Building a Regional Tech Hub

The pace of technology is rapid. As Robert Vis, founder and CEO of MessageBird puts it, “in tech the Goliaths – no matter how established they are – know they're always just one slingshot strike away from getting knocked down by a faster, more agile start-up version of David.” So how do Goliaths even manage to survive in such a hyper-competitive environment? And what about the Davids? Is it possible for established players and start-ups to co-exist and thrive in tech?

There is no one answer to these questions but a formula that’s proven to be beneficial to both the Davids and the Goliaths is that of the tech hub. These concentrated pools of talent and diversity are the nerve centres of the tech industry. They may be intensely competitive spaces, but they’re also breeding grounds of innovation and provide young professionals, veterans and vanguards alike with unmatched opportunities to network, learn and market their services.

Silicon Valley may be the first example of a tech hub that comes to mind, but really, tech hubs are springing up all over the world, from Beijing to Berlin and maybe someday Trinidad and Tobago? It may seem like a distant possibility but I wouldn’t discount Trinidad and Tobago or any other Caribbean country from the tech race. In fact, this week, I participated in a panel discussion at the Tech Hub Islands Summit or this which is focused on turning that very possibility into a reality.

But for now, let’s take a deeper look at the value of tech hubs and examine how we can replicate the benefits of the tech hub in the Caribbean.

Business people all know the importance of professional networks as face-to-face interactions remain the best way to build and maintain relationships. Silicon Valley is a successful tech hub partly because it boasts the world’s densest concentrations of tech companies and therefore provides the best opportunities for this kind of interaction. For those of us who do not yet have a tech hub within arm’s reach, conferences like this, can allow us to tap into existing organisations and networks to bring major players together in a similar way to tech hubs. And this is just one example. There’s also Aruba’s ATech and the Dominican Republic’s Caribbean Developer’s Conference all of which provide opportunities to build networks by bringing together business executives, investors, innovators, government and academics. The hope is that the cumulative effect of these opportunities will help catalyse the development of tech in our region.

In the digital age, it can be easy to assume that we don’t need physical spaces to share information. But the fact remains that many people still learn best in collaborative environments surrounded by peers like tech hubs.

Tech hubs create learning opportunities by providing access to the best in the business. They provide an ecosystem where up-and-coming entrepreneurs can interact with industry leaders and create opportunities for mentoring, inspiring and collaboration.

For the tech start-ups of the Caribbean, innovators and accelerators can help to create these kinds of learning opportunities here at home. Programmes like the Caribbean Tech Entrepreneurship Program 2019 run for a longer period than a tech conference and bring the added value of more sustained contact and closer collaboration with industry mentors. Facebook has also created Startup Hub Caribbean to assist nascent tech companies. The programme provides start-ups with mentors, a workspace, access to workshops, experts and other forms of support to help them grow.

Finally, tech trendsetters need to be able to market their services, if they are to become profitable. It follows that the best tech hubs are the ones that are able to create a marketplace that connects tech professionals with their wider communities.

Tech expos and conferences are among the best opportunities that we have do this in the Caribbean. As an example, this is featured an exhibition where cutting-edge technology can be displayed. Entrepreneurs were also given the opportunity to pitch their ideas to a panel of investors. At EmTech Caribbean, held earlier this year in the Dominican Republic, 77% of participants connected with one or more of the international exhibitors, proving yet again the value these opportunities can bring to our regional tech firms.

Tech hubs combine human talent with opportunities for networking, investment and learning. We may not have a regional tech hub yet, but that hasn’t stopped us from building the collective resources of our Caribbean community to harness the tech revolution and it doesn’t preclude us from building a tech hub of our own in the future.