March 23, 2019
As we are serious about continuous improvement, the six programs that comprise the Korpodeko Incentive Programs (KIP) are currently being reviewed and improved. We started the KIP programs, which rely heavily on partnerships with third parties, to bring you affordable solutions within reach of the small and medium-sized entrepreneurs. So far, we have brought them to entrepreneurs as pilots and in 2019 we will roll them out fully.
The Korpodeko Incentive Program, (KIP), consists of six products and programs that
- KIP – Helping Hands
- KIP – WWW
- KIP – BAB
- KIP – GREEN
- KIP – SIB
- KIP – Right-to-the-door
1. KIP SIB – Sustainability in Business
This program is conducted with the partnership and support of BPM, (Bedrijven Platform Milieu). It is great for companies who want to get an official certification and improve their competitive advantage on the market by positioning themselves as a sustainable company.
Having a mentor who can guide you through the certification process increases your success rate and avoids unnecessary mistakes and delays. This counts particularly for the tourism sector, where environmental sustainability and certification is imperative to your bottom line. A hotel certified as environmentally sustainable is far more likely to attract and sustain its targeted clients.
2. KIP RTD – Right-to-the-Door
Online selling may sound like the easiest way to tackle new and larger markets, but the ins and outs of selling online make it important to have the right infrastructure, platforms, and other conditions that need to be in place for a successful online sales point. Isidora explains that, contrary to the other KIP products, KIP RTD is still in its developmental stage and has both a program and a product component to it. Korpodeko aims to lower the threshold for companies to sell their products online. This will potentially change the SME’s way of doing business on the island. When our people can sell their art, handmade products, and the like online, the bigger potential target market will potentially lower the risk of starting the business. In the near future, it should be easy to sit at home and sell your products online to the neighbour down the road,” says Isidora. Korpodeko works with a list of implementers, and currently, C-Post is Korpodeko’s main partner in this. Meanwhile, conversations with other partners are ongoing.
3. KIP WWW – Social Media Awareness
Digital presence has fast become indispensable and new companies are sometimes at a loss while trying to find what works on their own, and how. Isidora believes in the power of improving digital presence effectiveness, saying: “The way the economy operates nowadays, if you don’t have a website and you’re not on the right social media platform like Facebook, your business practically doesn’t exist. It won’t be long before we add to this that if you don’t have an App you don’t exist either.” Having these online gateways to reach your company is vital to the survival of any small and medium-sized business. Korpodeko’s KIP WWW provides support and financing to establish a suitable online presence by getting your own company website, becoming skilled in social media management or rather opting to outsource it.
4. KIP BAB – Administration and Tax Compliance
Not surprisingly, a substantial number of small and medium-sized businesses does not have an appropriate bookkeeping system in place. Many entrepreneurs start out with a strong understanding of their product or service and focus on that, while their lack of financial insight is alarming. As a consequence, they are often unaware of how their business is truly performing. They frequently end up making unnecessary tax debts and costs that could have been avoided with proper insight and interpretation of their financial figures and forms. We are all too familiar with the ‘Areglo di Pago’ (an arrangement that the tax office allows you to pay off your accumulated tax debt in instalments), but we are best served by putting our energy in creating a good system to avoid debts and penalties.
For this program, Korpodeko partners up with BAB (Stichting Belasting Accountants Bureau). During your first year, BAB will support you in setting up your financial systems at no charge and in the second year, the SME will have to find an administration company to do its bookkeeping. If it stays in this program for the full two years, Korpodeko will provide a loan discount. The peace of mind and insight into the companies’ dealings is priceless.
5. KIP Green
KIP Green is a product that offers to finance to any type of business using recycled water, wind energy, solar energy and any other type of environmentally friendly solution. Reducing the use of fossil fuels is key here. Our partner in this is: BPM (Bedrijven Platform Milieu) Korpodeko is flexible in the application of the green initiative, going as far as to consider setting up solar panels on a building that you are renting. The 5% loan will make it attractive for SME’s to consider switching to a green alternative.
6. KIP Helping Hands
SME’s as a catalyst for young entrepreneurship? Yes, if this is a win-win situation.
Many small and medium business owners struggle with a lack of time to dedicate to master or handle all that is required to run their business. In its initial stages, the company will not be making enough money yet to be able to hire consultants or temporary help. To meet this demand for its clients, Korpodeko is partnering up with UoC (University of Curaçao). This partnership will enable its SME’s to pair up with 3rd-year students who can use work experience as credits towards their curriculum and get a first-hand view at the core of a business. Isidora: “If they don’t catch the entrepreneurial bug, at least they will know that entrepreneurship is not for them. This is creating a more empowered entrepreneurship culture in Curaçao.” Meanwhile, the student will have worked for 3 months helping the SME conquer a difficult period. The much-needed assistance has helped the entrepreneur overcome a critical moment in his or her business.