- NEWSDAY.CO.TT - A la Une - 10/Jul 07:13

Failing forward: Lessons leading a future of innovation

STARTING over from three failed businesses at 60 years old is what took Harland Sanders from serving home-cooked chicken at a service station to founding a restaurant chain – KFC – that would generate $6 billion in gross profit in 2024. Every business strives for that level of growth, but the road to success is often paved with failures, something that Peter Cavendish, ambassador of the European Union (EU) delegation to Trinidad and Tobago, said should be learned from rather than avoided. Cavendish was speaking at the grant awards ceremony for Cariri's Shaping the Future of Innovation programme held at Hyatt Regency, Port of Spain, on June 25. The programme provided grant funding to support the projects of private sector organisations while also facilitating industry and academic networking. With up to US$75,000 granted to winners, the programme, held in collaboration with the EU, the Ministry of Planning, Economic Affairs and Development, and the Inter-American Development Bank (IDB), provides an opportunity for funding and mentorship. [caption id="attachment_1165598" align="alignnone" width="1024"] Peter Cavendish, ambassador of EU delegation to TT. -[/caption] But it is not easy, the winners of the first four calls reflected on the ups and downs of the programme that required them to submit highly detailed business proposals to the grant’s facilitators. Winner of call four, Joel Joseph, reflected on the programme's challenges and how failure in the first three calls helped his business transform from an app meant for data collection to a network for entrepreneurs called Grape Vine. "It was a lot. Especially as entrepreneurs, we all experience it; we have tons of things that we are doing. We’re not just doing the strategy, we’re also running the business, we’re delivering, we’re marketers, content creators, we’re everything in the business and this is something that comes up a lot in talking with small businesses." Despite completing the simple concert note, which collected information on the business and the proposed innovative project, Joseph said the following financial proposal which detailed the company's business plan and cost budget, key project deliverables, profit and loss projections and a list of fully financed investments, was a major challenge. Call one winner and LivHealth CEO Chelsea Garcia agreed it required a level of detail that was often overwhelming. LivHealth is an expansion of LivHealth Home – a palliative community service providing specialised care to people with chronic or life-limiting illnesses. "It (the programme) opened the door to a world that I was unaware of. It allowed me to really sit down with my thoughts and project my business and think about how I could impact the most lives and make sure it's a success." She said some businesses fail not because of a bad product or a lack of innovation, but because of being pushed through that phase of growth. Joseph said that although not being successful in the first three calls hit him to his core, he was able to learn from the experience, finally receiving the grant funding in February. "I was able to use what I learned, where the missteps were. There were a few things I needed to work on like clarity in terms of how I shared my vision and my dream and also refining the product so that the evaluators understand the message and dream that I had." Joseph said failure is part of the course. "Being an entrepreneur, we have that experience ongoing, but having gone through the process, it’s been really instrumental in shaping my business. "I’ve shifted my mindset from me and my business to – how we can impact the community, individuals and businesses? "Initially, we were thinking how can we could make a profit off of these businesses and now it's more about how we can serve these businesses so we can all make a profit." [caption id="attachment_1165597" align="alignnone" width="1024"] Misty Hamid, left, owner of Kidavo Creations and author of My Tropical ABCs speaks with Hayden Ferreira, chairman of Cariri on June 25 at the Hyatt Regency, Port of Spain. - Photo by Faith Ayoung[/caption] Garcia said despite the closing of LivHealth’s innovation project, she still goes back to the spreadsheets she made during the programme. "Looking back, it takes time to innovate. You have an idea, you pilot and then you adapt and refine and it (the programme) allows you to really have all that laid out for you. "I think it’s one of the most instrumental components beyond the funding. And even for those that don’t win and aren’t accepted into the innovation challenge, even that in itself gives those companies a success." With the grant funding, LivHealth was able to save 15,000 patients from being hospitalised in 2024 after it quadrupled its capacity. "We were also able to expand geographically to be able to give access to those that couldn’t access it at all." Call three winner Brendan Sirju of Caribbean Bottlers Every Bottle Back (EBB) recycling project, said the programme pushed the team to think bigger than the local context that the company was founded on in 2022. "Going forward in 2025 to the international market, we adopted everything that this application showed us and the way of thinking." The grant funding allowed EBB to purchase a baling machine which resulted in 300 metric tonnes of PET (polyethylene terephthalate) being exported to Latin America. Founder of ARI's, which features a line of locally-made, culturally-inspired jams said the project even helped her refine her recruitment process, positively impacting her business and product. "It made me align the goals with the individuals that we were hiring and it made the process a lot easier and more effective. "We did end up sourcing high-quality products at a better price which not only improved our product but also our margin. We probably would have spent a lot more on something that would not have given us the outcome we were able to negotiate a lot better. "The process minimised waste and helped us to establish a more professional, auditable workflow." The Ministry of Planning, Economic Affairs and Development permanent secretary Satee Boodoo said the programme, and ones like it, were crucial as innovation becomes even more important amid TT’s economic challenges. "For too long we have been dependent on our traditional energy sector as the main driver of growth. These resources have served us very well, but the global landscape is changing and we must diversify to be able to survive and compete. "Diversification in this sense is not just a buzzword; it’s imperative for sustainable growth and at the heart of diversification lies the vibrant ecosystem of innovation and entrepreneurship." Boodoo said diversification is a top priority for the ministry. Cariri CEO Hans-Eric Schulz said the success of the programme was economically empowering. "And beyond economics, they build hope and resilience in our communities, inspire others to take risks and embody the creativity of our nation." Schulz acknowledged past recipients whose booths were on display at the event, including UWI Cocoa Research Centre, Mariposa Enterprises Ltd, Ronblock Industries 2017 Ltd and VetiverTT Ecological Engineering Solutions Ltd. "Behind every innovation is a story of determination, sleepless nights, complex iterations and a drive to make things better. "All the grant recipients present today exemplify this spirit, they remind us that innovation doesn’t only happen in large labs or boardrooms, it starts in small spaces with big dreams."   The post Failing forward: Lessons leading a future of innovation appeared first on Trinidad and Tobago Newsday.