean Export Development Agency, Pamela Coke Hamilton, noted that her Organisation, which is one of the organisers of OCC2017, was extremely pleased to have Itelbpo Smart Solutions onboard as the title sponsor.  “The commitment of Itelbpo Smart Solutions, a company with such high standards and which has been so successful in the region, is testament to how important the development of this sector is to the region.  I encourage more organisations in the BPO sector to get on board as we seek to devise strategies to further develop the sector,” she stated.

Mr. Epstein has over 17 years of professional experience in the contact center industry and is the first Vice-President of the Business Process Industry Association of Jamaica (BPIAJ) as well as a Board Director of the Jamaica Promotions Corporation (JAMPRO), Jamaica’s investment authority and  Montego Bay Free-Zone Co. Limited.  He is also the Chairman of Alpha Angels, an angel investment group made up of other entrepreneurs in Montego Bay, Jamaica that invests in early stage start-ups.

The CEO of Itelbpo Smart Solutions was also recently named Entrepreneur of the Year by Nearshore Americas and ranked one of the 50 most influential executives in Nearshore Outsourcing in Latin America and the Caribbean.   Additionally, Itelbpo Smart Solutions was awarded Employer of the Year in 2013, 2014 and 2015 by the Montego Bay Free Zone Company.  It is the only business in Jamaica to date to win this prestigious award for three consecutive years.

Mr. Epstein is scheduled to be a panelist at OCC2017 and will address the topic Outsourcing the Itelbpo Way.  Other speakers include Ms. Pamela Coke Hamilton; President of JAMPRO, Diane Edwards; Vice-President of Caribbean Operations at Advantage Communications, Christine Werner; and Account Manager at Sutherland Global Services, Lowenfield Alleyne.

OCC2017 will be held on December 6, 2017 at Iberostar Rose Hall Beach Hotel, Montego Bay, Jamaica under the theme Leveraging the Nearshore Caribbean for Outsourcing Services.  It is being organised by Caribbean Export in conjunction with the Caribbean Association of Investment Promotion Agencies (CAIPA) and is funded by the European Union via the 11^th European Development Fund (EDF).

Tourists often say one of the Caribbean’s unique selling points, which entice them to come back to the islands again and again, is ‘the people’. Caribbean people are renowned for their warm, approachable and friendly nature and this strength is being utilised in parts of the region to grow the developing call centre industry in which an estimated 55,000 Caribbean people are now employed. One of the first companies to leverage the region’s human resources in this area was Guyana-based Nand Persaud International Communications Inc (NPIC).

Before establishing the first call centre in Guyana in 2002, the Persaud family were known for their expanding parboiled rice empire – Karibee Rice. But founder and CEO Ragindra Persaud decided to branch out into a completely different sphere after being taken on a tour of a call centre in Jamaica. He could see the potential for the business in his own country and set about establishing NPIC with the help of his father and brother.

Mr Persaud recalls: “I was on a trip to Jamaica in 2001, this was around the time Jamaica had just started blooming in the (call centre) industry. I was lucky enough to have a walk through on the industry – how it operates, the demand as well as the number of jobs it can create. It is a profitable business and at the time, Guyana’s economy wasn’t performing at its best. It was a great opportunity for my country. We grabbed the bull by the horns and started researching markets. The following year we commenced constructing our facility here in Guyana. By September 2002, our doors were opened. ”

But building trust and attracting business from companies primarily based in the US, Canada and the Dominican Republic, as well as convincing them that the country and its people were up to the task, was particularly challenging at the start because Guyana was experiencing a damaging crime wave. Managing Director Darren Ramdial explains: “Clients are reluctant to associate themselves with crime-plagued areas/regions. The crime rate was very high and customers were scared to come here to expand their business. One of the challenges was convincing them to do business with us regardless of this.”

One of the other challenges was the high cost of bandwidth and electricity which Mr Ramdial believes impacted the company’s initial competitiveness as it dealt with fierce competition from rivals in the Philippines and India where these costs are relatively low.

But NPIC did have a distinct advantage – its close proximity to the US – which it used to sell its offering as a ‘nearshore’ provider. Mr Ramdial says Guyana’s location proved to be a huge benefit: “We are merely a few hours away from our clients as opposed to an entire day as is the case with our major competitors. Our accent is also very neutral and our labour costs are attractive.”

The NPIC call centre currently employs 200 people and offers a range of services including transcription, data entry, research and gathering, quality assurance services, telemarketing, customer support, and IT.

NPIC’s impressive export growth of 31 per cent in 2015 led to it securing the Caribbean Export Development Agency’s ‘Excellence in Service Exports’ award in December 2016. The honour even drew the attention of a management consultancy company based in Chicago called ‘Soloman Group International’ which subsequently chose to work with NPIC on a short term project.

Mr Ramdial says most of NPIC’s new business comes from the Internet and large scale networking events designed for the outsourcing industry: “Networking is key”, he insists. “Currently we are involved with Nearshore Americas, an organisation that helps to market companies that are located close to the US. Just recently we were a part of a tour they hosted here in Guyana.”

Caribbean Export secretariat for the Caribbean Association of Investment Promotion Agencies (CAIPA) in collaboration with JAMPRO is hosting the regions first conference focused on business process outsourcing (BPO) on December 6, 2017 in Montego Bay, Jamaica.  It’s a bold and strategic move to showcase what the region has to offer and attract more outsourcing companies to service providers like NPIC.  The Outsource to the Caribbean conference, sponsored by itelbpo smart solutions, provides an ideal opportunity for both regional service providers, investment promotion agencies and international companies looking to outsource services to meet and build relations.

Over the next six months the company is hoping to grow its clientele and attract more business from the US and possibly Europe and has plans to expand into other parts of Guyana. Mr Ramdial says NPIC is also continuing to focus on providing a top quality service for its clients: “The call centre business is very challenging especially when it comes to marketing. For one, the market is very competitive. We’ve learnt that the key to thriving in the business is to keep improving your service, and your brand. It is the only way to remaining competitive. High quality service counts. Our aim is to be the largest call centre in Guyana. At present we are located in Berbice County but we are hoping to expand to the various regions in Guyana.”

The innovative firm will also be focusing on green energy and saving money through a solar power initiative which has drastically reduced its electricity bill by approximately $50,000 (Guyanese dollars) a day. This project is expected to make a return on the investment of $528,000 (US dollars) within six to seven years.

So what has been the key to NPIC’s success from a fledgling company in 2002 to a thriving market leader almost 15 years later? “Believe in what you set out to do and commit fully”, Mr Persaud advises.

“If you don’t believe in it, you will fail. When we ventured into this business I had no doubt that Guyana had the potential to succeed in this market. I believed in my country’s potential and backed it with my investment.”

About

Caribbean Export is the only regional trade and investment promotion agency in the African, Caribbean and Pacific (ACP) group.  The Agency is currently implementing the 11^th EDF Regional Private Sector Development Programme and will host the Outsource to the Caribbean Conference sponsored by itelBPO smart solutions on December 6^th at the Iberostar Hotel, Montego Bay Jamaica.

Bridgetown, BARBADOS, October 17, 2017.  The global market for business process outsourcing (BPO) is currently valued at USD $1 trillion with cross-border outsourced services trade between countries estimated at US$88.9 billion per year in 2015. The Caribbean is carving out its niche within this global industry with the number of BPO operators and jobs growing exponentially.  One company that’s thrived since outsourcing to the Caribbean is the Dutch owned company Cimpress (Vistaprint).

Vistaprint Jamaica Ltd. began operations in Montego Bay in 2003 to provide contact centre services for Cimpress (Vistaprint), a company based in the Netherlands which specialises in the mass customisation of marketing materials and web-to-print systems. By 2008 Vistaprint Jamaica was the first subsidiary of Cimpress (Vistaprint) to have a dedicated graphic design services unit. Between 2010 and 2012 it had some 600 employees and had constructed a state of the art customer service facility worth USD$25 million.

With the growing trend to outsource business processes to nearshore markets, and, governments, business representatives and other stakeholders throughout the Caribbean are seeking to capitalize on on the potential economic benefits afforded by this sector.

Over 100 stakeholders will meet later this year in Jamaica to explore various avenues to secure BPO investment and to demonstrate to potential investors the advantages of doing business in the Caribbean.

Caribbean BPO services providers, government officials, telecommunications firms and training institutions will come together at the first-ever Outsource to the Caribbean Conference (OCC) which will take place on December 6, 2017, at the Iberostar Rose Hall Beach Hotel in Montego Bay.  The Conference, which is organised by the Caribbean Export Development Agency in conjunction with the Caribbean Association of Investment Promotion Agencies (CAIPA) and the Jamaica Promotions Corporation (JAMPRO) will be held under the theme “Leveraging the Nearshore Caribbean for Outsourcing Services”.  OCC2017 is being funded in part by the EU via the 11^th European Development Fund (EDF) and comes at a time when the Caribbean region is emerging as one of the most attractive destinations for BPO.

Prime place for international companies to invest and outsource 

Chief Executive Officer of Caribbean Export, Pamela Coke Hamilton, explained why the Caribbean is the prime place for international companies to invest and outsource their services.  “The Caribbean is a reliable business partner; it has one of the lowest perceived risks in the Latin America – Caribbean region, is politically stable with well-functioning institutions, efficient government and low levels of corruption. The overall regulatory system is conducive to business activities.”

The President of CAIPA, Ms. Diane Edwards (who is also the President of JAMPRO) pointed out that the Caribbean’s geographic location makes the region a perfect gateway to markets in North, Central and South America.  “And with the growing need for mainland North American firms to outsource functions to a competitively priced and easily accessible destination, the Caribbean is well positioned as a nearshore solution.”

According to Edwards, the region is also well placed to offer services to not only North America, but also Europe and South America, given the strong multi-lingual talent pool in the region. Ms. Diane Edwards also posited that beyond the talent pool, companies outsourcing business to the Caribbean have a wealth of other advantages.  These include a supportive regulatory framework with many territories offering special economic zones where service providers can benefit from reduced tax benefits; low real estate costs and a cost efficient infrastructure, allowing for low operational costs. “The Caribbean,” she concluded, “has ably demonstrated, time and again, that it has much to offer.”

Impressive growth in BPO industry 

For the past 15 years, the sector has grown exponentially thanks to the telecommunication liberalization in the early 2000s.  This accelerating growth is expected to continue over time, with Caribbean destinations attracting more BPO investment.

Ms. Coke Hamilton noted that a 2015 study of nine selected countries in the region had revealed that the Caribbean BPO industry was comprised of more than 200 delivery centres and 74,000 agents, showing an increase of 44,700 workers in only five years.

“During this period the industry has grown at an impressive Compound Annual Growth Rate (CAGR) of 17%. BPO and other professional services generated over US$2 billion in revenue in 2014 and research shows that companies in the region generate close to US$25 million in revenue for every 1,000 agents. Additionally, the level of profit is around 7% for call centres and close to 15% for non-voice, back-office shared services,” she noted. 

Securing investment beyond voice-based services 

Another BPO company which is steadily growing and attracting investment from international companies is the Barbadian software startup, Simplified Apps.  This business developed several web and mobile software applications for large organizations and for multiple markets and is focused on developing a cluster of software driven subsidiary startups that are able to strategically integrate and share resources.

Chief Executive Officer, Curtis Padmore, explained that the business was successful in attracting large organizations as customers for the software developed by his teams, pointing out that one such satisfied international investor was BlackBerry.

Speaking to the importance of BPO in Barbados, he noted: “I believe the BPO that best fits (Barbados), is where the intellectual property is created and owned in Barbados [and then] monetized, targeting offshore customers.”  The young entrepreneur recently started another BPO company which will “allow Simplified Apps to structure as an umbrella company, leveraging its resources to accelerate the growth of the new startup.”

Part of the OCC2017 strategy for attracting BPO to the region is to secure investment beyond the usual voice-based services like contact centres.  The focus will now also be on additional opportunities like Back Office Automation; Shared Services; Finance and Accounting; Human Resources; Legal Processes; Animation Services; Graphic Design; Web Design; and Data Entry Services.

Senior Advisor, Investment Promotion, at the Caribbean Export Development Agency, Suzette Hudson, is of the opinion that business persons who work in those sectors should attend OCC2017.  “Participants will be able to network and gain some insight into regional offerings and the service possibilities available through an impressive programme of plenaries and one-on-one engagements,” she noted.

The Senior Advisor also discussed what persons attending the conference should expect.  Prior to the main event a welcome reception for participants as well as the Regional Investor of the Year Awards will take place on December 5.  The following day on December 6, activities will include a session on Outsourcing Trends for the Next Decade: Opportunities for the Caribbean; a discussion on the Caribbean Talent-pool; business-to-business meetings; and the sharing of Caribbean success stories.  On December 7 a tour of BPO facilities in Jamaica will be conducted.