UK business expert: Caribbean startups must look beyond innovation to scale up

Access to capital and global connectivity, not just innovation, is the real barrier Caribbean startups must overcome to grow beyond the region.

That was the message at a business meet-up hosted by Caribbean Dragons, in partnership with the UK High Commission and the TT Chamber of Industry and Commerce, on February 7 at the chamber’s Westmoorings office.

The event brought together entrepreneurs, investors and policymakers to discuss practical strategies for scaling Caribbean businesses in an increasingly competitive and bureaucratic global market.

“Innovation is the heartbeat of any thriving startup ecosystem,” said Kiran Maharaj, president of the TT Chamber, in her opening address.

“But to remain competitive in a rapidly evolving marketplace, Caribbean entrepreneurs must relentlessly pursue new technologies, ideas and processes.”

Maharaj stressed while innovation is essential, the real challenge is ensuring startups have access to the necessary funding and networks to expand.

“We must create investor-friendly environments, capital-raising platforms and remove bureaucratic barriers that stifle business growth,” she said, adding that ambitious Caribbean businesses must shift their mindset towards international expansion.

“When our companies can easily reach new customers, establish international partnerships and explore overseas markets, they can truly flourish,” she added.

British High Commissioner Jon Dean reinforced the UK’s support for Caribbean businesses, particularly through trade and investment partnerships.

“The UK government is committed to fostering economic resilience in the Caribbean, particularly through support for small and medium enterprises, which are the backbone of any economy,” he said.

Dean highlighted key initiatives such as the UKCARIFORUM Economic Partnership Agreement, which provides duty-free, quota-free access to the UK market for Caribbean goods.

He also pointed to the UK Trade Partnerships programme, which offers training and business matchmaking opportunities for high-potential Caribbean businesses.

On sustainable business practices, he said, “Climate change is one of the most pressing challenges of our time, and the UK is proud to support initiatives that promote renewable energy, carbon management and green investment in TT.”

Keynote speaker Alan Lowdon, a seasoned entrepreneur with expertise in energy and technology, took a candid look at the challenges of scaling a business.

Drawing on his experience with Device Access, a UK-based technology company, Lowdon shared hard-earned lessons on intellectual property, market fit and strategic leadership.

“It’s about success, but failure has to be managed as well,” he said, recounting Device Access’s rise and eventual collapse.

Despite securing £520,000 (approximately TT$4,393,900) in venture funding and forging partnerships with major industry players like E.ON and Siemens Gamesa, the company struggled with cash flow, supply-chain challenges and leadership turnover.

He addressed the importance of supply-chain control in ensuring a startup’s long-term viability.

“Any technology business is relying on its suppliers. If you’ve got the ability to control the supply chain, it’s a great thing,” he said. “However, in this particular case, we had very little control.”

Lowdon also highlighted the emotional resilience required to navigate the ups and downs of entrepreneurship.

“Keeping that level of motivation throughout the course of the organisation’s growth or stabilisation is really, really important.”

Despite the company’s closure, Lowdon said he left with valuable lessons.

“This technology was ahead of its time, but there was a rich learning experience that everybody gained from.”

The event reinforced that scaling Caribbean startups requires more than just good ideas.

It demands access to funding, strategic partnerships and a global outlook. The presenters urged entrepreneurs to capitalise on emerging trade agreements, investment platforms and digital infrastructure enhancements to expand their reach.

The event’s facilitator, Caribbean Dragons, is a TT non-profit company comprising a group of experts aiming to empower startups with expertise and promote regional economic growth through innovation.