Narissa Fraser
PLANNING Minister Pennelope Beckles says TT citizens have “impressive levels of creativity and innovativeness.” Because of this, she said, prompting investments in innovations that add value, firms can potentially earn higher revenues.
She was speaking at the Shaping the Future awards ceremony at the Hyatt on Monday morning – a collaborative event between her ministry, the EU, the IDB Lab (Inter-American Development Bank Lab) and CARIRI (Caribbean Industrial Research Institute).
Beckles told entrepreneurs they can all be catalysts to “achieve a new level of innovation” and that their work can make it internationally.
“Your tremendous efforts have made you the recipients of funding and team building initiatives and efforts, which I know will be a great asset to TT.”
She said the government has undertaken “numerous initiatives” to promote innovation, which were kickstarted by studies done by the ministry itself, independent consultants and academic institutions.
“Through numerous avenues, the government supports innovative projects and activities. For instance, through strategic local and international partnership and incentive entrepreneurial development in Freeport, it has been providing tremendous hands-on guidance, training and other forms of support including guidance and prompt access funding to our young innovators and the business community who are actively engaged in innovation.
“Moreover, through the National Entrepreneurship Development Company, the government has been affording innovators access to funding to assist in taking their new products and ideas to the market. “
She added, “The government recognises the private sector’s efforts in promoting innovative activity in TT.”
She believes innovation is a fundamental tool to effectively diversify TT’s economy.
“We know that a nation that makes investment in innovation today will be dominant in the global economy tomorrow. Therefore, this programme represents another significant investment in innovation by all of our partners.
“The citizens of Trinidad and Tobago display an impressive level of creativity and innovativeness.
“Much like the steelpan, it is a remarkable local innovation that has become synonymous with TT. It is a prime example of how local innovation in this beloved country has enriched the cultural landscape and gained international recognition.
“These innovations highlight the talent and resourcefulness of all people of TT, making them an integral part of the nation’s identity.”
Chief of operations of the IDB in TT Sergio Rios said the IDB Lab has been a “strong partner in catalysing innovation led by TT’s private sector and civil society organisations.”
He said innovation does not only happen with the introduction of creative ideas but also the execution of those ideas.
“We hope that this funding will be used to accelerate implementation and commercialisation of innovation as we believe that creativity, patience and entrepreneurial talent must be focused on their own implementation via delivery of value to customers, penetration of new markets and activation of new business models.”
CARIRI CEO Hans-Erich Schulz said innovation propels societies forward, transforms industries and improves people’s lives.
“We have witnessed ground-breaking ideas emerge from diverse facets of society from sustainable energy solutions that mitigate climate change, to solutions in agri-processing, manufacturing, education ICT as well as sports and health that can enhance our well-being.”
He added that behind every ground-breaking idea, there is a story of perseverance, dedication and “countless hours of hard work.”
Charge d’affaires of the EU’s delegation to TT Sanjin Solfatic said the union is supporting a movement from diversification to innovation.
“Diversification would be the replication of industries, businesses or processes carried out elsewhere. Innovation is doing something in a new way. This would grant economic advantages to the entrepreneurs and the societies in the increasingly competitive world.”
He added, “No doubt, artificial intelligence will further accelerate this.”
He said TT innovators have a bright future.
