Entrepreneurs urged to explore opportunities in O&G support sectors

Guyanese entrepreneurs are being urged to ‘think outside the box’ and explore business opportunities in oil and gas-related sectors.

The call was made by Dominique Fernandes of John Fernandes Limited during a panel discussion at the recently concluded Local Content Summit at the Marriott Hotel, titled ‘Consortia and Joint Ventures – Navigating the Complexities.’

She was responding to a question posed by an attendee who sought advice on how to grow her business through relevant partnerships.

“Well, the first thing you need to do is find the sector that you want to serve – and it doesn’t have to be oil and gas. I find that Guyanese nowadays feel like the only opportunities we have are in oil and gas,” Fernandes said.

“There are so many sectors that support oil and gas – agriculture, hotels… All these people who are coming in need somewhere to stay. You can try partnering with hotels. Find a sector where your innovative idea can meet a need, and then go from there. Who already exists in this sector? Who’s willing to partner with you? We’re limiting ourselves, because I hear all the time Guyanese saying, ‘I want to make oil money,’ ‘I want to study logistics because I want to work in oil and gas,’ but oil and gas is not the only opportunity,” she continued.

“So, don’t limit your innovative ideas to just oil and gas. See which sectors can support your long-term business goals and, from there, look for partners who are willing to invest in what you do. See how you can replicate a successful model here in Guyana and make it work for your local business,” Fernandes advised.

Similar sentiments were echoed by Dr Surendra Persaud, a representative of Caribbean Surgeries, who encouraged attendees to set long-term goals when developing their businesses.

“To echo that, I generally ask people where they see themselves five years from today. Is it that you want to have twenty locations, thirty locations? What is your trajectory? And that is going to drive the conversation. Is it finance you need? Is it someone to help with the nuance of the business itself? I think that drives your decision,” he related.

The Local Content Summit provided a platform for meaningful discussions among key stakeholders, including the private sector, regulatory bodies, educators, vendors, suppliers, investors, industry experts, policymakers, and more.