Accelerating Regional Technology Companies
ICT firms seeking to access new markets and increased revenue requires finance, connection/ partnerships with global technology companies, access to resource, training, and mentorship. Technology-based firms demands capital to drive expansion. Regional technology firms encounter difficulty in accessing the venture capital necessary to operate at the global industry standard. Furthermore, there are limited angel investors available in the region to support the proliferation of technology firms regionally, moreover, the conventional financial system considers technology-operated firms as risky venture, thus creating additional difficulty in accessing finance within the industry.
The Caribbean ICT sector consists of micro, small and medium enterprises (MSMEs). MSMEs across the region have leveraged technology evolve from location-based marketplace to global marketplace. In spite of the COVID-19 pandemic, many Caribbean technology-based MSMEs thrived in industries varying from food to finance, data to delivery and education. However, notwithstanding technology-based firms’ ability to flourish within the pandemic, there are still hinderances that affect Caribbean ICT firms seeking to grow and expand their markets.
Caribbean Export has partnered with Tech Beach Retreat to implement a robust programme to accelerate Caribbean technology companies from June 1 to September 30, 2022.
INTRODUCTION TO TBR LAB: ACCELERATING DIGITAL TRANSFORMATION
Leveraging technology to solve problems at scale TechBeach Retreat is a powerful technology ecosystem that connects people and organizations positioning to evolve through technology, with the skills, resources, opportunities and leadership to help them solve big problems and accelerate their transformation.
A robust partnership with IDB Lab and the DMZ, the Vision of TBR Lab is to radically transform the digital landscape of the Caribbean and emerging markets. Our mission is to empower the emergence and proliferation of high-growth tech startups, as well as enable employees, SMEs, enterprise organizations and governments to leverage technology as a driver for their own success.
The overall objective of this project is to enhance the growth and offerings of the technology sector, to expand market expansion for established tech firms which will lead to increased exports by providing support, insight, and value to Caribbean technology firms, to accelerate new business activity through training and partnerships from global technology companies, increasing access to international and regional markets and to increase to visibility of CARIFORUM tech companies.
The specific objectives:
- Connecting MSMEs with investors and mentors, who together can drive innovation and entrepreneurship in the region.
- Plan and execute a series of events and programs to develop corporate partnerships for technology MSMEs.
- Build capacity of regional technology MSMEs. The increased access to international and regional markets and growth of technology firms through enhanced offerings. Increased visibility of CARIFORUM tech companies, Growth of technology sector, market expansion for established tech firms which will lead to increase exports.
For more information about this project please contact Cherise Trotman – Services Sector Development