The Spotlight Award is given to those who demonstrate a keen understanding of emerging trends and turn those trends into a distinct advantage. This month we spotlight the secret jewel of the western hemisphere: Barbados. In this article, we detail how this innovative island nation of less than 300,000 has moved to a place of regional domination in the emerging innovation economy while diversifying to survive and thrive. Perhaps more impressive than their growth in patents filed, is that fact that the average number of patents filed per person in Barbados is three times that of the United States and just barely below that of Japan. Help is not far away for the innovative Barbadian. According to the 2008 year end report from BIDC, “The Innovation Support Programme continued to assist clients in realizing the commercial viability of their ideas.” While several of Barbados’s regional neighbors have fallen prone to sometimes unhealthy political and economic relationships, Barbados itself has remained strong and has avoided potentially negative alliances such as Petrol Caribe. Barbados also recognized the need to maintain their strengths in banking, manufacturing, and agriculture. Services as an industry is not ignored in Barbados and has produced a more than doubling of foreign investment. The final piece of the puzzle is leadership attitude. Barbados has enjoyed a series of leaders employing a command without control management style that is honest, transparent, and based in strong belief in the power of their people.
 
Consider the many capabilities of Barbados. Review your options carefully, then dive into those relationships that will benefit your business the most. Most importantly, learn from Barbados’s story. The potent combination of education, agility, modern leadership, and calculated growth are a lesson for every organization large and small. Just because you are smaller than your competitors does not mean you have to settle for a smaller piece of the pie. Organizations of all sizes can dominate their markets, and diversify to fantastic results.