Top 3 reasons why Caribbean Tech Startups launch then stagnate

At Kingston Beta last night, a bunch of us were discussing as ot what were teh chief reasons for many Caribbean startups in the Tech/Internet/Mobile space startup then stagnate.
The group agreed on these top 3:
1. Lack of funds
While it is easier and quicker to startup using blogs, free and open source software,cheap hosting etc.
It’s the growth period that makes the difference between winners and losers. Alot of Caribbean dotcoms die on the vine soon after because they don’t have the cash (loans, venture/angel capital) to continue.
2. Politics- the old guard reinforcing the status quo
This one brought the most groans and grunts especially from Jamaican entrepreneurs and programmers who were pretty much frustrated by the seeming collusion of traditional big guys in the market to hold consumers at ransom until they were ready or able to directly benefit from the release of a product or service. The major sorepoint was the lack of ecommerce activity in Jamaica and the Caribbean. The dream of Paypal opening up in the Caribbean.
The rumours abound of a solution in the works from big bank brand National Commercial Bank (NCB) and Paymaster.

3. Lack of information and confidence in the Caribbean and Caribbean Diaspora market Few take the time to understand the nature and revenue potential of the Caribbean regional and Diaspora markets.
Any others?

If you liked this post, why not Subscribe and get Silicon Caribe Today by Email