Hey Insiders, 

It’s the 11th issue of Silicon Caribe Insider - The Weekly Tech and Business News and Insights for Caribbean Entrepreneurs and Startup Founders. 

IN THIS WEEK’S SCI

• The Lead: The Rise of the Digital Female Economy: Seizing Business Opportunities Across 5 Tech Sectors

• Caribbean Tech News: Sunshine Exchange Startup Sets to Shake Up How Money Moves

• Global Tech News Shorts: The global generative AI and Bitcoin markets

•  Flashback: A Moment in Caribbean Tech History: eCommerce in Jamaica, Are We There Yet?
  

THE LEAD

The Rise of the Digital Female Economy: Seizing Business Opportunities Across 5 Tech Sectors.

Let’s Show You The Money

It’s now Women’s Month Globally, so of course I’m going to be talking about Caribbean and Global Women in tech, investing, and business. Of course, I’m going to be talking about business opportunities in tech sectors when you’re targeting Women Consumers.

So yeah that’s what this Lead Story is about.

Let’s go!!

Did you know that women control a significant portion of the world's wealth and make a substantial portion of financial decisions? According to Daniel Kayembe, a futurist, women control around US$14 trillion in assets in the U.S. alone, and globally, they oversee US$36 trillion in total wealth. Surprisingly, this collectively positions women as the second-largest economy in the world based on earned income versus GDP.

In light of this, the Global Female economy is a phenomenon that many global brands are overlooking.

1. Women in Crypto:

   Recent data shows that around 37% of the 420 million global cryptocurrency holders are women, compared to just 21% in 2021. Moreover, women currently hold approximately 26% of all jobs in the crypto industry. Impressively, 70% of female crypto holders are storing their assets long-term, establishing themselves as dedicated HODLers.

   The Business Opportunities 

   Education and Training Services - With the increasing participation of women in the cryptocurrency space, there is a growing demand for educational resources and training programs tailored specifically to female investors and enthusiasts. Companies that provide educational materials, courses, workshops, and mentorship programs targeting women in crypto can capitalize on this opportunity.

2. Women in Digital Payments:

   In developing economies, 85% of men and 81% of women who receive digital payments also engage in making digital payments themselves. This slight 4-percentage-point gender gap contrasts starkly with the larger 9-percentage-point gap in the overall share of digital payment users among men and women. (Source: Global Findex Database 2021)

 The Business Opportunities

Financial Inclusion Solutions - Addressing the gender gap in digital payments presents an opportunity for companies to develop innovative solutions that promote financial inclusion among women in developing economies. This could involve creating user-friendly mobile payment platforms, offering financial literacy programs, or implementing initiatives to increase access to digital financial services for women in underserved communities. 

3. Women in eCommerce:

The online shopping market is projected to approach a staggering US$4 trillion dollars this year (OptinMonster). Globally, 72% of women engage in online shopping activities.

The Business Opportunities 

With the majority of women engaging in online shopping activities globally, there is a demand for niche marketplaces catering to specific interests, preferences, or demographics of female shoppers. Creating specialized e-commerce platforms that focus on products and services tailored to women's needs, such as sustainable fashion, beauty, or wellness, could tap into this lucrative market opportunity.

4. Women in FemTech:

By 2025, the Global FemTech Market is expected to reach a value of US$75 billion. FemTech, or Female Technology, is a technology designed to empower women's health and well-being. The market size of femtech was approximately USD 47.02 billion in 2022 and is anticipated to exceed USD 108.78 billion by 2032, with a compound annual growth rate (CAGR) of 8.8% during the forecast period 2023 to 2032.

The Business Opportunities

Health and Wellness Apps - As the FemTech market continues to grow, there is a significant opportunity for companies to develop innovative health and wellness apps targeting women's specific health concerns and needs. From menstrual tracking and fertility monitoring to mental health and pregnancy support, there is a wide range of possibilities for mobile applications that empower women to take control of their health and well-being.

5. Women in eSports/Online Games:

According to GlobalWebIndex data, as of 2021, approximately 46% of gamers globally are female.

The Business Opportunities:

Games for Women Community and Social Platforms - With nearly half of gamers globally being female, there is a demand for community and social platforms that cater to the interests and preferences of female gamers. Creating inclusive online spaces where women can connect, share experiences, and participate in gaming-related activities can foster a sense of belonging and empowerment within the gaming community. Companies that develop social networking platforms, forums, or gaming communities specifically for female gamers can capitalize on this growing market opportunity.

Feeling inspired yet?!!

CARIBBEAN TECH NEWS SHORTS

Ai

Artel, An Ai Powered Flood Planning App Wins Kingston BETA’s Startup Stage

Artel, an Ai Powered Flood Planning App won the Startup Stage last week Wednesday, at Kingston BETA’s 17th-anniversary technology event.

Led by Founder Tracy-Ann Hyman, ARTEL uses artificial intelligence-based (A.I.) solutions, to save lives, and protect property from both man-made and natural disasters. The aim is to dramatically improve the decision-making capabilities of our clients, by providing timely, accurate, and micro-level information before a disaster strikes.

F.oCMNY - Future of Caribbean Money

Sunshine Exchange Startup Sets to Shake Up How Money Moves

Sunshine Exchange, Trinidad and Tobago's premier exchange, facilitates the safe and easy buying and selling of stablecoins (USDC, and USDT) for its members through their online service.  It focuses on providing access to digital assets in exchange for Caribbean currencies, offering remittance services to the Caribbean diaspora in the global north, and revolutionizing currency exchange and conversion with the ultimate goal of replacing every Cambio [money exchange] at airports worldwide.

Founder Jarryon Paul recently clinched the top prize at the Fintech Islands Pitch Competition, beating nine other startups to secure the grand prize of a non-dilutive cash award of US$10,000 to reinvest into the business. 

Digital Health

Haughton’s Pharmacy launches RxPak® mobile app plus Drone Delivery Services.

One of Jamaica’s oldest pharmacies has recently launched the RxPak® mobile app and digital wallet branded RxPLUS, providing access to convenient, secure, and quick payments for all pharmacy essentials. It also enables individuals in the US Diaspora to pay for the prescription medication needs of relatives residing in Jamaica.

The mobile app offers prescription medication management, over-the-counter purchases, and various delivery options. Additionally, drone house-call delivery is available to customers within a nine-mile radius of Mandeville, Eastern Jamaica, where the pharmacy is headquartered.

F.oCMNY - Future of Caribbean Money

JMMB Group Moneyline app for Caribbean customers

Consumers get more range to shop online as more banks introduce international cards. 

Bank of Jamaica set on riding out CBDC challenges.

eCommerce

US-based GroceryList Ja raking in big bucks getting goods to Jamaicans from local stores

Remote Work

Remote work largely ‘untapped’ in the Caribbean

Jamaica is Making Freight Forwarding a Sexy Business.

422.That’s how many freight forwarders are currently operating in Jamaica's eCommerce Fulfillment Sector. More than 50% of them began operations after COVID-19, and all of them are pursuing the business opportunity presented by Jamaica’s eCommerce market, which is currently valued at US$227.8 million and has an annual growth trajectory of over 25%. Electronics, groceries, fashion, and clothes rank at the top of the list of items Jamaicans are purchasing online.

GLOBAL TECH NEWS SHORTS

• Elon Musk, co-founder of OpenAI, is suing the company, arguing that GPT-4 constitutes AGI and is exempt from the Microsoft agreement, while also advocating for increased transparency and openness.

• The global generative AI market is predicted to soar, reaching $1.3 trillion by 2032, with McKinsey, Grandview, and Statista offering estimates ranging from $10.9 billion in 2023.

• Millennials and Gen Z are enthusiastic adopters of GenAI, with 65% of users falling into these demographics and 72% being employed. A significant majority, nearly 60%, believe they are progressing towards mastering the technology, according to Salesforce.

• The European Commission has fined Apple 1.8 billion euros, equivalent to $1.95 billion, for purportedly engaging in "abusive App Store rules" that disadvantage rival music streaming services. This is particularly related to Apple's regulations prohibiting streaming services from using their apps to direct consumers to more affordable subscription methods, as reported by The Information.

• Start-ups in Africa raised US$217 million in February 2024, on par with 2020 and 2021 levels - TechCabal

• Bitcoin’s on a friction tear right now. BTC has hit a new all-time high in 14 of the top 20 currencies in the world.

_FLASHBACK

A Moment in Caribbean Tech History

eCommerce and Jamaica – are we there yet? That was the title of an article I wrote 16 Years ago that summarised where Jamaica was regarding Laws, Banks, Shipping, Internet Access, and Digital culture. 

_{CARIBBEAN TECH EVENTS}

Meetups, workshops, webinars, conferences Events from the SiliconCaribe Insider Network.

Kingston BETA

• What: The Caribbean’s First and Longest Running Monthly Tech Community and Startup Stage Event.

• Date: Thursday, March 28th, 2024

• Location: AC Hotel, Kingston

• Theme: WOmen in Tech, INvesting and Digital Business

• Startup Stage: All Women Entrepreneurs

• Panel: All Women

• Networking: Everybody

• Tickets: JA$1,500 pre-sold online $2,000 at the gate.

Beyond the Beach

• What: An invite-only Tech Investor Summit of Super Successful and highly activated US, Caribbean Diaspora, and Caribbean Angel Investors and Tech Entrepreneurs excited about investing in early-stage Caribbean Startups.

• Date: March 21-23, 2024

• Location: Half Moon Hotel, Jamaica

• Format: Unconference Style of Fireside Chats, Keynotes, Networking Lunches, Dinners, and Interactive Activities.
  An Entrepreneurs Across Borders and SiliconCaribe Event

• Get Your Invite Here

_{YOUR SCI COMMUNITY}

THAT’S IT