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<\/p>\nExamination of key findings from a World Bank report that discusses entrepreneurship and innovation in Latin America and the Caribbean.<\/em><\/p>\n
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Over the past three or so years, there has been a growing focus on entrepreneurship and innovation in the Caribbean. Across the region, many initiatives have been executed that aim to nurture those two areas, especially in the ICT\/tech space, such as, conferences, meet-ups, hackathons and app competitions, and most recently, the Startup Weekend<\/a> experience.<\/p>\n
It is report, Latin American Entrepreneurs<\/a><\/i>, which was released by the World Bank earlier this month, the authors identified the following four key factors that underpin an enabling environment for innovation and entrepreneurship:<\/p>\n
Another likely spill-off of addressing logistics in particular, could be improvements in matters related to ease of doing business. Most Caribbean and Latin American countries performed poorly on the latest World Bank Doing Business<\/i><\/a> report that was released two months ago. Hence whatever associated benefits that could eventuate from addressing existing logistical and infrastructural deficiencies, could go along way to fostering entrepreneurship and innovation.<\/p>\n
In the Caribbean, the impact of competition on innovation has been evident in the telecoms sector, where telecoms companies have had to introduce efficiencies and even revise their entire business model to consider the new and changing paradigms in which they operate. Additionally they have had to be creative and proactive across most aspects of their business in order to remain relevant and at the very least, maintain market share.<\/p>\n
Finally, the authors also noted that entrepreneurs and prospective business owners in Latin America and the Caribbean are highly risk-averse, due for the most part, to the stigma still associated with failure in those societies. Hence businesses in those regions tend to be smaller than in other countries around the world, and do not scale as quickly, especially in terms of size of operations, reach and impact.<\/p>\n
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Image credit: \u00a0David Castillo Dominici (FreeDigitalPhotos.net<\/a>)<\/em><\/p>\n
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