Jamaica is the financial and creative hub of the Caribbean with a population consisting of 2.9 million inhabitants. It is the third-largest island and the largest English speaking in the Caribbean.
For such a small island, it’s the most well-recognized across the world for its many features and accomplishments such as being a premier travel destination, reggae music originator, cultural hub, and having the fastest persons in the world.
Jamaica is not new to doing great things; However, we lack the drive for innovation. We should be on par with neighboring countries such as Trinidad with innovation from companies like WiPay. WiPay is a registered payment service provider empowering people to accept and make payments online using all forms of payment in their local currency.
The government and the overall system have a lot to do with it. They don’t foster or encourage innovation, they actually do the opposite. They stifle innovation and make it very hard to even get started in business.
A lack of risk-taking is a major reason for the lack of innovation. Jamaica doesn’t have a culture for risk-taking in business, we like to play it safe. We are not like the US in that respect; Hence, why you never hear Jamaica coming up with any new technological ideas, inventions, breakthroughs, etc.
The number one reason though for the lack of innovation is funding. Getting access to funding in Jamaica is the hardest thing to do. If you’re not doing a real estate development or a retail/distribution venture you won’t be getting any funding. It seems like that’s the only thing the banks or accredited investors care about.
We are going into 2022 and we don’t have one innovative or proper S.T.E.M. firm on the stock exchange. The exchange is filled with financial, real estate, and manufacturing companies. The country can do much better than that, we can be on par with the rest of the world if given the proper environment to thrive in.
Jamaica is not lacking talent, we have so many young people with exciting and innovative ideas. All they need is a chance and the time to make it happen. We need our own Jamaican Silicon Valley.
