Small businesses are being urged to delve deeper into digital solutions in order to prosper in the current age of technology.
The advice came from Minister of Energy and Business Senator Lisa Cummins, as she addressed the launch of the Liberty Business Small Business Week on Friday at the Flow Customer Experience Centre/Liberty Business Customer Lounge in Windsor Lodge, St Michael.
The Small Business Association (SBA) is focusing on technology for its 22nd week of activities – from September 21 to 27 – under the theme Navigating Business In The Age Of AI And Digital Trade.
“We need to build digital guardrails. We need to write the rules of digital trade for Barbados, including championing a CARICOM digital trade chapter, which allows us to harmonise e-signatures, e-invoicing, consumer protection and data flows. We need to advocate for SME (small and mediumsized enterprise) carve-outs in WTO (World Trade Organisation) negotiations so that global rules reflect small economy realities,” Cummins said.
Starter rulebook
“We need to be able to publish a Barbados AI (Artificial Intelligence) starter rulebook to help guide SMEs, map EU (European Union) in particular, because we have an Economic Partnership Agreement and we trade a lot with Europe; map an EU AI app compliance timeline for our exporters, to launch with our business community and, going beyond sponsorship, to be able to launch with our business community an AI skills voucher scheme to subsidise SME and MSMEs (micro, small and medium enterprises).”
She advised establishing a Barbados digital SME Fund; working on harmonising regional rules to pair governance with enablement and not with frustration; opening supply chains to SMEs, and ensuring small suppliers were paid promptly.
“We need to provide mentorship and co-funded training. For technology partners, we need to design affordable, small, island-ready tools, train entrepreneurs in AI and e-commerce, and ensure transferability, transparency and interoperability for the small business community.
“Digitise one process at a time. Use AI responsibly, as a co-pilot, but not as a replacement. Expand into regional markets before scaling globally,” she said.
“For the SBA, provide guidance. Curate a trusted
vendor list. Run a digital help desk to support the community. Champion training. Partner with universities and tech firms to deliver AI and digital literacy workshops. Represent the SME voices in those CARICOM and WTO spaces. Facilitate finance. Fund Access and trust loans. Connect members to the digital SME Fund once it is established. Mentor access to concessional loans. Promote regional collaboration. Build a Caribbean SME knowledge network with sister associations and make that global,” the minister added.
Blessing and curse
SBA chairman Charles Carter said AI could be both a blessing and a curse.
“This year’s theme . . . will envisage the major progress our commerce, Government and society can achieve. AI is currently used in health care, finance, media, manufacturing and education. Therefore, its implementation and expansion are already in progress. The shared data processing power of AI is making significant leaps in cancer research, climate change, autonomous driving, fully automated assembly lines and robotics. But while artificial intelligence offers significant advantages, it is also expected to bring about various disruptions,” he noted.
Carter said the advancement of AI necessitated careful planning and oversight and had to be guided by more than only profit, lest human involvement be removed altogether.
Liberty Business senior manager Romel Sargeant said they would continue to offer practical, affordable solutions, cloud services, connectivity and data tools that open doors for growth.
“Connectivity is no longer optional, it is the lifeblood of modern business, and we are determined to help entrepreneurs not only survive but thrive.” ( CA)
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