“And we know that for those who love God all things work together for good, for those who are called according to His purpose.” – Romans 8:28
I have often pondered over the untapped potential residing within our diaspora. The Caribbean diaspora, a vibrant community spread across the globe, harbors successful individuals and entities in the private sector. These success stories, often untold, hold the power to transform the less fortunate communities back home. But the question remains: How do we bridge this gap? How do we encourage these successful expatriates to share their success with Caribbean projects aimed at uplifting those in need?
Creating Awareness and Building Connections – The first step is to create awareness. Many in the diaspora are eager to give back but lack information on how or where to contribute effectively. Highlighting the specific needs of communities and showcasing ongoing projects can spark interest. One such projec which is near to my heart is the annual Rotary Club of Central Port of Spain’s Choka Fest fundraiser at Queen’s Hall (Sunday May 19, 2024), which is a drive-in or dine-in event to raise funds, through ticket sales (Queen’s Hall box office) and sponsorship for disadvantaged children in the Beetham Gardens community, in particular.
Leveraging Technology to Facilitate Engagement – Technology offers an unparalleled platform for connecting the diaspora with local projects. Virtual platforms can facilitate direct interactions, allowing potential investors and contributors to see the real-time impact of their contributions. By developing a dedicated online portal that lists projects, their goals, and their impact, we can create a transparent, trust-inducing bridge between the diaspora and their homeland.
Creating Structured Opportunities for Investment and Involvement – To attract the private sector, it’s crucial to present structured opportunities that not only appeal to their desire to help but also align with their investment criteria. This could mean setting up funds or investment vehicles that target specific sectors or initiatives with high impact potential. Moreover, offering tax incentives for contributions made towards social projects can also be a significant motivator.
A very pervasive project is the mounting of a quick response revolving equity growth fund for startups to complement life coaching and business mentoring (shepherding services) for major projects with huge export potential.
Showcasing Success Stories – Success begets success. By prominently featuring stories of projects that have thrived thanks to diaspora involvement, we create a compelling narrative. These stories not only serve as proof of concept but also inspire others to contribute. It’s about creating a ripple effect, where the success of one project fuels the inception and success of many others.
Fostering a Culture of Giving Back – Ultimately, encouraging the diaspora to share their success is about fostering a culture of giving back. This culture starts with education and awareness from a young age, highlighting the importance of community and collective growth. Celebrating Caribbean heritage and maintaining strong cultural ties can also reinforce the emotional and ethical duty towards contributing to welfare at home.
The journey of engaging the successful private sector in the diaspora to contribute to Caribbean projects is fraught with challenges but also brimming with opportunities. It requires a concerted effort from all stakeholders – governments, private sector entities, nonprofits, and the media.
As someone who has witnessed the transformative power of such contributions, I remain optimistic. By creating the right platforms, incentives and narratives, we can unlock a wealth of resources to uplift the less fortunate communities in the Caribbean. It’s about building bridges, fostering connections, and creating a shared sense of purpose and responsibility towards our homeland.
I recently recalled that in April 2003, 21 years ago, a group of us met in New York to engage in a visionary session to establish a Caribbean Diaspora Institute. The vision was to mobilize the resources of the Caribbean Diaspora and encourage responsible management of the vital relationship between the Diaspora, Host Countries and Caribbean people leading to a sustainable future for all.
It is worth revisiting that report and adding some implementation wings.
(Dr. Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com).