Why Business Incubators are Crucial for Economic Growth in the Caribbean

By Cdr. Bud Slabbaert, Chairman/Coordinator Caribbean Aviation Meetup

Cdr. Bud Slabbaert
Chairman/Coordinator Caribbean Aviation Meetup

The region is facing a high unemployment rate, with young persons being the most affected. The problem is not getting enough attention, despite some measures being taken, such as extended education for young people. However, having an additional education certificate does not guarantee employment.

I believe that the Caribbean needs business incubators to create jobs and stimulate economic growth.

Unemployment rates in the region are too high; especially among young persons. It is not possible to simply "open up a can of jobs." The problem does not get enough attention. Well, attention may be given if one considers "talk-talk" to be attention. In some cases, measures are taken, like providing extended education for young people. However, how does having another education certificate help, if one is still not able to find employment, because jobs are just not available.

Then let’s create businesses. Start-ups. Some young talented persons or spirited members of an earlier generation may be able to get an operation going. We can make special loans available at attractive soft conditions. That’s positive thinking. It may work well if the operation is retail related, but what about entrepreneurs-to-be who are into offering services that need more lead time to bring in revenue?

What if a business incubator was available? A facility that would have space to accommodate several startups, with individual units fully furnished, telephone connections through a central system, WIFI signal throughout the building, and central secretarial services?

Taking part in the business incubator should, in principle, be free, with certain conditions and agreements before being accepted. Funding for the facility could be provided by government agencies, the Chamber of Commerce, or International Development Banks.

In 2009, the Caribbean Business Incubator Association was launched by representatives from 10 independent Caribbean countries, but the organization is no longer operational.

The idea of a business incubator is not new; it is a catalyst tool for economic development. It can be part of the solution to develop new native businesses that encourage self-employment, and when the new operation is successful and grows, it can provide employment for others.

The model of the incubator can be shaped for any need or size, and it can be located in a technology park or associated with a college or university.

Caribbean territories should focus more on the potential of entrepreneurs as drivers of economic growth and play an important role in job creation. A study has shown that there is no specific geographic trend in terms of where innovative entrepreneurs can be found, nor is there evidence that developed countries have a higher rate of novel product-market combination. Let’s get going here.

Conclusion
The Caribbean needs business incubators to stimulate economic growth and create jobs. By providing space for startups, funding, and secretarial services, we can encourage entrepreneurship and self-employment, leading to a multiplier effect of job creation.

FAQs

What are business incubators?
Business incubators are facilities that provide space and services to startups, helping them to grow and create jobs.

Why do we need business incubators in the Caribbean?
The Caribbean needs business incubators to stimulate economic growth, create jobs, and encourage entrepreneurship.

How does a business incubator work?
A business incubator provides space, funding, and services such as secretarial support, management training, and networking opportunities to startups.

Will business incubators create jobs?
Yes, business incubators can create jobs by providing an environment for startups to grow and thrive.

Can anyone participate in a business incubator?
Yes, anyone with a business idea or startup can participate in a business incubator, subject to certain conditions and agreements.