Unlocking the Potential of the Caribbean Tech Market

by Monique Powell, Founder of QuickCart

A Hidden Gem

The Caribbean is often overlooked and underestimated by tech startup founders and the investors who back them. And when I talk about the Caribbean here, I’m not referring to LAC; I’m talking about the actual Caribbean region.

A Market of Opportunity

Take the food and grocery delivery market, for example. There are 46.4 million people living in the Caribbean, and with a conservatively estimated SAM (serviceable addressable market) of 4.9 million people, we’re looking at an $820 million USD per year opportunity.

Reaching Unicorn Status

This means it’s entirely possible for a strong player to reach unicorn status just by focusing on the Caribbean. And of course, once they’ve achieved success in the Caribbean, they don’t have to stop there.

A Lesson from Digicel

Years ago I read an article about Irish entrepreneur Denis O’Brien and his decision around where Digicel should operate. It stuck with me. They first considered getting a mobile carrier license in the US, then realized that even with the fairly sizable amount of capital they had access to, trying to compete against the established telecom giants in the US, who would still be able to outspend them, was probably not the best decision.

Focusing on the Caribbean

He did realize however, that the Caribbean, when looked at as a whole rather than as small individual markets, presented a massive opportunity that they could build a huge company on top of—and they did. Their recent woes aside, what they managed to build was remarkable, and the decision to focus on the then underserved Caribbean was a significant part of that success.

The Power of Forward Thinking

Very often, gems of opportunity exist within underserved and overlooked markets, but only those forward-thinking and brave enough to take the risk, reap the rewards.

Conclusion

The Caribbean tech market is a hidden gem waiting to be unlocked. By focusing on this region, entrepreneurs and investors can capitalize on a massive opportunity and achieve great success.

FAQs

Q: What is the estimated SAM of the Caribbean food and grocery delivery market?
A: 4.9 million people

Q: What is the estimated annual opportunity of the Caribbean food and grocery delivery market?
A: $820 million USD per year

Q: Why is the Caribbean often overlooked by tech startup founders and investors?
A: The Caribbean is often underestimated and overlooked due to its size and perceived market potential.

Q: What is the lesson from Digicel’s decision to focus on the Caribbean?
A: Focusing on a specific region, rather than trying to compete with established players in a larger market, can lead to significant success.