Category: Business

Press Release: Manufacturers get support with labelling, product testing needs from exporTT

Press Release: Manufacturers get support with labelling, product testing needs from exporTT

On Friday 4th March, 2022, exporTT, the National Export Facilitation Organisation of Trinidad and Tobago, launched a new funding opportunity aimed at manufacturers.    

 

The Labelling and Product Testing Fund, a project of exporTT Ltd under the Export Booster Initiative (EBI), is designed to facilitate product testing, product and/or packaging modification and labelling redesign required to meet preferences and requirements in export markets.    

 

The fund is aimed at companies that: 

  • Have potential export orders and require testing of products to ensure target market standards are met  

  • Are seeking to enter new markets where packaging changes are required to meet the entry requirements 
  • Require testing for nutritional content and regulated substances such as, but not limited to, heavy metals and cadmium 
  • Need product modifications based on documented buyer or market requirements  
  • Require their product to undergo physical or formulation modifications in order to meet target market requirements based on buyer preference  

 

The fund will cover 75% of the cost of product testing, product modification, packaging modification and labelling redesign up to a ceiling of TT$80,000 per beneficiary.  


According to Crisen Maharaj, Manager of Capacity Building and Programme Funding, the Labelling and Product Testing Fund gives exporters that final push into securing sales for their products in a foreign market.  

 

“Many companies, after they have B2B meetings with prospective buyers, get potential sales but there would be minor requirements to be satisfied before they could actually finalise sales. For example, a buyer would say that the market does not accept bottles of a certain size packaging, or there may be particular colours that are not socially acceptable for products in a certain market. Companies can incur significant costs to make these changes, especially when dealing with multiple SKUs. This fund will help companies overcome these last set of hurdles in finalising a sale.” 


Businesses of all sizes are invited to apply for this funding, as, according to Maharaj, costs incurred by companies in order to meet some of the required standards and certifications for entry into certain markets can be especially prohibitive for Small and Medium-Sized Enterprises (SMEs). 

 

exporTT Ltd will be collaborating with the Trinidad and Tobago Manufacturers’ Association and EXIMBank, in the execution and implementation of this funding for eligible companies.  


Interested companies can find more information and apply to the fund by visiting exporTT Ltd’s website – https://exportt.co.tt/lptmf

Apply To The Fund Here
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Press Release - Aspiring exporters wanted for Export Incubator and Accelerator Programmes

Press Release - Aspiring exporters wanted for Export Incubator and Accelerator Programmes

Navigating the world of exporting can be a daunting task. Many companies consider exporting as the next step in their business plan, and have the potential to succeed as exporters, but need focused, tailored support in achieving their goals in the export arena.  

 

In response to this challenge, exporTT, the national export facilitation organization of Trinidad and Tobago, developed two programmes, similar in nature, but each targeting different companies based on their experience with exporting.  

 

The Export Incubator pilot programme, launched in August 2021, is designed to support businesses with no export experience, while the Export Accelerator, launched in July 2021 under the Export Booster Initiative, caters to companies with minimal export experience. In both programmes, exporTT works with companies to maximise their export capabilities.  


In the Export Incubator and Export Accelerator Programmes, participating companies benefit from in-market research, export training, one-on-one export coaching, export training and consultancy, development of their digital catalogue and company profile, business matchmaking and access to export financing from exporTT. 

 

Mandisa Granderson, exporTT’s Client Services Manager said: “The Incubator was borne out of the need to create new exporters. Through the pilot programme we learned even more about the unique needs of companies at this stage, took those learnings and used them to enhance our offering to companies this year. 

 

“In terms of the Export Accelerator, our first cohort has made great strides in their development to date. As a direct result of our interventions and the guidance provided by their coaches, companies have developed market penetration strategies, diversified product lines, expanded their digital marketing, seen an increase in orders and even entered new markets. We are still working and building but this progress tells us that we are doing something right. We are seeking another batch of companies that are similarly committed to their export growth so that we can exceed these results by the end of the programmes.” 

 

To be considered eligible to participate in either of the programmes, companies must meet the following criteria:  

  • Locally registered manufacturer 
  • Supplying major retailers for a minimum of 2 years 
  • Have sound financials and the ability to financially invest in exporting 
  • Have sufficient human resources (both management and staff) to dedicate to export focus 
  • Have excess production capacity to dedicate to exports 

Companies with no export experience will be eligible for the Export Incubator Programme, while companies with very little export experience will be considered under the Export Accelerator Programme.  

 

Among the companies who participated in the Export Incubator pilot programme were Bwana Business Incorporated, Montanos’ Chocolate Co., Happy Girls, Happy Curls Ltd. and Pascal’s Bakery.  


Participants in the first cohort of Export Accelerator included Trincarb, Twigs Naturals, Ice Connection Industries, Lifetime Solutions, Steel-framed Engineered Solutions, Caribbean Adhesives and Chemicals Ltd., Supplies in Paper Structure (SIPS), Fresh Start and Farm and Function.

Through their participation in the first cohorts of these programmes, a number of these companies have gone on to review and revise their logo and packaging, apply for necessary certifications, develop detailed export plans and strategies, made structural and process changes within their businesses to align with those export strategies, and gain buyer interest in new markets.  

 

Interested persons can find more information and apply to the Export Incubator Programme by visiting https://exportt.co.tt/export-incubator/ and to the Export Accelerator Programme by visiting https://exportt.co.tt/export_accelerator/. 


About exporTT Ltd  

exporTT is Trinidad and Tobago’s Official Export Facilitation Organization. Overseen by the Ministry of Trade and Industry, exporTT’s main aim is to boost both the dollar value of national non-energy exports and range of goods and services exported from Trinidad and Tobago. 

 

About the Export Booster Initiative  

The Export Booster Initiative was developed by the Ministry of Trade and Industry, in collaboration with exporTT Ltd and the Trinidad and Tobago Manufacturers’ Association (TTMA) in a strategic effort to counteract the impact of COVID-19 on the manufacturing sector. The Export Booster Initiative is geared towards developing overseas markets and promoting exports. 

The EBI consists of sixteen initiatives under three broad strategic areas, namely Export Promotion, Capacity Building and Institutional Strengthening. 

Apply to Export Incubator
Apply to Export Accelerator
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Meet the Facilitator: Kenika Espinosa

Meet the Facilitator: Kenika Espinosa

For close to three years, Kenika Espinosa has been a Research Officer in the Monitoring, Research and Evaluation Unit, of exporTT. In this role, Kenika has assisted dozens of exporters and potential exporters, in attaining market intelligence which has guided their business decisions.

She has led and guided no less than 5 Virtual Market Surveys with the aim of supporting Trinidad & Tobago exporters in expanding to new markets. Most recently, Kenika led a Virtual Market Survey to Atlanta, for which she, along with a consulting firm, met with distributors and agencies from Atlanta, New York and Florida, to gather key information including: seller requirements, taxes, pricing trends, barriers to trade and logistics.

Through the Identifying and Assessing Export Markets Programme, Kenika will demonstrate the use of online tools and databases, that will allow for more informed decision-making by local exporters and therefore expand their chances for success in new markets.

Kenika is a graduate of the University of the West Indies, St. Augustine campus with both a Bachelor of Science degree in International Relations and a Master’s Degree in Global Studies.

Register
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