The State of Tech Start-ups in the Caribbean
When you think of the Caribbean, what ideas come to mind? For many, their minds fill with picturesque view of the ocean, dotted with greenery and colourful flora everywhere they look. Although the Caribbean is known for its sheer beauty and lively energy, the tech landscape is worth actively discussing
In 2018, the Jamaica Observer reported on the Inter-American Development Bank (IDB) plans to collect “proposals that will reward the most disruptive ventures in Latin America and the Caribbean that are using innovation to improve lives.” One of the calls sent out was for proposals for new technologies, including innovations in blockchain, the internet of things (IoT), machine learning, robotics, artificial intelligence (AI), and 3D printing, with recipient start-ups receiving the opportunity to participate in their Demand Solutions Chile event.
Amidst all this excitement, it’s important to note that the Caribbean’s dedication to creating innovative technologies is not new. Since the mid 1990s, the Caribbean has created engaging IT advancements, especially in internet technologies. Now, investments from the IDB and other similar organisations are allowing tech start-ups in the Caribbean to think big and dedicate time to major innovations and tech research.
What Type of Tech is the Caribbean Creating?
The types of technology that countries throughout the Caribbean are looking to invest in and create are like other places around the globe: disruptive technology. According to Techopedia, disruptive technology is “any enhanced or completely new technology that replaces and disrupts an existing technology, rendering it obsolete. It is designed to succeed similar technology that is already in use.”
In a piece published by The Gleaner, David Jessop shares the types of disruptive, new, and innovative technology that the Caribbean may be looking towards investing in, including:
3D Printing: 3D printing is a technical process that unites hardware and software to create physical objects from 3D models using a 3D printer. These specialised printers work to develop multiple layers of the necessary material to create the physical object to spec.
Bitcoin: Bitcoin is a type of digital decentralised cryptocurrency that is purchased and used online, removing the need for transactions through banks or other traditional mediums. Bitcoin cryptocurrency uses blockchain technology for secure operations, with a network of nodes checking the accuracy of transactions as they are made.
Big data: Big data is just that: big. This type of data is highly valued in the IT and business realms, as consumer behaviour data can reveal the trends, habits, and patterns that impact the economy on both a local and global scale.
As Caribbean and international nations move forward with their investment in the tech sector, we can expect both innovative ideas and growth coming out of the region. In fact, Haiti was chosen by the Global Startup Ecosystem to host the Haiti Tech Summit. The Global Startup Ecosystem is “the world’s largest ecosystem accelerator,” and the Haiti Tech Summit is part of its 13-year initiative. The Haiti Tech Summit seeks out the best of the best in the innovation sector to transform the startup economy in this country with a strong emerging market.
The Caribbean is made up of emerging economic markets with the potential for creating impactful global change. Whether you’re a tech entrepreneur or business owner, the Caribbean will be an exciting market to continue watching in 2019 and beyond.