Technology important

If the regional economy is to be transformed, technology must be incorporated, according to Daniel Best, Director of the Projects Department at the Caribbean Development Bank (CDB), as he delivered brief remarks during the Caribbean Tech Entrepreneurship Programme (CTEP) Stakeholder’s Summit and Launch, which was held at CDB yesterday morning.

Best stated that digital innovation had moved to the top of the agenda at the bank as they recognised the unique opportunity of growth, technology created for companies.

“We as an organisation, see that the use of technology offers a significant opportunity for borrowing member countries to punch above their weight, and in so doing transform our economic future through digital transformation that is both targeted and innovative,” he said.

He stated this was because they recognised that digital companies are able to scale up faster, at a cheaper cost.

He announced that the Bank was interested in providing support to projects that focused on the use of technology because of the opportunity inherent in increasing the resilience of Micro, Small and Medium Enterprises (MSMEs) in our member countries.

“The use of technology can also bring about innovation that is transformative, Micro, Small and Medium Enterprises have experienced innovation in positioning from using accessible technologies such a as social media to market their products and services, ecommerce platforms to host their sales presence and e-payment services to get paid,” he said.

“In this we are encouraged with the approach of CTEP, which focuses not simply on turning those who are already tech adept into entrepreneurs, but in helping those who are entrepreneurial to incorporate tech which could propel their business or business idea forward.”

Best believes that it is important to equip Caribbean entrepreneurs with the ability to spot opportunities in the business market, as it is to equip them with he technological skills to be able to capitalise on them.

As a result, CDB is already at work in the region, implementing projects which hone in on innovative solutions and use of technology to strengthen enterprises and create new ones.

He explained that technological entrepreneurs forced the business economic system to evolve. He added that these new business models can trigger change as systems worked to accommodate these new models, leading to changes in legislation, financial policies, lending instruments and our education system.