Caribbean BETA 2011: PANEL: “How I Did It. Success Stories from Caribbean Tech Entrepreneurs”

After an enlightening Opening Keynote address by GuideWireGroup’s Michelle Messina Caribbean BETA continues with a panel discussion by some successful Caribbean Entrepreneurs entitled “How I Did It. Success Stories from Caribbean Tech Entrepreneurs”.

The Panelists included Alex Morrissey of JamaicansMusic a network that gives you everything you need to know about Jamaican Music. Herbert Samuel of Welectricity A social application that helps you to track and reduce your energy consumption online. Sandor Panton of Top5Jamaica A website that acts as a source of information about the best Jamaican web sites. Ranking The Top Five Jamaican websites by category and Moderator: Matthew McNaughton of the ./roots Developer Community.

The Panelists spoke about the stages of developing an idea: Inception, Product, Execution and Failure.

Inception:

Find a need and build your idea around it. Alex Morrissey suggests that even after you’ve already launched your product try to frequently come up with new ideas to keep your audience interested. Herbert Samuel advises new entrepreneurs not to be afraid to fail, it’s never too early to start talking about your idea, getting people’s opinions can only help you along your way to launching a successful business.

Sandor Panton adds that competition is inevitable so always try to stay on top of your competitors through in depth market research. One way to outdo the competition as Herbert Samuel suggests is to include new developments such as including the use of Social Media, as he has done with Welectricity.

The panelists also stressed the need for team building with moderator Matthew McNaughton stating that “The most important thing is building the team that builds the product”. Whether virtual, large or small new entrepreneurs should not make the mistake of thinking they can do it all alone.

Product:

“The Idea is the easy part, then comes the product. Developing a business model is the ultimate challenge, this is where the importance of having a team is stressed” – Herbert Samuel. Your product has little chance of blossoming into a business without having an effective business model. Funding is important in order to access the best tools to create as well as market your product. One of the easiest ways to encourage investors to support your product is by demonstrating that your idea is well thought out, to the very last detail.

Execution:

“Nothing beats product validation” – Matthew McNaughton. The Panelists advises that you socialize with other entrepreneurs, hear what they have to say about your product (whether good or bad) and develop a community of supporters. Do your research and marketing. Alex Morrissey shared his experience of journeying to Indonesia to speak face to face with what his research told him was one of the largest audiences seeking Jamaican Music who were also on Facebook. Marketing Research is key to getting your product off the ground.

Failure:

Failure is common among entrepreneurs (whether young or old). The panelists advised that you not get discouraged by failure, but rather use it as a learning experience that will guide you through your next idea and ultimately increase your potential for creating a successful product/business.

Up Next: Short break, followed by KEYNOTE: “How to Build a Digital City – that sparks startups, jobs and innovation” with Marc Canter, CEO of Digital City Mechanics.