Harnessing Entrepreneurship for Sustainable Development

I was nothing short of inspired after attending Republic Bank’s inaugural Sustainability Expo which was held last September in Trinidad and Tobago.

Walking through the rows of vendors, each representing some aspect of sustainable living or business, I was struck by the sheer variety of products and services on display from companies, both large and small, to promote environmental consciousness and community well-being. Each vendor, in their own way, was contributing not only to a more sustainable lifestyle for individuals and sustainable operations for other businesses but also to a more overall resilient economy.

For the entrepreneurs participating in our Sustainability Expo, it was less about plying products and more focused on a refreshing and encouraging reality that entrepreneurs innovate to solve real-world problems, creating and adding both tangible and intrinsic value that goes far beyond profit. In addition to job creation, entrepreneurs foster community development, and, in this case, those with a keen focus on sustainability help to protect our environment and preserve our wellbeing.

According to the Trinidad and Tobago Central Statistical Office (CSO), as at 2023 there were approximately 26,000 registered businesses in this country. Noting that that statistic will likely be doubled if unregistered ventures were to be included, experiencing the Republic Bank Sustainability Expo solidified something I’ve been thinking about for a while - entrepreneurship can be a powerful force, a movement if you will, for sustainable development for any country that truly seeks to harness it.

It serves a vital engine for economic resilience, driving local business growth, fostering social transformation and paving the way for a sustainable future where innovation and environmental consciousness align.

So, for a start, how do the territories in which we operate - across the Caribbean, South America and West Africa - harness entrepreneurship for sustainable development?

Entrepreneurs Contribute to Sustainability through Economic Development
The most obvious way entrepreneurs catalyse sustainable development is through their contribution to the economy. When we think of economic prosperity, we often think of a landscape dominated by large or multinational corporations. However, Micro, Small and Medium enterprises (MSMEs) – often run by individuals or families –are also crucial, especially as they constitute of 70%-85% of Caribbean businesses and 92% of companies in Ghana.

Entrepreneurship, in all its forms and sizes, adds resilience to economies by introducing a range of products and services that respond to different needs thereby building industries, reducing reliance on any single sector and creating strength through economic diversification. Taken together, these entrepreneurs form an interconnected ecosystem that circulates wealth, supports other local businesses in the supply chain, decreases imports and boosts export potential.

For example, in my exchanges with the entrepreneurs exhibiting at the Republic Bank Sustainability Expo, it was apparent that many use locally-sourced raw materials, and in turn, contribute to the growth of other local downstream businesses. It truly shows that interconnectivity between sustainability and entrepreneurship, underscoring that businesses, even small ones, can create waves that generate far-reaching positive economic impact.

Businesses Contribute to Sustainability through Social and Environmental Change
Sustainability isn’t just about the environment; it’s about social progress too. Many entrepreneurs are actively engaged in initiatives that go beyond the products they sell or services they provide. They are tackling issues like poverty, education, and access to resources. Entrepreneurship offers a path to financial independence, especially for those who may not have access to traditional job opportunities. It also fosters community by bringing people together around shared values and goals.

At one of the booths featured at our Sustainability Expo, I met a gentleman who developed educational programmes to teach people of all ages about composting. His goal is to instil environmental consciousness in the next generation, and his approach to business is as much about social impact and environmental preservation as it is about profit. I truly believe that it is very important to support entrepreneurs like him because it translates into investing in a culture that values social and environmental responsibility.

Moreover, it’s important to support many more entrepreneurs like him because they help to meet a huge unmet demand. Approximately 3000 people attended the Republic Bank Sustainability Expo in September - thousands of people clearly wishing to do right by the environment and by society, and seeking tools and resources to help them do so. The overwhelming turnout highlights that entrepreneurs help all of us to act towards our shared goal of transitioning to a world in which future generations can thrive.

A Future where Entrepreneurship and Sustainability are Intertwined
Our first Sustainability Expo made me think about the future in a new way. There is a growing appreciation of the need for fostering innovation and entrepreneurship. As more entrepreneurs adopt sustainable practices, we’re seeing the potential for a new kind of economy—one that values social and environmental impact as much as it values profit. This shift isn’t just a trend; it’s a necessity. With the realities of climate change and limited resources, we must encourage businesses that operate responsibly and take care of our people and environment.

These entrepreneurs aren’t just filling a market gap; they’re creating a movement that challenges how we think about consumption, production, and community. Every eco-friendly product, every socially-minded service, is a step toward a stronger, more sustainable communities and countries.

Their numerous contributions shine a new light on the 2024 Global Entrepreneurship Week theme that “Entrepreneurship is for Everyone.” Indeed, entrepreneurship is for everyone as all of us stand to benefit from the sustainable socio-economic growth these innovators foster within our society.

This article is one of a five-part commemorative series by Republic Bank in celebration of Global Entrepreneurship Week 2024. To read all, visit https://republictt.com/republic-journal