“Commit to the LORD whatever you do, and he will establish your plans.” – Proverbs 16:3
From decades of observing and commenting on economic development, one undeniable truth stands out—entrepreneurship has matured into a vital force. No longer just a buzzword or an emerging trend, it is now a fundamental driver of sustainable Caribbean economic growth.
Our region is blessed with brilliant leaders in various fields. Policymakers, civil servants, and captains of industry have shaped our economies. Innovators, disruptors, entrepreneurs, and intrapreneurs have crafted a dynamic business landscape. We possess enviable natural assets, from fertile land and warm weather to abundant marine resources, providing a strong foundation for economic success. Yet, despite these advantages, our economies have struggled to achieve the rapid, sustained progress seen in other parts of the world.
Take Singapore, for example—a country whose transformation over recent decades is remarkable. Fueled by strategic policies and a commitment to entrepreneurship, its economic progress is the world’s envy. I recall vividly my visit to Singapore in 1993, which left a lasting impression. The country’s deliberate approach to fostering entrepreneurship through targeted support, regulatory efficiency, and a commitment to human capital development became a model that inspired me to write this very column series.
Over time, these observations inspired me to develop “The Robust 3M Shepherding Model,” designed to help Caribbean entrepreneurs navigate the often-turbulent path to success. This model focuses on three critical areas: Mindset, Methods, and Money.
• Mindset: Shifting perspectives toward resilience and innovation is essential for entrepreneurial success.
• Methods: Practical business frameworks, mentorship, and processes provide tools for stability and growth.
• Money: Securing strategic investments and financial support enables entrepreneurs to scale and sustain their ventures.
My son, Bevan, recently made an observation that struck me deeply. He said, “What you have been promoting for over thirty years has now come of age.” Indeed, the moment has arrived for the Caribbean to fully embrace entrepreneurial change, not as an alternative but as the primary path forward.
The traditional drivers of employment—such as government and established private sector industries—are no longer equipped to create the employment levels required for our economies to thrive. Future job creation will depend on entrepreneurs and small enterprises leveraging innovation and technology.
Signs of the shift are already visible. Across the region, startups in fintech and agribusiness ventures are driving sustainability. Creative industries are carving global niches, showcasing the Caribbean’s talent on the world stage.
To harness this potential fully, we must take deliberate action. Governments must craft policies encouraging entrepreneurship, removing bureaucratic barriers, and facilitating access to capital. The private sector must step forward as partners, investing in intrapreneurship and mentoring emerging businesses. Educational institutions must prioritize entrepreneurial training, equipping young people with the skills to think creatively and act boldly.
The Caribbean has every ingredient for success. Our talent, resources, and global examples of thriving entrepreneurial ecosystems provide a clear path forward. Now is the time to act with purpose and urgency. When the Caribbean wins, we all win.
(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.)