A top academic leader from the University of the West Indies (UWI) has highlighted a critical gap in Caribbean entrepreneurship, warning that most small businesses in Barbados are launched out of unemployment and necessity rather than intentional, long-term strategic planning. Pro Vice-Chancellor Professor Canute Thompson made these remarks during a formal donation ceremony, where the Barbados Investment and Development Corporation (BIDC) — operating under its Export Barbados brand — contributed a $5,000 USD grant to support the upcoming UWI International Undergraduate Students’ Leadership Conference and Entrepreneurship Exhibition. The three-day event, scheduled to take place from September 23 to 25 in Kingston, Jamaica, aims to reshape how emerging young entrepreneurs across the region approach business building.
Professor Thompson opened his address by emphasizing the outsized role of Micro, Small and Medium Enterprises (MSMEs) in the Caribbean economy, noting that consistent regional data places MSMEs as between 70% and 85% of all active business operations across Caribbean nations. With most new student-led ventures expected to fall into the MSME category, Thompson stressed that collaborations between established regional development bodies like BIDC and academic institutions such as UWI are foundational to scaling sustainable entrepreneurship across the Caribbean community. Aligning with the Barbados government’s regional development mandate, he added that MSME founders from across the Caribbean can access targeted intellectual and practical support from BIDC to grow their operations beyond local borders.
Unlike many one-off industry events, Thompson clarified that the UWI entrepreneurship conference is a permanent biennial initiative created to give emerging student founders a structured space to refine their business models, connect with industry mentors and peer networks, and identify actionable pathways to scale their ventures. He noted that the core mission of Export Barbados — to expand regional trade and support competitive local businesses — aligns perfectly with the conference’s goal of nurturing a new generation of intentional entrepreneurs.
However, Professor Thompson drew attention to a persistent, problematic trend in Caribbean small business ecosystems: many graduates turn to entrepreneurship not as a deliberate career choice, but as a last-resort survival mechanism when formal employment opportunities are unavailable. He explained that structural barriers to entry for formal work push many aspiring entrepreneurs into a survival-mode mindset that limits growth potential. “When someone starts a business only because they cannot find traditional employment, that foundation is rooted in necessity, not a clear strategic vision for long-term expansion,” Thompson explained. This mindset, he added, keeps most small businesses trapped at a micro, local level, unable to expand into regional or international markets.
The conference directly addresses this gap by working to reframe entrepreneurship as a deliberate, aspirational career path rather than a fallback option. Organizers aim to encourage students to build scalable businesses that can trade across Caribbean borders and beyond, moving beyond the small, survival-focused operations that dominate the current small business landscape. Thompson concluded by outlining UWI’s evolving institutional goal: to transform the university into a hub of job creation, where students are empowered to pursue bold, innovative initiatives and leverage their creativity to build sustainable, impactful businesses that drive regional economic growth.