As companies struggle to survive amidst the COVID pandemic, a host of Caribbean technology businesses are poised to benefit from a major boost which will spur their further growth and scaling potential.
The Tech Beach Retreat Lab has been designed to leverage global networks and resources to accelerate digital transformation in the Caribbean. The US$4 million program has been seeded with US$1 million from the Inter American Development Bank.
IDB Lab has forged a technical cooperation agreement with TechBeach Retreat to accelerate 200 tech-driven businesses with mentorship, technology services, networks, and connections to enterprise opportunities and investors. To further support the technology ecosystem; the initiative will connect 1,000 regional technology entrepreneurs to a global community of technology experts and train more than 80 persons from the Caribbean corporate community to undertake corporate innovation program. Tech businesses participating in the 3-year programme will be drawn from Jamaica, Trinidad and Tobago, Barbados and the Bahamas.
Therese Turner-Jones, IDB Jamaica Country Representative and General Manager for the Caribbean Country Group noted that the initiative comes at a time when the Caribbean is generally recognized as a challenging place to start and operate a business especially technology businesses, which represent a potentially high growth sector. “While many countries have attempted to bridge the digital gap, existing policies, workforce and infrastructure in the region remain deficient. The regional private sector is at a competitive disadvantage as they continue to operate in a relatively low-tech, high cost environment, which is constraining growth potential and economic prosperity. Cutting edge technology will be essential to navigating the new normal and the delivery of products and services. It will also make businesses more efficient, cost effective, productive and profitable.” Turner-Jones stated.
Kirk-Anthony Hamilton, Co-Founder of TechBeach shared, “We have built our brand on a simple premise, connecting the best in tech in the world with the best in the Caribbean. We’ve proudly partnered with the IDB over the last two years to drive this mission and we’re excited about this evolution in our relationship. Tech entrepreneurs in the region often struggle because they lack access to resources to help them succeed. They’re competing against entrepreneurs who operate within layered ecosystems that facilitate growth at varying levels through knowledge exchange, funding, policy, mentorship and partnerships. We are working with global partners to build an accelerator program alongside our conferences to offer regional entrepreneurs a more level playing field and access to the tools, services and people they require to thrive.”
Terry -Ann Segree IDB Lab Private Finance Operations Senior Specialist noted that the region has had a modest record of successful home-grown tech companies. “This partnership with TechBeach Retreat is another great opportunity to provide regional technology entrepreneurs with access to a world class technology acceleration programme, as well as benefit from insights from leading international technology professionals and industry leaders. We look forward to the innovative solutions that our tech entrepreneurs will develop and their demonstrable ability to deliver to large corporate clients.”
About TechBeach Retreat Inc
TechBeach Retreat is a Powerful Technology Ecosystem. It 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. Their platforms offer a multi-layered solution designed on pillars of community (TBR Summits), education (TBR Lab), market data (TBR Intelligence), partnerships and investment (Venture Island).
About IDB Lab
IDB Lab mobilizes financing, knowledge, and connections to catalyse innovation for inclusion in Latin America and the Caribbean. It supports innovative projects and early stage ventures with a potential to generate impact on a large scale. It also promotes innovation and entrepreneurship ecosystems. The Lab systematizes and disseminates knowledge to connect ideas and scale their impact.
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