The Caribbean region faces significant economic contractions due to the pandemic and a slowdown in productivity growth from inadequate investment in R&D and innovation. In this sense, the open innovation model – particularly the corporate venturing framework – presents a viable approach to driving innovation and revitalising the region’s economy.
Between March and May, representatives from the EU-LAC Digital Accelerator organised workshops and high-level panels in Trinidad and Tobago, the Dominican Republic, Barbados, and Jamaica. Our partners identified these countries as perfect candidates to start an open innovation journey with our accelerator, as they have significant manufacturing sectors and are advanced in their digital transformation efforts.
The Caribbean Export Development Agency, in collaboration with EBN and Tecnalia, hosted five events to share the tools, knowledge, and best practices related to the open innovation methodology and how it can benefit the region. The events, which attracted over 100 participants, were designed to engage key corporates, innovative startups, and SMEs, making each participant feel ready to take EU-LAC Digital Accelerator’s open innovation bridge. These dynamics also gave our partners the opportunity to collect feedback and learn more about each country’s interests and potential.
Collecting fruitful feedback in Trinidad & Tobago
The on-site sessions in Trinidad & Tobago gathered corporates such as Stingrae Caribbean Limited and startups like Uppoint Technologies Ltd.
at the Hilton Trinidad Conference in Port of Spain. Engaged in the sessions and eager to explore the program further, these participants addressed their concerns and suggested strategies to enhance the EU-LAC Digital Accelerator’s program’s attractiveness for the region.
During the session, startups openly expressed concerns about protecting their intellectual property when working with large corporates and about the financial compensation for their solutions. Additionally, in their initial approach to the region, the EU-LAC Digital Accelerator’s team learned that startups wanted corporate representatives present in these activities, providing a more comprehensive view.
Engaging with the Dominican Republic’s innovation ecosystem
The event was held at The Real Intercontinental, Santo Domingo, gathering corporates and startups like Laboratorio MK, SRL Cosmeticos y GAAF Customer Solutions for a more fruitful discussion, as the previous country participants from Trinidad & Tobago recommended. The workshop garnered much interest from participants, with many staying after the session to register on our accelerator’s matching platform and view the available opportunities.
Caribbean Export Advisor and Investment Promotion Tonya Cummins, in an interview with Ready para Exportar, outlined the exciting potential for Dominican Republican corporates and startups to leverage the opportunities offered by EU-LAC Digital Accelerator. She highlighted its matching platform’s ability to facilitate cross-regional partnerships.
“Over 1000 agents are growing their business networks in the EU-LAC Digital Accelerator’s matching platform. This tool connects corporate challenges with startups’ digital solutions to boost digital transformation. Once these EU-LAC partnerships are created, they can apply to our open calls when the opportunity arises. The selected partnerships will gain in-kind acceleration services valued at up to 40,000 euros and a reliable business partner from Europe or Latin America,” explained Cummins.
Barbados & Jamaica learning and creating synergies
In Barbados and Jamaica, EU-LAC Digital Accelerator partners organised a workshop on the theme “Digital Innovation Nexus: Bridging Corporates, SMEs, and Startups for Next-Gen Solutions.” The session included a panel discussion, during which participants heard from industry leaders in Barbados and our accelerator’s team partnered with leading organisations in Jamaica.
Among the Jamaican representatives and their respective organisations that collaborated with EU-LAC Digital Accelerator to deliver this activity were Colin Ebanks from the Human Resources Management Association of Jamaica, Donovan Wignal from the Private Sector Organisation of Jamaica (PSOJ), Christopher Brown from the Development Bank of Jamaica (DBJ), Andre Gooder from Jamaica Stock Exchange (JSE) and Valerie Veira from Jamaica Business Development Corporation (JBDC). These executives from each organisation participated in the 45-minute panel discussion, expressing optimism about the role of EU-LAC Digital Accelerator in promoting innovation and digital transformation in Jamaica and the wider Caribbean.
“We are proud of the results in Jamaica.The panel, which I had the honour to moderate, was undoubtedly a fruitful space to learn from key players in the country and create synergies, generating a greater impact,” affirmed Damie Sinanan, Manager—Competitiveness and Export Promotion for the Caribbean Export Development Agency.
After activities in the Caribbean and the successful participation of critical stakeholders, the EU-LAC Digital Accelerator team expects to receive challenges and proposals to prepare more in-depth webinars and activities that will positively impact the region.
Strengthening Innovation Networks in the Dominican Republic
As a result of the growing interest in the EU-LAC Digital Accelerator Programme, the Tecnalia team visited the Dominican Republic from May 29 to 31 to conduct a workshop in collaboration with the Santo Domingo Chamber of Commerce targeted to corporates and startups interested to join the programme. Additionally, one on one meetings were held with corporates and digital startups at Caribbean Export’s subregional office of Caribbean Export providing support on structuring challenges, startups service profiles updating on the platform, and the acceleration process application.
These activities highlight the EU-LAC Digital Accelerator’s commitment to fostering innovation and collaboration in the Caribbean region, offering tools and knowledge to drive economic growth through open innovation.
