Business Incubation and Innovation: a Nexus for Small Island Countries

Business Incubation and Innovation: a Nexus for Small Island Countries

This week, on 30th of June, Mr. Alan Cooper, OCTA Innovation short-term expert, is giving a workshop on Business Incubation and green enterprise innovation in the Cayman Islands.

Purpose of Workshop

The purpose of this workshop is to help government and private sector agencies involved in develop a country-specific roadmap for creating business incubators which are relevant to their territory and needs. Simultaneously, such incubators will aim specifically to inculcate green innovative (or “eco-innovative”) thinking into their clients from the get-go. This workshop has been condensed from a two-day format to a one-day activity divided into two parts: one dealing with business incubation and the other dealing with the greening of enterprises.

Background

The Cayman Islands like many other island countries have very high import ratios and have a small range of sectors which interface directly with the wider community as booming economic sectors, namely tourism and financial services. The need for diversification is constant and pressing. There is an urgent need for entrepreneurship among these islands as in other OCTs. Islands are particularly vulnerable to climate change and global warming and this is the case with these islands. In the case of these islands, besides the fact that most businesses are “traditional” with regard to their use of electricity, water and other resources, a substantial part of less skilled activities relate to fishing (fish, lobsters, shrimp and the like). These can have serious negative impacts upon the natural environment over time. Therefore, there is need for environmentally sustainable business and businesses which are carbon neutral.

Green enterprises are those based upon 3 pillars: (1) decent work and respect for people, (2) respect for the planet and (3) aiming to make a profit. They are businesses with strive to be carbon neutral through resource efficiency. Green business activities and environmental sustainable methods of managing business are still considered innovative; they are as yet not the mainstream.

This training aims at addressing the two challenges: the need for fostering business development and the need for inculcating green practices in those businesses.

Aims

By the end of the workshop participants should:

  • A clear idea of how to conceptualise and create a business incubator.
  • Be able to identify potential partner organisations for creating successful business incubators (accelerators or hatcheries).
  • Know how to use contemporary tools for introducing innovation in enterprises.
  • Identify key partner organisations for fostering greening of the businesses in incubators.
  • Be able to do a simple conceptual greening of enterprises and value chains.

The course is free to attend and will be held at the Government Administration Building, Room 2112 from 8:30 AM – 5:00 PM.

Please register on the following link.

Octa Innovation Website
green economy event Caribbean SME support news Cayman Islands Jamaal Anderson OCT events

Leave a Comment

Your email address will not be published. Required fields are marked *