I think this is an important question that we need to be asking. I think the Ministry of Digital Transformation and the government should be answering this question also. We need to have a conversation around this. We need to have time, effort and resources put towards the local tech startup ecosystem. It is in the interest of the private sector as well.
Startup culture is better suited to some. An avenue for some of our bright minds to thrive. I can relate to this. When I worked for myself I was more happy. Some persons are just wired differently. There is no one shoe that fits all. This is the information era and we are working towards a digital economy. Technology was seen as a key component of our roadmap to recovery planning following the pandemic.
Nirad Tewarie in his opening remarks at Stories from Tech Startups has said that, "why are tech start-ups so important? It’s because countries and cities that have invested in tech start-ups have witnessed a major tech revolution that has improved the quality of life for citizens."
I can think of several reasons why tech startups are important. There is wealth creation, diversification of the economy, adds to the country's GDP and earns foreign exchange. Tech startups help with our digital transformation push. We are making the country globally competitive. It promotes disruption, innovation, competition and creativity. Often time tech startups have to use outside the box thinking. Tech startups are solving problems. There are opportunities for investors. It can be riskier but higher returns. It is an alternative in a saturated job market with high unemployment. It encourages research and development. I see the potential to create the next Google or the next Steve Jobs right here in Trinidad and Tobago. It helps with the brain drain.
It is an opportunity to getting the diaspora involved towards building a better future. After recognising how important tech startups are to us we have to think what can we do to bolster the tech startup space. The government has announced tax incentives for tech startups and this is a step in the right direction. We have several startup hubs and events. We have to understand the challenges faced by tech startups and improve on these. We should be getting feedback and building a thriving tech startup ecosystem.
Previously I wrote about Trinidad and Tobago as the ICT hub of the Caribbean and Our Silicon Valley in Trinidad and Tobago. These would be related topics that will also be part of the conversation.
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