The Barbados Stock Exchange’s (BSE) Innovation and Growth Market (IGM) is poised for a transformative period, thanks to groundbreaking insights from a recent survey of 164 Barbadian residents. This pivotal study, spearheaded by HelpUsTrade and SFa Communications, reveals a strong public desire for investment knowledge, particularly in relation to the IGM. These crucial findings will undoubtedly empower the BSE to cultivate a more inclusive, dynamic, and robust investment ecosystem, with a keen focus on the promising Innovation and Growth Market.
Marlon Yarde, Managing Director of the Barbados Stock Exchange, emphasised the significance of this survey, stating, “this seminal survey, a direct outcome of the impactful collaboration between HelpUsTrade and SFa Communications, offers unparalleled insight into the financial pulse of Barbadian residents“. He added that “these critical findings will undeniably empower the Barbados Stock Exchange to forge a more inclusive, dynamic, and robust investment ecosystem, with a keen focus on the promising Innovation and Growth Market”.
Trained Community Engagement Champions from the University of the West Indies conducted in-person interviews in public locations throughout Barbados. This on-the-ground effort ensured a broad and representative sample, capturing nuanced views across diverse demographics and socio-economic backgrounds. Rashida Clarke, a Community Engagement Champion, noted, “there’s a significant public appetite for investment education, particularly around the IGM“. She also observed that “despite initial knowledge gaps, the willingness to learn and engage with our resources was incredibly strong“.
Providing a vital strategic blueprint for upcoming initiatives, the survey’s findings extend beyond a simple indication of demand for investment knowledge. The results specifically identify the public’s key areas of interest and highlight existing misconceptions among Barbadian residents. This detailed grasp of public perception, encompassing not only identified knowledge gaps but also preferred learning channels, empowers the Ministry and its partners to refine educational content and outreach strategies with unparalleled precision. Such a targeted approach is essential for achieving maximum impact and cultivating profound engagement with the IGM.
Alison Saunders, Owner of SFa Communications, highlighted that the survey “clearly demonstrates the Barbadian public’s readiness to engage with new investment opportunities, especially the IGM“. She further stated that it “highlights the critical need for targeted education and accessible information to build a more financially literate and engaged population“.
This extensive survey is a critical part of a larger collaborative project led by the Ministry of Energy and Business. As the project’s driving force, the Ministry is spearheading the creation and execution of a strong marketing and promotions campaign, specifically designed to champion equity financing for small and medium enterprises (SMEs) through the IGM, aligning perfectly with the Ministry’s vital role in cultivating a thriving environment for investment and business growth in Barbados. The ultimate goal is to significantly boost public awareness and understanding of both the BSE and its IGM, particularly engaging future generations and empowering local businesses to secure crucial capital.
To guide the IGM’s development, the team is also interviewing key stakeholders across Barbados, including representatives from the accountancy, legal, stockbroking, and financial services regulatory communities, along with various SME service and manufacturing sector representatives. As Professor Dermot Cahill, Managing Director of HelpUsTrade noted, “Gathering diverse perspectives from Barbados’s financial and business leaders is crucial for building an IGM that truly serves the nation’s economic growth.”
Gary Clifford, Managing Director of HelpUsTrade, described the survey as a foundational step in their comprehensive project to advance financial literacy in Barbados. He explained that “Understanding the pulse of the Barbadian public on financial matters is paramount for fostering sustainable economic growth“. Clifford also added, “our collaboration on this survey has revealed vital insights into both the opportunities and the barriers to investment, particularly in the IGM“. He affirmed their commitment to “leveraging these findings to help design effective strategies for enhancing financial literacy and market participation in Barbados“. HelpUsTrade and SFa communications extend their sincere gratitude to the University of the West Indies for their invaluable support in this endeavour.
Upcoming initiatives include a sensitisation and education event in September. This event will target over 200 MSMEs, business support organisations, and potential investors, aiming to spark interest and build a robust pipeline of businesses ready for IGM listing. Additionally, a dedicated workshop will be conducted for 50 MSMEs to empower them with the essential knowledge and skills necessary to successfully access equity financing through the IGM.
The detailed analysis presented in the report will be instrumental in guiding efforts to enhance financial literacy, build trust, and ultimately unlock the full potential of Barbados’s financial sector.