They can't wait on the banks, because they are not interested or simply do not understand. Some can do it with Credit Union Loans. Others sell their friends and family on the investability of their ideas. Yet many, many more sit languishing with great ideas and no cash to grease the ideas forward. I know I'm already preaching to the converted, when I say we need a Venture Capital Fund here, the start of a VC culture here in the Caribbean that will invest in bankable technology companies.( And when I say bankable, I mean in other things outside of companies set up to resell cellphones of the existing mobile providers. God knows we have enough of them.)
I know of too many companies that could use an love injection of cash to get their ideas going further, faster. I've spoken to the entrepreneurs who've been in the industry 3, 5,7 years and have had certain level of successes, but none that can rival those of their colleagues in The States or Europe. And that's a pity, as we are dripping with worldclass talent and ideas here.
Maybe this is something that Digicel, Cable & Wireless, The Spanish companies busy building hotel rooms, more of the Irish can look at. Setting up a a Venture Capital Fund that's geared towards helping these many brilliant small, fledgling, talent packed technology companies become money smart, investable, inpactful and profitable. It's hard for many of these entrepreneurs to watch good money, strong money chase crappy ideas in the States when simply half or a quarter of that funding could take Jamaica and the Caribbean's software industry global, take the wicked web apps, mobile games, mobile services out of the underfunded companies and to the world.
Many of these companies have grown weary of the small pool of clients who recognise value for money and are willing to pay well and on time for products and services, especially in Jamaica. Many of these companies are bootstrapped, very clear testimony to their belief these entrepreneurs have in themselves, their teams and their ideas. Many of them have ideas, products, services that are great for the Jamaican/Caribbean market, scaleable and appealing to global markets.
I dare someone to start the first Venture Capital firm geared to making things happen in Jamaica and the Caribbean's tech industry. I dare someone!
Labels: Tech Industry, VC. Venture Capital