Innovation in crisis: A national call to action

Emerson John-Charles

This week's column explores the alarming decline in global innovation rankings, the systemic challenges holding back progress and the urgent steps needed to build a thriving innovation ecosystem. From inspiring success stories to actionable strategies, it highlights the path to unlocking TT’s potential in an increasingly competitive world.

Dive in and learn why innovation is the foundation for sustainable growth in TT.

Innovation-driven economies are renowned for their diversification, export orientation and ability to generate crucial foreign exchange.

This is achieved by fostering micro-ecosystems within economic sectors that support continuous innovation.

These ecosystems enable sectors to identify fresh ideas and transform them into new products/services that can be scaled and successfully exported to compete in international markets.

TT’s declining innovation rankings

The latest Global Innovation Index report reveals an alarming trend for TT which now ranks 108 globally – a historic low following over 15 years of steady decline.

In 2008, we stood at 68, dropping to 81 by 2013, 96 by 2018 and 102 by 2023.

With a notable six-place decline from 2023 to 2024, one must wonder where TT will rank in five years if proactive steps are not taken to reverse this trajectory.

In comparison, neighbouring Caricom nations Barbados and Jamaica achieved global rankings of 77 and 79 respectively.

Multiple other indicators further illustrate TT’s struggles in innovation.

According to Harvard's Atlas of Economic Complexity – which tracks the knowledge embedded in a country's exports – TT has steadily declined since 1995.

The UNCTAD Frontier Technology Readiness Index, a new global measure of technological preparedness, also reflects a downward trend for TT.

Alarmingly, the Intellectual Property Office of TT reports an average of only one patent filed by residents every year.

At the same time, research and development investments in TT consistently remain below 0.05 per cent of GDP – far short of the three per cent ideal benchmark for high-income nations.

Several years ago, an assessment of TT’s innovation ecosystem identified key weaknesses.

There is a prevalent misinterpretation of innovation as merely entrepreneurship, and industry players often need to align with national research priorities.

Furthermore, no single entity is mandated to strategically manage the ecosystem, contributing to a fragmented, unco-ordinated innovation landscape with local players often competing with each other.

These challenges can be distilled into five main areas:

– Insufficient research and development investment

– Weak academia-industry collaboration

– Inadequate governance and co-ordination

– Weak innovation readiness among firms

– Insufficient applications for research of solutions

These factors collectively hinder the country’s potential to drive economic growth, boost competitiveness and ensure long-term resilience.

Actionable recommendations for global competitiveness

As the fourth industrial revolution brings unprecedented volatility, complexity and uncertainty, the need for robust innovation systems becomes even more urgent.

For TT to remain competitive on the global stage, it is imperative to update the national innovation policy and establish complementary frameworks such as a national intellectual property policy and a national science and technology policy.

These policies will provide a strategic foundation for decision-making and resource allocation.

Furthermore, education and research efforts must align with the 11 frontier technologies identified in the 2021 UNCTAD Technology and Innovation Report.

Establishing National Innovation Centres or Centres of Excellence in key sectors – such as high-value agriculture, energy engineering, ICT and maritime services – will serve as pivotal hubs to mitigate risks and drive impactful innovation.

TT must also confront the reality that it has historically struggled with managing innovation and maximising the financial potential of inventions produced by its talented and creative citizens. To address this, organisations across private, public and non-profit sectors should be encouraged to adopt the ISO 56001, the global standard for innovation management. This framework focuses not on specific products and services, but on cultivating the right culture, strategies and systems within firms to continuously generate new revenue streams through enhanced innovative capabilities.

Innovation in action: Robotics to industry partnerships

Despite current challenges, promising indicators suggest a new generation is committed to cultivating innovative capabilities.

For example, Presentation College, Chaguanas, recently placed third in the first Global Challenge Robotics Competition held in Greece last year.

Similarly, the Intellectual Property Office of TT successfully obtained a Geographical Indication (GI) for steelpan manufacturing.

Additionally, Cariri's Shaping the Future of Innovation programme has awarded substantial grants since its inception and local companies like the Agostini Group and Carib Brewery have established innovation departments and labs.

The University of the West Indies’ STACIE department has launched its St Augustine Industry Innovation Lab (SAAIL) programme to build industry-academia linkages and the TT Bureau of Standards established a National Mirror Committee for innovation management, adopting ISO 56001 as the country’s innovation standard.

Innovation: The key to TT’s resilience

Addressing the ecosystem’s weaknesses is essential to shift innovation from a potential "innovation theatre" to a strategic force with tangible benefits that can reverse the current decline. A robust innovation ecosystem will have far-reaching impacts on TT’s socio-economic challenges, including the heavy dependence on dwindling oil and gas revenue, the strain on the national pension system due to an ageing population, university graduates’ underemployment, the brain drain, limited access to foreign exchange and high crime rates.

TT can secure a sustainable and resilient economic future by tackling these critical innovation issues.

Innovation is no longer an option, it is the cornerstone of TT’s survival and growth in an increasingly competitive global landscape.

The Innovation Association of TT is a non-profit organisation dedicated to promoting common issues for professionals and organisations who manage and lead innovation efforts in TT.