More than 60 per cent of the Caribbean’s population is under thirty, according to the Caribbean Development Bank (CDB). These young people represent a significant untapped resource for the region as financial challenges and other constraints prevent them from making the most of their skills and talents. With youth unemployment soaring and regional economies struggling, there is now a movement to greater engage the next generation.
Institutional support
With young people driving the future, regional institutions are keen to support them. The Organisation of Eastern Caribbean States (OECS) has a number of initiatives aimed at fostering and developing young business leaders. The most recent, the Virtual Export Accelerator, invited Caribbean youths aged 18-29 to participate in a four-month programme that provides coaching on business diagnostics, export development, technical assistance and buyer engagement. The scheme will incubate around 20 new businesses from September to December 2019, with an emphasis on agribusiness and manufacturing, the creative industries, green industries, health and wellness and IT.
The OECS has always recognised the importance of supporting young people in the region, as has the CDB which has provided more than US$1 billon for youth programmes over its nearly 50-year history. Now the Bank is taking it a step further, devising its first Youth Policy and Operational Strategy (YPOS) to help disburse youth-related investments into priority areas where the funds can have maximum impact. Following an extensive period of study and consultation, the CDB is currently finalising the details of the YPOS. Stakeholders met in Barbados in July to workshop recommendations and review the first draft, with the final document set to be officially unveiled by the end of the year.
Youth Business International (YBI) is a global network supporting entrepreneurs aged 18-35. YBI has five members in the Caribbean, and works with young people in Saint Lucia, Jamaica, Barbados, Anguilla, Trinidad & Tobago and Dominica. The group offers educational services, business mentoring and support as well as providing, or facilitating, financial support. “The idea behind our work is assisting young people to create employment for themselves and others in their communities, improving their economic position and contributing to the development of their communities and the region as a whole,” says Christina Kappaz, YBI Director for Latin America and Caribbean.
“YBI is supporting young entrepreneurs to start, grow and sustain their businesses, enabling them to create jobs, build communities and transform lives. We develop and scale the most effective solutions to critical challenges facing under-served young entrepreneurs and catalyse positive change in entrepreneurship culture. Locally rooted and locally led, our members combine deep contextual knowledge with YBI’s sector-leading expertise and tools.”
Help at home
Local support is available for Saint Lucia’s young people via the Saint Lucia Youth Business Trust (SLYBT), which was launched in November 2011 as an arm of the Saint Lucia Chamber of Commerce, Industry and Agriculture. Aimed at young people aged 18-35, the Trust’s mandate is to “foster the concept of self-employment and the spirit of enterprise”. Its activities reflect this goal with mentoring and networking events, training programmes and provision of start-up capital and marketing support services.
Youth unemployment in Saint Lucia and the wider Caribbean is staggeringly high. The regional average currently sits at around 25 per cent, according to the CDB, while Saint Lucia’s Central Statistics Office recorded 36.3 per cent youth unemployment last year.
The reasons for this are many and varied. Crime, lack of education, family constraints and social pressures are just a few of the obstacles today’s young people face. For some the answer lies in building their own businesses and creating their own jobs. YBI has been active in the field for over 20 years, and Kappaz says there has been a distinct shift towards self-employment in that time. “The younger generation sees entrepreneurship as a viable career choice. This means we have seen an increase in business start-ups and jobs created by SMEs. We are also seeing that young people in the Caribbean are paying close attention to global trends and have been using this knowledge to develop authentically Caribbean businesses.”
One sector where young businesspeople are making their talents known is agribusiness. As Caribbean nations face dwindling agrarian resources and intensifying climate events, this is one area that is ripe for innovation. Young farmers have been rising to the challenge, pushing the boundaries in hydroponics, aquaculture and ‘smart’ farming.
But even those with an innovative idea or a profitable pitch can find doors shut in their face due to lack of financial assistance, difficulties in securing credit and limited technical support. A great business idea is not enough, and it’s a long road from that idea to its execution. Today’s young entrepreneurs need a wealth of support streams if they are to contribute to building a sustainable economy.
“We in the Caribbean have very rich cultures, built around the concept of community. If we utilise this in the way we do business, we can transform the region. Our main challenge is confidence and seeing ourselves and our ideas as worthwhile,” says Kappaz. “We have spent millions on educating our people and it is important we reap the fruits of our investment and believe in ourselves.”
Kappaz believes realising the potential of Caribbean youth is a collaborative effort that will require strong and lasting partnerships, regionally, internationally and with those who have gone before. She says: “This generation has great opportunities to impact Caribbean economies and prospects. The future is bright and can be realised by working with previous generations, as mentors, to leverage their experiences and guide the process.”
