EU-LAC accelerating growth, global digital opportunities to Jamaica

Jamaican stakeholders are enthusiastically embracing the European Union Latin America and the Caribbean ( EU LAC) Digital Accelerator Program, recognizing its potential to drive growth and innovation in the region. 

The commendations followed a workshop hosted by the Caribbean Export Development Agency, in collaboration with Tenalia Ventures and the European Business & Innovation Centre Network on Tuesday, May 14 at the Jamaica Pegasus Hotel with funding from the European Union. 

The event, ‘Digital Innovation Nexus: Bridging Corporates and Startups for Next-Gen Solutions’, aimed to highlight the benefits of the EU-LAC Digital Accelerator matching platform and bring together business leaders and C-suite executives for an insightful discussion on corporate innovation and collaboration with startups. 

This program, a cornerstone of the EU-LAC Digital Alliance is aligned with the Global Gateway (GG) agenda, and aims to foster digital transformation collaboration among businesses in the Latin America and Caribbean region and Europe. Global Gateway is an integral part of the European Union’s international engagement, around five key themes: digital, climate and energy, transport, health, and education and research. 

Successful partnerships will be offered acceleration services valued at up to €30,000 around areas such as SMART Production. Over 200 entities have registered on the platform, 17 of which are Jamaican businesses.

Ricardo Thompson, Co-founder  and  CEO of Niritech Digital Services Limited, one of the Jamaican businesses registered on the platform already has positive words, noting that he will be leveraging the networking aspect of the programme in order to connect with businesses across the region. 

“My expectation from the EU LAC initiative is essentially to enable my company to connect with other companies that are larger or of similar size so that we can leverage the opportunities arising from Europe or even other parts of Latin America. We firmly believe that through collaboration, we can achieve significant outcomes,” He noted. 

The Digital Accelerator builds upon the EU’s support to Jamaica, including the €9.5 million Digital Jamaica program which was launched in October 2023. Digital Jamaica represents a multi-sector initiative aimed at supporting Jamaica’s digital transformation agenda.

 Another participant, Almando Cox, CEO of ResolveIT Limited , emphasized the initiative’s importance, stressing the need for more support services to facilitate local digital transformation. He noted how many young entrepreneurs get caught up in day-to-day tasks instead of focusing on strategic growth.

“How do entrepreneurs transition from the point of working in their business to working on their business? The solution is to leverage technology. It is  difficult to scale and compete without digital tools. The reality is, when you have an organisation or a group that can provide you with that kind of knowledge and capacity building, it becomes much easier for entrepreneurs to navigate this technology landscape.” He explained. 

Christopher Brown, Programme Manager for BIGEE (Boosting Innovation, Growth, and Entrepreneurship Ecosystems) at the Development Bank of Jamaica also expressed optimism about the Accelerator Program’s utility, citing its extensive array of services aimed at facilitating partnerships.

“ I have actually never heard of an Accelerator that provides such a comprehensive range of services to entrepreneurs, aiding in their success, helping build business cases, raising financing and providing mentorship and guidance. I believe this comprehensive approach will contribute to the success of corporate venturing innovation activities,” he stated. 

 Speaking at the workshop, Sancia Bennett Templer, Permanent Secretary of the Ministry of Industry, Investment and Commerce, underscored the significance of the programme for the Caribbean and the entire region.

“This launch marks a significant milestone not only for the Caribbean but for the entire region as we continue to step boldly into the future of digital innovation in entrepreneurship,” she said.

She added,  “The digital accelerator is more than an initiative, it is a commitment to transform our economic landscape, foster sustainable development and enhance our global competitiveness. By marrying large corporations and their problems with innovative problem-solving skills of our up-and-coming technology experts this project holds the potential to usher in an era where simple relationships can be unearthed and nurtured between big businesses and MSMEs. ” 

For his part, Aniceto Rodriguez Ruiz, Head of Cooperation at the Delegation of the European Union to Jamaica, Belize and the Bahamas highlighted the transformative power of the digital landscape in shaping and connecting economies and societies worldwide. 

“In this era of rapid technological advancement, forging alliances and fostering collaboration is not just a product, but absolutely imperative. It is in this spirit that the EU LAC Digital Alliance emerged as a means of cooperation and innovation between the European Union and Latin America and Caribbean nations,” he said. 

He continued,  “This alliance provides a forum for regular bi-regional dialogue and cooperation on digital matters. It also creates a strategic framework to promote a human-centric digital transformation based on the idea that digitalization must first and foremost benefit people and also ensure encouraged investments for the socio-economic prosperity of the nations.” 

The EU-LAC Digital Alliance focuses on four key areas: policy dialogue, boosting connectivity, Earth observation and satellite navigation services, and the EU-LAC Digital Accelerator, which promotes partnerships between businesses from the EU and Latin America and the Caribbean.

Together, these efforts underscore a collective commitment to advancing prosperity and progress in the region.