The economic future and prosperity of the community depend on innovation

The future of the Caribbean hinges on its capacity for innovation and is key to sustainable growth. One has to get used to it that the new normal will not be the same as the old normal in every way. Prioritizing proactive, strategic innovation initiatives is essential.

The benefits and impact of innovation in economic development are:

• It boosts productivity as the implementation of new technologies and processes enables increased efficiency and output.

• It drives growth as it facilitates the emergence of new business activities and the expansion of current ones.

• It attracts Investment as regions known for innovation tend to attract capital, skilled professionals, and strategic partnerships.

• It enhances competitiveness as it ensures local enterprises maintain a competitive edge in regional and international markets.

• It improves quality of life as it advances in healthcare, transportation, and sustainability contribute positively to societal well-being.

• It builds resilience as innovation equips economies to effectively respond to various challenges, including climate, financial, and geopolitical disruptions.

Who is going to figure that all out? In a human body there is a department on the top floor called the brain. For our innovation project we are going to create something similar, and we will call it ‘Research and Development Center’. R&D, isn’t that what the brain does: observe, find out, react, and act? To put our brain together we need the equivalence of neurons. Specialists will become our ‘neurons’. Where will we find them? There are some exceptionally talented people in the Caribbean. If they are willing and able to subscribe to the mission and vision of the project and they have the passion and creativity to turn challenges into opportunities and further into results, they may be just the right people.

It is imperative that the Caribbean builds its innovation capacity from within, harnessing local talent and resources to serve as a laboratory for future solutions. There are well-educated Caribbeans in various parts of the world who may want to return and contribute with the knowledge and experience they have acquired abroad. It may called brain-gain. To make it complete, we may also need the talents from non-Caribbeans. They may be our guests for a short time, we may like them so much that we want to hold on to them a bit longer. Once we have the highly intelligent human resources on board, we can start training others in our community. It may not happen in a wink, yet the sooner the initiative is started, the sooner results will come.

Investment in R&D represents one of the most effective catalysts for economic growth. By pursuing this path, we have the potential to redefine a local role on the regional and even global stage. For stakeholders seeking meaningful returns, now is the ideal moment to invest in transformative innovation that creates lasting economic and societal impact. R&D should be viewed as a critical multiplier rather than an optional expense. Each investment can yield significant increases in productivity, job creation, and competitiveness.

“Why would one want to invest in the Caribbean?” Either you are closing your eyes to a situation you don’t wish to acknowledge or you are not aware of the caliber of opportunity that may be growing here. We are in the process of growing ‘Human Capital’. I put ‘Human Capital’ in the category of ‘Own Capital’. Own capital funds are generally a condition for outside investors. Without sufficient responsible own capital resources, outside capital providers are not ready for a contribution. With the R&D development, we are creating a vault of ‘Own Human Capital’.

I invented the expression ‘Management by Innovation’ since it wasn’t found yet in academic coursework. It is my concept by which management aims to develop and maintain a leadership position in the market by actively looking for new ways, and questioning existing ways internally and externally. It is totally different than ‘Management by Numbers’ which I consider to be ‘Management for the Ruthless’ and utterly unintelligent as I see it as the most effective way to get rid of the most brilliant and dedicated minds. The result of managing a business by the numbers is that engagement, creativity, and innovation get lost. It looks for saturation, like consuming large portions of fattening food and becoming obese. It is about out-proportioning to gain weight. It may be a great concept for managing a Japanese Sumo wrestling team but let it be known that the life expectancy of a Sumo is at least 10 years shorter than the average Japanese male. They develop diabetes, high blood pressure, and are prone to heart attacks. The stress on their joints causes arthritis.

With the intelligent concept of ‘Management by Innovation’, I dare say that the Caribbean could become a hub of science and technology. “Gosh. If we are becoming so freaking smart, maybe we can do more with it,” you might think. Yes, you can hold intellectual property rights and get royalty payments from newly developed technologies and innovations, while enjoying being with your family in the region.

Strategic Innovation and R&D will contribute to a prosperous tomorrow for communities.

A robust, tailored strategy is necessary for fostering vibrant and sustainable economic growth. Forward-thinking partners must collaborate in high-impact sectors that promise strong returns and international relevance. Innovation provides an avenue for leapfrogging traditional systems, and enabling the adoption of advanced solutions transforming challenges into opportunities for diversification. Innovation and R&D can support ensuring equitable distribution of economic benefits, reduce poverty and inequality, and build systems capable of withstanding varied shocks—be they climate-related, financial, or geopolitical.

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