Bajan businesses receive venture capital funds

Two keen young boys showed attendees at BBEC's November 2009 launch how to play the EeZee Kricket board game.
Two keen young boys showed attendees at BBEC's November 2009 launch how to play the EeZee Kricket board game.

BRIDGETOWN, Barbados – Five businesses are well on their way to building the Barbadian economy. The Barbados Entrepreneurs’ Venture Capital Fund has just approved funding for five of its pilot projects.
 
Charting the course for the new wave of sunrise industries are Annalee Davis Inc., Movementunes, Caribbean Streaming Network, Went Caribbean, and Eezee Kricket Inc.

“The beauty of this process is that entrepreneurs are never exposed financially, all we ask them to do is diligently pursue the expansion of their enterprises, with the help of the shepherding process, until they reach the size where they can afford to buy-back the Fund’s shares,” said Dr. Basil Springer, Project Manager for Barbados Business Enterprise Corp. (BBEC), the company that manages the Fund.
 
The new businesses are a testament to Barbados’ potential in several emerging sectors. Annalee Davis Inc. is an art management company that manages the contemporary art line Annalee Davis and the commercial line Manipura. Movementunes offers socially positive content from world class artistes for download on its website. Both are examples of the opportunities available in Barbados’ Creative Services sector.
 
Caribbean Streaming Network is an example of the exciting possibilities in the ICT sector. It uses streaming technology to offer rich online media content in the form of music videos, concerts, festivals and music. It provides services such as live webcasts, streaming of audio and video content, and real time traffic reports.   
 

Founder of Went Caribbean, Derek Went, is all smiles on the night of BBEC's launch as patrons enjoyed his delicious food, seasoned with his very own Wentworx spices.
Founder of Went Caribbean, Derek Went, is all smiles on the night of BBEC's launch as patrons enjoyed his delicious food, seasoned with his very own Wentworx spices.

Went Caribbean showcases the potential in the health and wellness sector. The company produces Wentworx, an aromatic blend of natural herbs and spices that are free from MSG, sugar, salt, preservatives and any other food additives. Representing the educational sector is EeZee Kricket Inc., an innovative, challenging and international award-winning cricket trivia board game.
 
Movementunes, Went Caribbean and EeZee Kricket Inc. were approved for funding in December 2009, while Caribbean Streaming Network and Annalee Davis Inc. gained approval in February 2010. All the entrepreneurs were appreciative of the CBET Shepherding model, indicating the positive impact the shepherding process has had on the successful development of their businesses.
 
“As entrepreneurs with a vision, it has been invaluable to us to have at our disposal the experience and guidance of a Shepherd. The process we have gone through with BBEC has taken us to another level of organization and helped us to refine our business model. The benefits have gone beyond mere financing,” agreed Adrian Green, one the principals of Movementunes.
 
About Barbados Business Enterprise Corp.
Barbados Business Enterprise Corp. (BBEC) is a public/private sector partnership with the Caribbean Business Enterprise Trust (CBET) Inc. BBEC manages the Barbados Revolving Seed Capital Fund and the Barbados Entrepreneurs’ Venture Capital Fund. BBEC is a virtual organization that focuses on promoting economic development in Barbados. The trustees of BBEC are respected Barbadian business and development experts, Sir Neville Nicholls (Chairman), Sir Stephen Emtage, Peter Boos and Hazel Highland.

For further information, visit www.bimventures.com

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