Tewarie: Tech startups improve the economy

By nurturing tech startups, TT will develop other sectors such as technology, energy and emergency services.

This was the message Nirad Tewarie, CEO of the American Chamber of Commerce (Amcham) TT, gave to participants on Coffee Shop Conversation, Stories from tech startups, hosted online via Microsoft Teams on Wednesday.

“We definitely see an opportunity through technology to stimulate our economy by creating new and exciting jobs, boosting entrepreneurship, and building the talent pool through innovation and competitiveness. Moreover, we firmly believe that the tech industry can be a significant source of investment in TT in the very short term,” Tewarie said.

Countries invested in tech startups have witnessed a major technology revolution which improved the quality of life for citizens.

Barbados created a framework for fintech start-ups to begin economic reforms.

Barbados, Tewarie said, has an “open-door policy” which allows people to work from Barbados for up to a year.

“It is already attracting applications from highly-skilled tech workers. Undoubtedly, some of these people will form partnerships that will help Bajan companies internationalise. Some of them will stay in Barbados and create businesses.”

Once priority was given to tech-driven startup economies, industries such as transportation and clean energy will improve.

“Tech startups in Britain are helping to improve the quality of emergency services by alerting medical professionals to emergencies near them who can then respond even faster than the emergency services.”

Tewarie had a friend in Argentina develop an e-platform that helped donate unsold food to people in need to avoid food wastage.

“Enabling the tech sector is not just about enabling business for profit – which isn’t a bad thing – but the tech community in any place that there is a cluster, also focuses significantly on the provision and enhancement of social goods.”

Gerard Thomas, head of innovation and business development at Agostini, Leslie Lee Fook, managing director, Incus Services and Aldwyn Wayne, CEO, WiPay discussed the origin stories of their business and how it grew to be tech leaders in TT.

Thomas said entrepreneurs need to look at opportunities that focus on helping people rather than selling solutions.

“Understanding customers, and though we have great solutions and ideas, many times entrepreneurs come forward with the approach of ‘I have an idea’ but the direction should be (focused on) what problem can I solve? Who has this problem, and how can I help them?” Tomas said.

He advised tech startup entrepreneurs to understand challenges before offering help.

Thomas also made a call for greater community within the tech industry. He said while many in the country are providing training programmes in tech, what start-ups need is a space where they can gather, discuss, problem solve and build relationships with each other.