The Startup Ecosystem of Jamaica

The Jamaican government is supporting micro, small, and medium-sized enterprises (MSMEs) through various initiatives implemented by agencies such as the Development Bank of Jamaica, the Ministry of Industry, Investment and Commerce, and the Jamaica Business Development Corporation. Moreover, international organizations are active and highly influential in Jamaica’s startup ecosystem. For instance, the Inter-American Development Bank helps promote the innovation and growth of the Jamaican ecosystem through the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) program. This initiative aims to achieve sustainable and robust growth among startups and MSMEs by offering funding for incubators and accelerators, and vouchers, grants and loans for startups and MSMEs. The national startup ecosystem also received funds from the European Union’s Caribbean Investment Facility (CIF) to promote gender equality, address climate change, and respond to COVID-19 to drive business innovation and productivity.

The private sector is involved in the ecosystem with an increasing number of support organizations offering services to startups. Notable business support intermediaries include RevUP Caribbean and Branson Centre of Entrepreneurship Caribbean.

The local market might not be the biggest but it has definitely nurtured an outstanding company: Digicel, a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. As expected, the main startup hub is Kingston, the capital of Jamaica. It is one of the main technology and subcontracting centers in the Caribbean, and has in recent years become home to a number of initiatives to support startups and incubators.

The ecosystem faces challenges such as difficulty accessing finance, a risk averse culture and lack of community amongst ecosystem stakeholders. However, the BIGEE program has made progress in addressing these gaps.

To conclude, while Jamaica’s startup ecosystems are still growing, they are dynamic and have deep development potential.