Journal of Economics and Business
ISSN 2615-3726 (Online)
ISSN 2621-5667 (Print)
Published: 29 July 2020
The Entrepreneurial Ecosystem in the Caribbean
University of Trinidad and Tobago
Download Full-Text Pdf
Keywords: Entrepreneurship, Entrepreneurial Ecosystem, Education, Government, Entrepreneurial Activities
The research study was conducted to analyse the entrepreneurial ecosystem in the Caribbean. The aim of this research study was to investigate the impact of education, industry and government on the entrepreneurial ecosystem’s development. The research study utilised a secondary research method as well as a critical review of the literature. The research method proved to be helpful in investigating the research issue, and I critically analysed the findings of prior authors. This study found that educational institutions, as well as strategies followed by the government, play a key role in developing the entrepreneurial ecosystem within a country. The ecosystem of entrepreneurship can be viewed as a combination of monetary, educational, and social environments that can either promote entrepreneurship or influence the way entrepreneurship evolves in the area. The evaluation of different educational institutions based on environmental structure, internal key capabilities, research, growing reputation, entrepreneurial activities, and teaching methods, along with the availability of financial resources, showed that the educational institutions in the region are on the right path. However, the lack of quality entrepreneurial education, internationalisation, and exposure to worldwide export markets are some of the factors that are deterrents in achieving a quality entrepreneurial ecosystem.
Acs, Zoltan J., and Paulo Guilherme Correa. “Identifying the Obstacles to High-Impact Entrepreneurship in Latin America and the Caribbean.” GMU School of Public Policy Research Paper, no. 5, 2014.
Allahar, Haven, and Candace Brathwaite. “Business Incubation as an Instrument of Innovation: The Experience of South America and the Caribbean.” International Journal of Innovation, vol. 4, no. 2, Universidade Nove de Julho, 2016, pp. 71–85.
Allahar, Haven, and Ron Sookram. “Emergence of University-Centred Entrepreneurial Ecosystems in the Caribbean.” Industry and Higher Education, vol. 33, no. 4, SAGE Publications Sage UK: London, England, 2019, pp. 246–59.
Etzkowitz, Henry, and Loet Leydesdorff. “The Triple Helix--University-Industry-Government Relations: A Laboratory for Knowledge Based Economic Development.” EASST Review, vol. 14, no. 1, 1995, pp. 14–19.
Isenberg, Daniel J. “How to Start an Entrepreneurial Revolution.” Harvard Business Review, vol. 88, no. 6, New York, 2010, pp. 40–50.
Suresh, Jayshree, and Raj Ramraj. “Entrepreneurial Ecosystem: Case Study on the Influence of Environmental Factors on Entrepreneurial Success.” European Journal of Business and Management, vol. 4, no. 16, 2012, pp. 95–101.
Sussan, Fiona, and Zoltan J. Acs. “The Digital Entrepreneurial Ecosystem.” Small Business Economics, vol. 49, no. 1, Springer, 2017, pp. 55–73.