Building Your Business and Attracting Foreign Investment The Story of 8

In many ways, Curaçao is a perfect place for entrepreneurs. Many would say that there are so many opportunities here just waiting to be seized. For many foreign, local, or returning entrepreneurs, Curaçao is a place where their dreams start becoming reality, after a lot of hard work, time and dedication. There is a melting pot of people to work with, a multilingual community, a steadily growing stream of tourists, and plenty holes in the market that need to be filled.
TEXT BY NEELAM MELWANI

Needless to say, like any country, there are also challenges involved in this, some that could hinder the success of a start-up or could scare away foreign investment, which might be key in building your business, given the small numbers on the island. To learn more about how to go about making your start-up dream a reality, and attracting the right kind of foreign investment, CBM interviewed Ms. Kimberly de Freitas, an American entrepreneur whose personal life brought her to Curaçao, where she is now director of 8, a local spa based in Coral Estates, on the west end of the island.

Making your dream a reality
For foreign investors, coming to an island of only 444 square kilometers with a population of 154,000 can be a culture shock. It is always surprising how everyone knows everyone, and how businesses are very much based on working with the people you know, and the people you know will deliver.

As an American, de Freitas acknowledged that she had taken one of the biggest risks of her life moving to Curaçao, but that she noticed very early on that Curaçao could be more than just a home for her future family; this could be the place where she started building her professional dreams. Very soon after moving here, de Freitas started a small salon on the second floor of what was mostly an empty shopping mall.

Through hear-say, her clientele grew, and she noticed that there was a demand for the services she offered and the work she was doing. Although she started small, her dreams were much bigger. De Freitas claims that her American heritage is part of what inspired her to achieve her dreams.

Dedication and Attracting Investment
One of the largest challenges facing start-ups in Curaçao today is the lack of numbers. De Freitas noted, “We literally need more people!
With foreign investment at play, the island will be able to attract the numbers we need to seize opportunities. This island is built on entrepreneurship and unless the young movers and shakers of our future are fed with the resources they need, this business-minded culture might be at risk.”

According to de Freitas, the most important thing with regard to attracting foreign investment is the link between preparation and opportunity. Before looking for investment (both locally and internationally), there is much work to be done to ensure that an idea is possible and plausible: study the island, understand the culture, and find a niche within an industry.

When the time comes to sit down with investors, an entrepreneur need to be sure that the investors buy into their dream. “I had to provide them with a vision, a plan, a budget and the confidence that I could build a successful company. Most importantly, they wanted to make sure I would put my ‘all’ into this project. I knew then that if I wanted my business to be a success, my answer had to be yes.” In the end, it is the amount of time, energy, conviction and dedication you are willing to put into to your company’s future that will determine its success.

Seeing as Curaçao is challenged with numbers, it is always important to think bigger than Curaçao. This is a small place where opportunities are born and nurtured, but when looking to attract foreign investment it is very important to have a global mindset – know what is most important to your audience and how to deliver just that. Remember that most investors are looking for a long term plan: not a one year strategy but a five or even ten year plan.

We never aim to meet expectations because we want to consistently exceed them

Thinking Out of the Box
De Freitas indicated how one of the most important parts of building her business was looking at finding a creative way to differentiate her business from other similar businesses on the island. She explained that the mission of the spa is so much more than providing excellent spa services. She claims that the success of a company is far more than simply the sum of its parts; it’s about a mentality: “We never aim to meet expectations because we want to consistently exceed them.” De Freitas notes that a successful business needs to have a clear vision as to what it wishes to achieve, and that doing business is as important as the passion that goes into it. In addition, de Freitas noted how important it is for a business to integrate into the community – it’s not about just being a business in Curaçao, it’s about playing a social role in Curaçao as well. For this reason, 8 organized “Celebrating Strength,” a two-sided event that focused on firstly, raising money for the local cancer foundations, Prinses Wilhemina Fonds and Sinta Ros, and secondly, on providing 15 women who were affected by breast cancer with a day at the spa. “Simply put, we want to be an exceptional member of this community that we are so proud to be a part of,” claims de Freitas.

Simply put, we want to be an exceptional member of this community that we are so proud to be a part of

Using Diversity to give your Business a Boost
Despite Curaçao’s small size, there are over 100 different nationalities living here together. “This was one of the most exciting things about doing business in Curaçao –the possibility to lead such a culturally diverse group of people,” said de Freitas. One of the things she has learned in the process is how to use cultural diversity as an advantage: use the cultural ideas around you to build bridges and strengthen your business ideas. Curaçao is a unique melting pot of people, cultures and languages, and there is so much to be learned every step of the way.

“The American Dream, and the promise that it carries with it, opportunity is ours for the taking, will continue to be the driver for any success I may have. It is what led me to the opportunity of bringing the ‘8’ Experience to the island.”

Overall, de Freitas was very pleased with the number of opportunities to do business in Curaçao and hopes that information can become more readily available, particularly the necessary information to build a start-up. Curaçao is a place for entrepreneurs, both local and international, and as we continue to foster a business friendly environment, look for ways to boost our economy, invest in our education and youth, and build solid private-public partnerships, the future is bright for entrepreneurs and foreign investors, alike!

Before attracting investment:
1. Study the island
2. Understand the culture
3. Find a niche within an industry
4. Focus on filling that specific need