4 Trends Transforming the face and culture of Caribbean Business

This is an edited and shorter version of the keynote that I gave at the Dell Caribbean Event last month.

I’ve been keenly observing the top trends that have been transforming Caribbean business and by default – the way we live, work and play in the Region.

These trends we know are being driven by changed consumer behaviour, the actions of entrepreneurs and this beautiful thing called the Internet and the various devices and tools that are connected to it. These trends were manifesting before Covid and now, because of Covid.

Now, as the founder of SiliconCaribe – the technology media and event company, we’ve been tracking the rise of the Caribbean Digital Economy since 2007 and been providing Caribbean Startup, technology news, and information to entrepreneurs, executives, and creatives in the Caribbean and to over 50 countries around the world through DowJones and other partners. We’ve been doing that through our blog, our growing podcast network, annual lists, and over 300 events we’ve done in the region and diaspora. 

So we’ve seen a lot of ebbs and flow along our journey of chronicling the rise of Digital Caribbean.

Before Covid…

Caribbean Nations were already positioning themselves to be leaders in industries they want to be known for globally and in sectors, they believe are aligned with who they uniquely are and what they think would be best for them in this ever-evolving Global Digital Economy.

Because of Covid

These last 18 months…and those changes in consumer behaviour, the inspired actions by entrepreneurs, and the fact that many more of us individuals and companies have been spending more time online…things have accelerated, been disrupted and pivot is now a word most of us have grown tired of hearing but has become a survive-and-thrive strategy for individuals and businesses.

Let me give you a few examples.

Barbados – seems to want to be dominant in the Blockchain/Digital Currency and Remote Workspaces. They took unpopular and risky decisions early. And companies like Bitt, an early-to-market startup that has provided knowledge and access to cryptocurrencies in emerging markets. 

Then we have Remote Work Barbados that is a concierge service that makes it easy for ex-pats, digital nomads, and remote works to relocate and settle with ease there.

Guadeloupe – is leveraging its knowledge transfer and investor capital connection with France, as it seems to focus on the transport, logistics, and mobility spaces. The rise of new corporate accelerators and events have been indicating this. 

Trinidad and Tobago is innovating cryptocurrency systems and applications that have been surprising many. There is a vibrant and strong community growing there that has been finding workarounds to learning, investing, and even cashing out their investments in a landscape that is USD starved. Port of Spain development shops is doing producing some very products things.

Jamaica wants to leverage its global cultural influence to be dominant in the Creator Economy meets Tech space, also EdTech in terms of software applications that facilitate online training and education, and HealthTech specifically with telemedicine. 

Those are just a few trends spotted across the Caribbean before Covid.

Now, Because of Covid, those Caribbean Nations have dug their heels in to double down and maximise the opportunities of this moment…this global land grab amid the chaos. They are smart to be doing that as but there’s much more that’s happening.

At the Dell Caribbean Event, I spoke about 8 trends, but in this abridged version, I will share 4 of the top trends I believe are heavily influencing the Caribbean Digital Economy and reshaping Caribbean Business as we know it. 

Trends we simply must keep tracking, gather more data for, spot the business opportunities, and also understand how they can and will transform us all for the medium to long term.

I’m talking about…

1. Remote Work & Location-Independent Entrepreneurship
2. The Caribbean Creator Economy 
3. The Fresh Faces of Investing in the Caribbean and its Diaspora.
4. Fintech and how it reorganising Caribbean Wealth.

Let’s start with

1. Remote Work & Location-independent Entrepreneurship

Twelve Caribbean Nations now have a Remote Work Visa programme. Barbados was first out the gate though. Thanks to Prime Minister Mia Mottley amplifying an idea of the entrepreneur who started Remote Work Barbados.

Because of Covid and workers getting a lasting taste of a more integrated, and balanced life…they are now demanding a Work Culture that at the very least, allows them to live a Work From Anywhere or Hybrid live/work scenario….as we tippytoe out of this pandemic.

Remote Work visas have sprung up across the Caribbean, as nations have been pushed to redefine and diversify their Tourism product…finally…, as it seeks to attract long-term visitors who contribute to the hospitality economy.

But the Remote work Culture also changes many supporting industry sectors – it increases the demand for co-working spaces, convenience delivery services, real estate choices, telemedicine, telecom sector, and internet services that both ex-pats, global and Caribbean digital nomads, and Location-Independent entrepreneurs are used to or now desire.

2. The Caribbean Creator Economy – The creator economy refers to the numerous businesses built by independent creators, from vloggers to influencers to writers, who monetize themselves, their skills, or their creations.

Data points to take notice of

• $800 million in venture capital has been invested  into Creator Economy startups since October 2020.
• 46% of Creators who have been building an audience for 4+ years earn over $20k annually across their monetized channels.
• We estimate the total Creator Economy market size to be around $104.2 Billion and on par with a substantial growth trajectory similar to the Gig Economy. That’s a future valuation of TRILLIONS of dollars.

Source: InfluencerMarketingHub

“It’s safe to say that the Creator Economy boom has hit full stride in 2021 with an estimated $104.2B market size (as of May 2021). “

Global Venture companies are poured billions of dollars into this sector and a supporting ecosystem as this fresh phase of the internet kicks into high gear. This places Caribbean Nations and Caribbean brands with strong global cultural currency in demand. The World wants their content….more blogs, podcasts, videos, short films, newsletters, video games, esports talent, and the list goes on.

Look for the Caribbean Creator Economy to continue to grow, especially as the number of GenZ, Millennials, Women, GenXers acquire new digital skills and seek fresh starts or pursuing their passion rise.

The rise of the Caribbean Creator Economy will challenge the much Government touted BPO sector with its intention of providing jobs for young people. The trend indicates young people want to be in charge of how they earn and what they earn and being a Creator online provides that freedom, that autonomy.

3. The Fresh Faces of Investing 

The face of Caribbean money is changing and it’s about time. Venture Capital, Angel Investors, Private Equity Funds are now more female, black and brown and US Diaspora. They are and thinking more niche and global than ever before.

Additionally, what I’ve seen is the rise of Corporate accelerators. Companies creating innovation labs internally in addition to them partnering with known accelerator programmes or ecosystem builders. They are focused on specific sectors with Agritech, Blockchain/Fintech, and Climate Tech emerging. 

Also, keep an eye on Venture Studios emerging as an alternative to the traditional incubator/accelerators model. These so far are being led by successful entrepreneurs who reside in the Caribbean and  Diaspora USA.

This is literally changing the makeup and leadership of Caribbean industries. So much more to come.

4. Fintech. 

Financial Technologies are redistributing Caribbean Wealth. Nothing like technologies like the Internet to make this happen.

Fintech really is about how technology is allowing individuals and companies to access, move and manage their money easier, faster, and cheaper.

The decade long frustrations in the online payment sector have led to innovations that are slowly but surely enabling entrepreneurs to be able to set up online shop quicker, get paid in USD faster, get paid in cryptocurrency and more direct manner and this is facilitating entrepreneurship in the eCommerce space big time.

There are upstarts in this space like WiPay in Trinidad and SqueezeCash out of St Lucia and more to come. That said the traditional players are not taking this lying down watch for movements in the Jamaican banking sector and keep an eye out for what MasterCard has been doing with its plays in the Delivery Industry and Influencer Marketplace. Also, stay tuned to places moving in from Latin America into the bigger English-speaking countries like Jamaica.

That said, so many Caribbean Creatives and Entrepreneurs are just waiting for Paypal to greenlight the Caribbean the way Amazon and Spotify have in recent months.

What these trends are shown us all….is that we need to pay attention to changes in consumer behaviour, influence, power, wealth, investments, the mindset and movements of entrepreneurs, and how all of that is driving the demand for digital products, devices, and services. 

Companies that can track these trends, spot the business opportunities to facilitate Caribbean people and entrepreneurs of all types and sizes to create, innovate and collaborate will win, big time.

Thank you. Do share in the comments or if you want to connect with me directly, you can email me at ingrid@siliconcaribe.com