Understanding of Systemic Innovation

Understanding of Systemic Innovation

OCTs governments implement innovation across all sectors; fostering partnerships between public and private entities based on knowledge sharing and capacity-building.

TCI Innovation Director Shonia Thomas-Been and TCI Innovation Manager Alexa Cooper-Grant with their innovation council are doing great job.

Turks and Caicos Islands is currently one of the leading OCTs in implementing systemic innovation.

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Investment in Turks and Caicos Islands

Investment in Turks and Caicos Islands

Five reasons to invest in the TCI:

• Strong Economy

• Pro-Business Investment Climate

• Strong Legal System

• Effective Regulation and Compliance

• Easy Access

Investment opportunities in the Tourism Sector exist in eco, marine and soft adventure tourism; medical tourism, sports medicine, culinary arts, marinas, hotel and villa development.

Other investment opportunities can be found in the financial services, infrastructure and agriculture sectors, including hydroponics.

Herewith attached: TCI Investment Presentation

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Tourism dream

Tourism dream

Tourism is the main industry in TCI and contributes over 60% of GDP of the country. As tourist destination in the Caribbean region, TCI is the fastest growing OCT, where United States have 81.7% of all stop-over arrivals to the island.

The tremendous growth in visitor arrivals to the destination can be attributed to a number of factors including:

• Accessibility to the destination with frequent flights from most major cities in the United States,

• Market position as a high-end luxury destination,

• Protected pristine natural environment with the world’s third largest barrier reef,

• Low crime rate.

Herewith attached: TCI Tourism Presentation

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BRUZZ on Turks and Caicos Islands

BRUZZ on Turks and Caicos Islands

Chair of the Overseas Countries and Territories Association, Honourable Sharlene Cartwright-Robinson, Premier and Minister for Investment and Trade of the Turks and Caicos Islands is in cooperation with OCTA Innovation inviting you for a direct talk and networking drink.

It is no wonder that the Turks and Caicos Islands (TCI) are one of the fastest growing and most innovative economies in the Caribbean.

An Overseas Country and Territory of the European Union, TCI is made of up of forty islands, of which eight are inhabited with a combined population of forty thousand. The country has established itself as a leading, high-end luxury tourism destination with five star rated hotels and spas, and world class restaurants.

With Standard and Poor’s Credit rating for TCI at BBB+, and an annual economic projected growth of 4.3%, the government has embraced innovation as a way forward. This creates exciting pro-business investment opportunities. TCI is ready for take-off and is open for business.

Free registration: here.

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Welcome to the Cayman Islands

Welcome to the Cayman Islands

Learn about what makes a Cayman Islands’ vacation different; their people, the water, the traditions that make these three little islands (Grand Cayman, Little Cayman, and Cayman Brac) unique.

Make some of their recipes, plan your visit around some of their annual events such as Pirates Week, Batabano or Cayman Cookout. All of these things and more can be found in SOUL magazine.

Link to the edition May – August 2017

tourism Caribbean news Cayman Islands Jamaal Anderson
Statia Blue: Innovation towards Sustainable Fisheries

Statia Blue: Innovation towards Sustainable Fisheries

The project is on the world wide level an highly innovative project for developing sustainable fisheries, particularly in Sint Eustatius and Caribbean islands. Due to the small population of Sint Eustatius and the abundance of fish and other marine life in the reef in the marine park, fishermen in Sint Eustatius have to date avoided overfishing in the area. The pilot project, called Statia Blue, will create sustainable practices for fisheries in Sint Eustatius. The proposed solution is a mobile application that puts buyers of fish in touch with suppliers of fish on a “real-time” basis. A key component of Statia Blue is to ensure that fishermen increase compliance with the principles of sustainable fisheries and thereby play an active role as stewards of the protected reefs, parks and species which are the fragile natural endowments of the island and its people.

The proposed solution involves the engagement of fisher-folk in education on pricing and the market mechanism and support of that education using mobile application technology for creating a real-time market place for fish and seafood. The application will be used for ongoing education, supporting market clearing prices and monitoring and evaluation of catches to encourage sustainable practices such as fishing a safe distance from protected zones and management of the invasive species.

Working with a small group of fishermen, the project proposes to provide them a mobile app (“Statia Blue”) and waterproof mobile phones. As fish are caught, the fish is identified and described (size and weight) and reported back to a central database. At the central database the price of that fish and the total catch is estimated based upon the fish caught by all fishermen on that day. Prices are reported back to the fishermen so that they can make informed decisions about the harvesting of those fish. Fishermen can continue or stop fishing depending upon their satisfaction with the price estimated on the market. A pricing mechanism will be used to signal to fishermen which fish are in demand. The app will also have an educational element, administered by Sint Eustatius National Park (STENAPA) who will also raise the credit lines on fishermen’s access to the STENAPA credit card as an incentive for participating in the pilot project. Statia Blue will also have a consumer interface, reporting on which fish are advisable for eating during the season based upon data on the stock of fish in the Statia’s waters. The pricing element will also be present to reduce adverse selection.

The project is expected to benefit fishermen in primarily Sint Eustatius as well as Saba and St. Maarten and the closest off shore markets for fish- St. Kitts and hoteliers in Sint Maarten, as well as to other Caribbean islands. The successful deployment of this project in Sint Eustatius has benefits for the fishing grounds around the neighbouring islands. In addition, the innovation can be a best practice for all OCTs trying to develop their fisheries.

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Innovative Business Lab in the British Virgin Islands

Innovative Business Lab in the British Virgin Islands

BVI pilot project aims to provide the necessary development assistance to persons seeking to develop new innovative ideas or establish innovative businesses thereby creating new niche markets through the establishment of Innovative Business Lab (ILB). Business incubation, as an economic tool, has become increasingly common around the world for stimulating development of the SME sectors. Innovative Business Lab would provide facilities and services to promote innovation driven small-business growth. Small business incubators have proven to be effective economic development tools. In fact, innovation driven businesses having incubation style support have a dramatically higher rate of survival than an average start-up business does.

Propelling innovation in the economic sector and successful economic diversification in the private sector should be principal tasks of the Innovative Business Lab. With this goal partnership of the public sector with the private sector needs to be enhanced around Innovation as key driver for sustainable growth based on permanent consultations and developing the most adequate legislative, financial and fiscal measures to implement systemic innovation in BVI.

The incubation programme will seek relationships within the region and the local economy, as a means of integrating regionally through the establishment of networks. Such networks will be established through the regional virtual incubator, which is now being developed through the COSME programme for connecting Caribbean incubation centers within OCTs.

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Start-up Launch Pad for Smart Communities in Curaçao

Start-up Launch Pad for Smart Communities in Curaçao

Curaçao aims to become smarter as a nation by investing in innovative solutions to existing problems and improve people’s well-being. The Curaçao Pilot Project “Start-up Launch Pad for Smart Communities program” will increase the success rate of start-ups that develop solutions for Small, Safe and Smart Communities.

Curaçao aims to achieve a more export oriented future and improve its potential for economic growth by focusing on the wider world. This requires Curaçao to advance to the levels of a digitalized society/ Smart Nation. Smart communities use technology to solve problems and improve people’s well-being. Curaçao aims to become smarter as a nation by investing in innovative solutions to existing problems.

A smarter Curaçao as a nation to contribute to the promotion of sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all by investing in innovative solutions, improving the success rate of SME’s and increasing employment in Smart Nation related jobs and industries.

Participants in the Start-up Launch Pad for Smart Communities have improved access to knowledge, finance and support for start-ups and through the increased use of technology and innovation, will create products and services that contribute to Curaçao becoming a smarter and safer community.

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Business Incubation, Green Enterprises – Workshop in the Cayman Islands

Business Incubation, Green Enterprises – Workshop in the Cayman Islands

The Overseas Countries and Territories Association (OCTA) is hosting a Business Incubation and Innovation workshop in the Government Administration Building, on Friday, 30th June 2017, from 8 a.m. to 5 p.m. in conference room 2112.

Business incubators are companies that help new and startup companies to develop by providing services such as management training or office space. As such, they are catalyst tools for regional or national economic development.

The free workshop is suitable for representatives of government agencies, independent science and technology centres, small start-ups, higher learning institutions and non-governmental/non-profit agencies. It will consist of presentations and interactive workshop activities for those with some knowledge of business, technical and academic education and innovation and export promotion.

Places will be offered on a first-come-first-serve basis and registration will take place on the day.

The workshop will focus on explaining the systems for developing new and strong business opportunities in territories like the Cayman Islands. It will also suggest how to develop business capacity using incubators and incubator-type models.

The areas that the training and presentations will cover will include:

▪ planning and creating an innovation centred incubator,

▪ selecting the right incubator partners,

▪ How to determine a financing strategy for your incubator,

▪ selecting the right enterprises for the incubator, and

▪ avoiding incubation pitfalls, and

▪ the triple bottom line and the importance of ecoinnovation.

For further information on the workshop, email International Affairs Analyst in the Cabinet Office and Innovation Manager for the Cayman Islands, Jamaal Anderson at Jamaal.Anderson@gov.ky.

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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.

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