Break Point Using the Economic Partnership Agreement (EPA) to drive Entrepreneurship
The Caribbean and Market Penetration Despite unparalleled access to the majority of developed country markets in the world for decades the Caribbean has failed to attain significant market penetration in non-traditional markets in Europe through the EPA This has been attributed to: Poor understanding of the benefits of the EPA Lack of understanding on how to apply it to businesses A general confusion about all that the EPA contains
The EPA The Economic Partnership Agreement (EPA) signed by the Cariforum Member States in October 2008 has since then remained virtually completely unutilized The EPA presents access to all 27 member states of the EU in areas hitherto inaccessible. How can the region begin to actively take advantage of the market opportunities presented and achieve actual penetration in the EU market? What needs to be done differently to get different results?
Catalyst for Regional Growth Caribbean Export sees the EPA as a critical catalyst to achieving long term sustainable growth in the Caribbean region Making the EPA work is a pivotal element in our transformation as a region and in breaking the cycle of debt and economic malaise
The Break Point Break Point is defined as: A point of discontinuity, change, or cessation The objective of this Concept is to: Discontinue ineffective mechanisms previously employed Change the old wineskins and implement new mechanisms Cease conducting business as usual
The Break Point Round 1 Businesses or individuals who believe they possess a marketable idea ripe for export are given the opportunity to submit a web video synopsis of their idea/product/or service The Team vets and assesses the viability of the idea and specifically it s ability to take advantage of the EPA and 30 companies are shortlisted. This is a reflection of 2 per member state. Round 2 Those 30 companies/individuals are put through an intensive 3 day training programme to further prepare them and fine-tune the business idea for the judging round which are done in the form of live pitches to business experts
The Break Point Round 3 The 12 best companies/ideas that are deemed ready to make the best and most rapid use of the EPA with the necessary ingredients for success are provided with the opportunity to travel to London and pitch live to a room of investors and key business executives for funding opportunities and distribution and retail deals.
Criteria for Qualification Must intend to use the EPA as the immediate target market for exports Must possess an idea, product or service which can exploit the EPA within six months from conception Must be a CARIFORUM majority owned or joint venture
Criteria for Judging Demand: Must show clear opportunity for product in the market Innovation: Must demonstrate a competitive level of product innovation Brand Strength: Must have a compelling position on which to build the brand EPA Application: Product must be in a position to benefit from the advantages of the EPA Speed to Market: Be able to demonstrate market readiness for entry in less than 6-months Management: Must be able to demonstrate industry knowledge and management experience to lead.
The Process The entire experience and process is filmed for airing in a regional TV series which demonstrates how advantageous the EPA is for regional business, individual entrepreneurship and innovative ideas Demonstrate that it is all possible The programme is promoted in all regional territories Applications are taken online Those who do not make it to the second round are still provided with tools and support to move the idea and business forward
The Difference The differences are: This is specific to the EPA only those pitches geared at targeting the EU market through the EPA will be allowed to enter Open to individuals, not just companies with all the prerequisites that accompany those requirements No procedures just the idea/ concept/pitch Will involve private sector/ venture capitalist/ investors from the outset. Determination will be made by the industry experts and entrepreneurs
The Roll Out The entire 15-member states will have the opportunity to benefit from Break Point. As part of its roll out the following will take place: Four Region wide call for entries will be conducted in the following groupings: Group 1: All of OECS Group 2: Barbados, Trinidad, Guyana and Suriname Group 3: Bahamas, Belize, Jamaica Group 4: Haiti and Dominican Republic Applications are taken online and using the judging criteria, 30 companies are shortlisted from the first round pitch Judges select 12 finalist to be put through the special developmental and preparation programme for the final round pitch In the Final round the 12 companies are exposed to opportunities in London to be funded and supported for entry into the EU market using the EPA
BREAK POINT This is the Point at which we break from doing business as usual and begin the process of empowering our regional businesses