Over the last 17 years and across 15 Caribbean Nations, the Caribbean tech ecosystem has gone through the typical ebb and flow that produces pain, reveals potential, and yields small yet significant wins along the way.
From vibrant start-up communities to a growing pool of tech talent, the Region is once again experiencing a tech flow state that is hard to ignore. We can call it a pandemic push that’s created an if-not-now-then-when energy or it could be the cumulative effects of years of on-the-ground leadership, the growth of entrepreneurial mindset driven by global internet and travel exposure, and some government and development agency intervention. I believe it’s a combination of things, that’s making Caribbean Tech “kinda sexy” right now.
Having been in the tech ecosystem building game for 16 years myself, here’s what I know for sure plus what I’m seeing right now.
1. From the Bottom Up: Building a Thriving Community
At the heart of any successful tech ecosystem is a strong and supportive community and in the Caribbean, there are a bunch of micro-communities that are centered around tech sub-sectors, trends, and gender. Caribbean tech community leaders have been kickstarting, connecting, and fostering collaboration among startups and tech talent and the people and organizations built to support them.
Through conferences, meetups, and advocacy efforts, these leaders also lobby for better infrastructure and policies that incentivize innovation and investments.
These leaders who tend to be entrepreneurs themselves also initiate projects that encourage research and development, seek to influence changes in training and curriculum at educational institutions to expand the talent pool, and encourage established businesses to partner with startups, providing initial product validation and market access. Additionally, they are passionate about sharing success stories and lessons learned in industry media, inspiring others to learn and leverage tech to solve our problems and join the tech movement
Much of what is happening across the Caribbean Tech Scene can be attributed to the leadership of ecosystem-building pioneers and newbies. Key pioneers (10 years and more) in the Caribbean tech Ecosystem: such as Selwyn Cambridge at TenHabitat(Barbados), Telly Oonu at Inova Foundation (St Kitts), Matthew McNaughton at SlashRoots (Jamaica), Sandra Glasgow formerly Technology Innovation Center and now First Angels ( Jamaica), Sandra Cassanova (Martinique), Betty Fausta at Startup Guadeoloupe, Marc Alain Boucicault at Banj (Haiti) Christine Mtim at Haiti Tech Summit, Keron Bascombe at Tech4agri ( Trinidad) and Gerard Thomas at Launch Rockit ( Trinidad)
Along with newcomers who’ve been at it under 7 years – Kirk Hamilton and Kyle Maloney and at TechBeach Retreat ( Jamaica) like Mark Periera at Zed Labs (Trinidad) and P. Jillian Bethel and Daviina Bain at Crypto Isle ( Bahamas) Stefen Deleveaux at Caribbean Blockchain Alliance ( Bahamas), Al Kieron Wright of Crypto Caribbean ( Trinidad), Janique-ka John and Jody Simpson of Women in Tech Caribbean (Barbados and Jamaica), ANdrea DEmpster Chung of Kingston Creative ( Jamaica) and Adric Walter at Curacao Meetups and Luuk Weber, Jash Mirpuri and Leo Chapman at Kolektivo ( Curacao) and Sébastien CELESTINE at Entrepreneurs of Greatness in Guadeloupe.
Building a successful and impactful Caribbean Tech Ecosystem is a Team Sport.
In short, building a successful and impactful Caribbean tech ecosystem is a team sport and all have been playing pivotal roles in what the Future of Caribbean Tech and Business will look it.
2. They Scoutin’ fo’ Deals
Caribbean and Global and Diaspora investors especially are increasingly recognising the untapped opportunities in Caribbean Tech. They are looking beyond the beach and exploring investment opportunities in the thriving tech sector- especially in Climate Tech, Green Tech, Agritech, Fintech, SaaS, Edutech, and Createtech.
Additionally, the rising new monied, pro-risk angel investor class coupled with accelerator and investor programmes like Techstars are playing a significant role in connecting Caribbean startups to capital, global markets, and knowledge. The next 3-5 years look good for growth and innovation.
3. Resilience Looks Good On Yah!
Entrepreneurship is a journey, and Caribbean entrepreneurs have embraced the process of starting, failing, learning, and evolving. This willingness to adapt and grow has contributed to the resilience and creativity seen in the region’s tech ecosystem. They are solving all sorts of problems.
4. Getting That Money!
Access to capital has been a game-changer in the Caribbean tech scene and yes more can be done. Yet in Jamaica, for example, access to capital has literally changed the face of business and reduced the dominance of a few established family businesses that used to have a 70% chokehold on the national GDP. Because more entrepreneurs have had access to capital, that number is to now just 32% and trending down*. Additionally, more early-stage and SME-focused Funds are being formed by local, Caribbean, Diaspora US and UK, and American entrepreneurs and investors.
A more diverse entrepreneurship, job creation, and wealth space has been emerging
Further, Caribbean Tech Entrepreneurs have been learning and leveraging alternative sources of capital: crowdfunding, customer engagements, private equity, stock exchange listing, loans, insurance, and technology strategies.
5. It’s About Damn Time
Caribbean nations that have embraced tech innovation and entrepreneurship are ahead of the curve and English, Spanish, French, and Dutch-speaking Caribbean nations are all at different stages of their tech ecosystem development.
Those that are evolving rapidly are the ones that have passionate long-game thinking tech community and business leaders, diverse funding resources, favorable tax and investment policies, and a growing innovation mindset leading the pack. Jamaica, the Bahamas, Barbados, Trinidad, and St. Kitts are among the standout nations in the Caribbean tech landscape.
Based on what I’ve been seeing these last two years I believe the Caribbean Tech Ecosystem is in another flow state, regardless of the narrative of investor doom and gloom globally lately. The fact is entrepreneurs are using constraints to innovate, get customers, and make and raise money differently, choosing profit over all-or-nothing growth. And smarter investors who are seeking deals in different places are rising up to meet them.
#AlwaysBullish