Top 5 Reasons Caribbean Tech is Kinda Sexy Now 

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That said, let’s get into Issue #1.

So Hi there, 

This is Silicon Caribe Insider, the 8-minute newsletter that brings The Future of Caribbean Tech and Business to your inbox weekly. 

IN THIS WEEK’S SCI

• The Lead Story: Top 5 Reasons Caribbean Tech is Kinda Sexy Now 

• Caribbean Tech News Amuse-bouche, Tapas + Bytes 

• Startups in the Spotlight 

• eCommerce FlashBack 

• Fintech is Woman 

• Caribbean Tech Events

THE LEAD STORY

This Business of Caribbean Tech Ecosystems: Top 5 Reasons Caribbean Tech is Kinda Sexy Right Now

Over the last 17 years and across 15 Caribbean Nations, the Caribbean tech ecosystem has gone through the typical ebb and flow that produces pain, reveals potential, and yields small yet significant wins along the way.  

From vibrant start-up communities to a growing pool of tech talent, the Region is once again experiencing a tech flow state that is hard to ignore. We can call it a pandemic push that’s created an if-not-now-then-when energy or it could be the cumulative effects of years of on-the-ground leadership, the growth of entrepreneurial mindset driven by global internet and travel exposure, and some government and development agency intervention. I believe it’s a combination of things, that’s making Caribbean Tech "kinda sexy" right now. 

Having been in the tech ecosystem building game for 16 years myself, here’s what I know for sure plus what I’m seeing right now. 

1. From the Bottom Up: Building a Thriving Community

At the heart of any successful tech ecosystem is a strong and supportive community and in the Caribbean, there are a bunch of micro-communities that are centered around tech sub-sectors, trends, and gender. Caribbean tech community leaders have been kickstarting, connecting, and fostering collaboration among startups and tech talent and the people and organizations built to support them.  

Through conferences, meetups, and advocacy efforts, these leaders also lobby for better infrastructure and policies that incentivize innovation and investments.  

These leaders who tend to be entrepreneurs themselves also initiate projects that encourage research and development, seek to influence changes in training and curriculum at educational institutions to expand the talent pool, and encourage established businesses to partner with startups, providing initial product validation and market access. Additionally, they are passionate about sharing success stories and lessons learned in industry media, inspiring others to learn and leverage tech to solve our problems and join the tech movement 

Much of what is happening across the Caribbean Tech Scene can be attributed to the leadership of ecosystem-building pioneers and newbies. Key pioneers (10 years and more) in the Caribbean tech Ecosystem: such as Selwyn Cambridge at TenHabitat(Barbados), Telly Oonu at Inova Foundation (St Kitts), Matthew McNaughton at SlashRoots (Jamaica), Sandra Glasgow formerly Technology Innovation Center and now First Angels ( Jamaica), Sandra Cassanova (Martinique), Betty Fausta at Startup Guadeoloupe,  Marc Alain Boucicault at Banj (Haiti) Christine Mtim at Haiti Tech Summit,  Keron Bascombe at Tech4agri ( Trinidad) and Gerard Thomas at Launch Rockit ( Trinidad) . 

Along with newcomers who’ve been at it under 7 years -  Kirk Hamilton and Kyle Maloney and at TechBeach Retreat ( Jamaica) like Mark Periera at Zed Labs (Trinidad) and P. Jillian Bethel and Daviina Bain at Crypto Isle ( Bahamas) Stefen Deleveaux at Caribbean Blockchain Alliance ( Bahamas) and Adric Walter at Curacao Meetups and Luuk Weber, Jash Mirpuri and Leo Chapman at Kolektivo ( Curacao) and Sébastien CELESTINE at Entrepreneurs of Greatness in Guadeloupe.  

In short, building a successful and impactful Caribbean tech ecosystem is a team sport and all have been playing pivotal roles in what the Future of Caribbean Tech and Business will look it. 

2. They Scoutin’ fo’ Deals

Caribbean and Global and Diaspora investors especially are increasingly recognising the untapped opportunities in Caribbean Tech. They are looking beyond the beach and exploring investment opportunities in the thriving tech sector- especially in Climate Tech, Green Tech, Agritech, Fintech, SaaS, Edutech, and Createtech.  

Additionally, the rising new monied, pro-risk angel investor class coupled with accelerator and investor programmes like Techstars are playing a significant role in connecting Caribbean startups to capital, global markets, and knowledge. The next 3-5 years looks good for growth and innovation. 

3. Resilience Looks Good On Yah!

Entrepreneurship is a journey, and Caribbean entrepreneurs have embraced the process of starting, failing, learning, and evolving. This willingness to adapt and grow has contributed to the resilience and creativity seen in the region's tech ecosystem.  They are solving all sorts of problems.

4. Getting That Money! 

Access to capital has been a game-changer in the Caribbean tech scene and yes more can be done.  Yet in Jamaica, for example, access to capital has literally changed the face of business and reduced the dominance of a few established family businesses that used to have a 70% chokehold on the national GDP. Because more entrepreneurs have had access to capital, that number is to now just 32% and trending down*.  Additionally, more early-stage and SME-focused Funds are being formed by local, Caribbean, Diaspora US and UK, and American entrepreneurs and investors. 

Further, Caribbean Tech Entrepreneurs have been learning and leveraging alternative sources of capital: crowdfunding, customer engagements, private equity, stock exchange listing, loans, insurance, and technology strategies. 

5. It's About Damn Time

Caribbean nations that have embraced tech innovation and entrepreneurship are ahead of the curve and English, Spanish, French, and Dutch-speaking Caribbean nations are all at different stages of their tech ecosystem development. 

Those that are evolving rapidly are the ones that have passionate long-game thinking tech community and business leaders, diverse funding resources, favorable tax and investment policies, and a growing innovation mindset leading the pack. Jamaica, the Bahamas, Barbados, Trinidad, and St. Kitts are among the standout nations in the Caribbean tech landscape. 

Based on what I’ve been seeing these last two years I believe the Caribbean Tech Ecosystem is in another flow state, regardless of the narrative of investor doom and gloom globally lately. The fact is entrepreneurs are using constraints to innovate, get customers, and make and raise money differently, choosing profit over all-or-nothing growth.  And smarter investors who are seeking deals in different places are rising up to meet them.  

#AlwaysBullish

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CARIBBEAN TECH NEWS

[ SaaS ]

Software as a Service

Cannabis Saas Startup Gets the Highest Grade

It’s almost a cliche, but it makes sense that StrainIQ, a Cannabis Management Saas Startup won the last Startup Stage at Kingston Beta event. StrainIQ is a software-as-a-service platform that allows licensed Cannabis businesses to Track, Trace, and Tag their crops to comply with and operate within Jamaican Cannabis Regulations. 

Their 5-minute pitch won ahead of over 21 competition entries, won them cash from the Development Bank of Jamaica, and introductions to angel and venture investors and relevant mentors.  

[ Future of Caribbean Money ]

Fintech, Blockchain, Bitcoin, Defi, Digital Remittances, InsureTech, Crypto

Bahamian Fintech Kanoo wants to be the super app for the Caribbean

Kanoo Pays is building a  “super app” for the Caribbean that will be a multi-tender digital wallet available on your phone that houses all of your debit/ credit cards, CBDC, cryptocurrencies, stable tokens as well as your internal-issued branded physical card, and enabled wearables. Kanoo, headed by headed by Nicholas Rees, is gunning for its slice of the global digital wallets transactions industry which is estimated to rise from US$9 trillion in 2023 to $16 trillion in 2028. 

It has about 10 competitors from Jamaica, Barbados, St Lucia, and Curacao also gunning for the space. Mastercard and Visa making themselves more visible in the marketplace these days. The next 18 months are going to be exciting to watch. 

[ Agritech] 

The Caribbean’s Billion Dollar Agritech Opportunity.

Agriculture as a business has never been sexy, even though we eat the fruit of our farmer’s labour every day. As traditional farmers and their methods age out of the industry, and with food security and agriculture resilience priorities in the Caribbean, agriculture technology and digital tools for farming is a massive business opportunity in a global Agritech market projected to be USD$49.212 billion by 2028 according to MarketWatch.  

[ Ai ]

Florida-based Ai Accelerator accepting Caribbean Startups.

Angela Benton, the American tech pioneer who started America’s first Black Tech Accelerator - NewME, is at it again. She said “This new accelerator blends my previous work with NewME, my learnings from working with AI companies at Fruit Ventures, and my expertise in data and AI at Streamlytics. The truth of the matter is we are at a critical time in technology and AI is changing everything, literally.” Her first cohort just closed, but Caribbean Startups should get ready for the next cohort kicking off on February 2, 2024.  

How Ai will make you Superhuman and Jamaican

According to a recent Morgan Stanley report the Rise of Generative Ai could mean more jobs. 

The new study says Generative Ai could boost side hustles by up to US$200 billion because it will enable people to work multiple jobs. In the US alone, multi-earning has increased 11% over the past year, largely thanks to the rise of generative AI tools like ChatGPT.  

In a best-case scenario, multi-earning income globally could reach US$1.4 trillion by 2030, with more than 20% coming from generative AI, according to the bank. The jobs that could see a boost from generative AI: Affiliate marketing, content creation, graphic and web design, and programming were among the jobs identified. 

[ Creator eConomy ]

A Few Billion Reasons to Still Love Creators?

Yep, the Creator economy is still booming. You may be personally over the Influencers, but they and other fresh digital roles, careers, and business opportunities are making Creator Economy already valued at a staggering US$250 billion and is predicted to balloon to US$480 billion by 2027, according to Goldman Sachs.  

Great news for the 50 million independent content creators, curators, influencers, YouTubers, podcasters, bloggers, artists, musicians, writers, and community builders including social media influencers, bloggers, and videographers that define this class of business plus the software and finance tools designed to help them with growth and monetization.

🚀 STARTUP SPOTLIGHT

English, Spanish, French, and Dutch Caribbean tech-driven startups around the world and how they are changing the way we live, work, and play. They are closing early customers, raising their first rounds, and hard at work building products.

[ Deal Tracker ]

TechStars Make 3 Startup Investment Deals in Jamaica

Four Jamaicans from three Tech Startups got scooped up by TechStars New Orleans and got acceleration plus investment deals giving them USD$120,000 each for 6-9% of their business. HeadOffice, Cyphr, and GrocerList Jamaica are in the Fintech, Music Tech, and e-commerce Sectors. They just finished the accelerator programme and Demo Day in New York, where they all reported accelerated market traction and follow-on investment interest. 

TechStars Atlanta’s 2024 Cohort is looking at 5 More Jamaican Tech Startups for their accelerator and investment pogramme. We’ll let you know which ones got deals. 

[ Disruptor Alert ]

Prospuh- the Robinhood of the Caribbean?

Brief: The Prospuh app makes it easier for Caribbean people to buy global stocks. If what we’ve seen so far rings true, Prospuh is about to leave a trail of pissed-off competitors in the Investment Brokerage Industry across the region. Prospuh is a Fintech Startup that has positioned itself as the Robinhood of the Caribbean. 

• Tech Sector: Fintech  

• Downloads So far: 500+ 

• Founded: 2019 

• HQ: The Bahamas 

• Markets: Now entering Jamaica 

• What we like: AML and KYC are in place. 

• Founder: N'Nhyn O’Cof  

[ FundRaising ]

Keepingly

Brief: Keepingly, is a centralized home management platform focused on the empowerment of homeowners at each stage of the homeownership experience. Currently in user beta with launch in Q1 2024. 

• Founder: Daniel Smith. Trinidadian-American  

• Founded: 2022 

• Industry: PropTech 

• Stage: Pre-Revenue  

• HQ: Miami, Florida 

• Funding Raised: US$500k from Angels as a Convertible note 

• Currently raising: US$1.5m 

Calling all Caribbean Tech Startups! 

If you're looking to connect with opportunities, programs, mentors, and angel investors, submit your project here for visibility. We're on the lookout for the Caribbean's exceptional tech entrepreneurs, change-makers, and builders. Submit here

FLASHBACK

Caribbean eCommerce:  Time Caribbean Tech Startup History

Launched in 2009, TriniTrolley.com swiftly became the Caribbean's largest e-commerce business by 2015, with CEO Mazuree Colin Ali at the helm. Serving as Trinidad and Tobago's pioneering e-commerce platform, Trini Trolley offers a vast inventory of 20,000 items, functioning as a local "Amazon.com." Customers can easily purchase everything from electronics to groceries with a simple click.  

The Caribbean’s been doing Tech for a long ass minute.

DATA DROP

Fintech is Woman!

Women dominate global consumer spending, contributing 85%, valuing US$31 trillion yearly. Yet: This astronomical figure represents a veritable goldmine for Fintech, however, the industry lags in gender diversity, with women comprising less than 30% of the workforce and just 8% in leadership roles. Additionally, are Fintech companies targeting this buying power in their product development and marketing?

CARIBBEAN TECH EVENTS 

Kingston Beta

• Date: Thursday, December 7, 2023 

• Location: Kingston, Jamaica | AC Hotel Kingston 

• Theme: Future of Work: Digital Opportunities and the Global Labour Shortage.

• Format: Panel. A Startup Pitch Stage. The Best Networking in Tech. 

• Newsletter: Subscribe to the monthly updates here

Oasis Onchain Summit

• What: A 3-day summit focused on consumer crypto for global markets

• Date: January 22nd-24th, 2024

• Location: Crypto Isle | Nassau Bahamas 

• Format: Panels, FIresside Chats Plus a Hackathon 

• Website: https://www.oasisonchain.xyz/

Fintech Islands

• Date January 24-26th, 2024 

• Location: Bridgetown, Barbados. |Sam Lord’s Castle Wyndham Resort: Fintech Islands brings together the financial services and technology ecosystem through discussions, collaboration, deal-making and networking 

• Website: https://www.fintechislands.com/

CARIBBEAN TECH JOBS

We may start posting job openings here. if it’s something your company would like to do, drop us a line [email protected]

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