As a co-founder of the newly formed Caribbean Seed Fund, I have actively raised money to invest in Jamaican and Caribbean tech startups that have the potential to go regional and global. In the last 5 months, I have been closely watching the emerging trends in the private investment and entrepreneurship space in Jamaica, and here is what I have learned:
- The pandemic has sparked a new level of entrepreneurship in Jamaica and the Caribbean. With people spending more time online, experimenting and learning new digital skills, there has been a move to take their fate into their own hands by starting new businesses. This has resulted in a diverse range of new businesses and entrepreneurs, adding to the innovation ecosystem.
- Young investors are also waiting for opportunities. First Angels and Alpha Angels were Jamaica’s first official syndicates sanctioned by the DBJ. Alfa appears to have failed, while First Angels is still going, but appears to be experiencing a slowdown in deal flow. However, there is a growing culture of loosely formed angel investors who have formed syndicates and are securing deals through their network.
- These are successful entrepreneurs and C-Suite executives between 40 and 60 years old who are looking for higher risk, higher reward investment opportunities, mostly investing in what they know: real estate, manufacturing, tourism, food , beauty and a bit of technology. They have weekly or monthly private nights with 3-5 entrepreneurs, and this is a testament to the growth that seems inevitable in the Jamaican economy as private equity seems to be looking for bigger and more diverse entrepreneurs.
- The emergence of these investors is a sign of a growing appetite for risk in the private investment space in Jamaica. With private equity seeking more diverse entrepreneurs, there is a higher potential for more success stories across industry sectors over the next 3-5 years. As someone who has been in the Caribbean tech space for 16 years as an entrepreneur, startup ecosystem leader and young investor, I am excited about the opportunities.
- Caribbean Seed Fund is at the next level with a new crop of experienced and dedicated US tech entrepreneurs and investors looking for new opportunities to cut checks, give their time, open their networks and connect these entrepreneurs with the best and biggest customers and the best markets. This is a network of leaders who understand the power of community and put it first, represent patient and smart venture capital, and are on a mission to create more startup success stories and wealth creation in parts of various of the world with excellent and established resource. Caribbean Entrepreneurs.
- The Caribbean seed fund is focused on technology and is looking for entrepreneurs who have startups that use technology to solve problems and have the potential to go to the Caribbean, Latam, USA and Africa.
In conclusion, the private investment and entrepreneurship space in Jamaica is developing, with an increasing number of investors looking for diverse entrepreneurs and startups with innovative ideas. With the emergence of The Caribbean Seed Fund adding its sauce to the mix, there is a higher potential for tech startups to thrive and succeed, and I’m excited to see what the future holds for the ecosystem of technology in Jamaica and the Caribbean.
