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TSI Project Funded by Implemented by Kick-off training seminar Brussels, 4-6 November 2014 Innovation in the TCI: A Triple Helix Responsibility. Shonia.

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Presentation on theme: "TSI Project Funded by Implemented by Kick-off training seminar Brussels, 4-6 November 2014 Innovation in the TCI: A Triple Helix Responsibility. Shonia."— Presentation transcript:

1 TSI Project Funded by Implemented by Kick-off training seminar Brussels, 4-6 November 2014 Innovation in the TCI: A Triple Helix Responsibility. Shonia Thomas-Been

2 TSI Project Funded by Implemented by Map of Turks and Caicos

3 TSI Project Funded by Implemented by Exclusive Economic Zone EEZ 154,068 km2 Shelf area 7,395 km2 IFA 9,060 km2 Coral reefs 2.5% 154,068 km 2

4 TSI Project Funded by Implemented by Basic Facts and Figures Area 193 square miles Population Resident in ,458 Non-Belonger /Belonger Ratio– 57.5%/42.5% Distribution according to skill level is estimated at: Unskilled/Manual -53%; Semi-skilled- 12%; Skilled 20% and Professional 15%. Gross Domestic Product GDP US$545.4M % growth (y-o-y) GDP 2014 – US$570.6M – 4.62% projected growth US Trade in Goods with TCI $225.8M in 2013 (imports) 10.6M (exports) Balance – $215.2M

5 TSI Project Funded by Implemented by Basic Facts Continued Main Economic Sectors Tourism Hotels and Restaurants 38.6% of GDP Financial Services Intermediation 10% of GDP Real Estate, Renting and Business Activities 9% Agriculture and Fishing 0.5%

6 TSI Project Funded by Implemented by Issue in Main Sectors Tourism New policies are required that would encourage tourism activity in MICE (Meetings, Initiatives, Conventions and Exhibitions) tourism segment Inadequate support for Research and Development. Human Resources and Funding needed to recruit and retain highly skilled and technical workers. Ivory Tower syndrome regarding employment in Tourism and Hospitality Sector. Indigenous people that are academically inclined or the ‘educationally elite’ are not attracted to careers in tourism notwithstanding that it is the mainstay of the country.

7 TSI Project Funded by Implemented by Issues in Main Sectors Formal and Informal Training in Tourism and Hospitality is Imbalanced. Need a complementary skills and exposure in culinary arts, frontline activity, support staff/mentorship for individuals, adequate job placement in the market. Mixing up Responsible Tourism vs. Sustainable Tourism Pitting High Rise/High Volume against Low Density/High Spending Market. Can the two exist? A need for a strategic audit on the carrying capacity of all three areas of the environment is imminent (coral reefs, wetlands and the inland). Lopsided Development between and among islands.

8 TSI Project Funded by Implemented by Issues in Main Sectors Fishing Overharvesting of Queen Conch depleting population. Lobster stock very low. Is pelagic fishing a viable diversification option? Real Estate Generally operates on best practices, world class industry standards that are adaptive. Knowledge transfer inwards due to multiple international franchises within TCREA. Efficiency is inhibited due to the absence of TCI Government e-commerce services in the areas of land registry and land survey.

9 TSI Project Funded by Implemented by Main Issues in Sectors Financial Intermediation Services Current regulatory environment is daunting. Regaining customer and market trust amidst a climate of failed banks and recently the receivership of an insurance company. Difficulty attracting, retaining and developing the talent needed for the future. Finding new ways to make money. Remedial measures aimed at enhancing compliance may be too costly

10 TSI Project Funded by Implemented by Main Stakeholders in Innovation Government Agencies/ Department i.e. DeMA, Investment Unit National Trust Chambers of Commerce Traditional Tertiary Education Institutions School for Field Studies Financial Industry Association Junior Achievers/Young Enterprise Commercial Banks

11 TSI Project Funded by Implemented by Main Stakeholders in Innovation National Parks and Environmental Advisory Committee ? Hotel and Tourism Association. Taxi Drivers Associations. Civic groups such as Rotary, Kiwansis, Girl Guide Association, etc. CTO – Caribbean Tourism Association.

12 TSI Project Funded by Implemented by Situations with Main Stakeholders Little to no excess. Companies’ resources are devoted to day-to- day operation so that few remain for innovative prospects. Little to no free time exist for fresh thinking; therefore thinking time seemingly has little merit in the working environment. Intolerance for the time it may take to bring a BIG (i) to fruition. General aversion toward risk. Inconsistency. Persistent focus on innovation may be a problem. One year in, one year out. Financial institution may have available cash for lending, however they place more emphasis or reducing risk when extending credit. There access to credit may be a main inhibitor of innovation

13 TSI Project Funded by Implemented by Situations with Stakeholders Need to heighten the perception of entrepreneurship and innovation in the mindset of young people by incorporating it in some element of the school curriculum. Insufficient regulatory framework geared at promoting SMEs or innovation.

14 TSI Project Funded by Implemented by Who should drive innovation in the TCI Governments, markets, or institutions of learning? They should work together. A triple helix! There may not be a way around it!

15 TSI Project Funded by Implemented by Opportunities for Innovation The Innovation Proposition TCI’s focus on innovation should depart from the usual science and technology orientation and should be ‘value driven’. It should be centred on traditional sectors where there is the greatest potential for immediate to mid-term impact. It can be based on local competencies; but not entirely. It should be directed towards addressing socio-economic issues relating to the environment and natural ‘life support’ systems (i.e. water, food, healthcare, energy, etc. ).

16 TSI Project Funded by Implemented by Opportunities for Innovation Government’s Role – Set Guidelines for Policy Incentives TCI Government can resist being seen as the prime funder of innovation in the country; rather it should be proactive in highlighting the issues and problems to be solved through innovation. Implementation of a pro-innovation government policy that will focus on business framework conditions that are attractive to locals and FDI. Ensure that adequate intellectual property right legislation in place to protect the inventors’ ideas and the innovators during commercialisation.

17 TSI Project Funded by Implemented by Opportunities for Innovation TCI Government/Tourist Board can articulate a vision of fostering ‘value innovation’ – those that are related directly to tourism. They can be designed based, geared at improving the quality of services, or the experience of visitors. TCI Government can focus on communicating the ideals and benefits of innovation. The Government can encourage clustering of like-minded people who would take on new projects and ventures and feed off or support each other by networking. The clusters can be centred on: product innovation, process innovation, resource innovation, customer/market innovation.

18 TSI Project Funded by Implemented by Opportunities for Innovation Pri vate Sector’s Role The few businesses that are doing things well need to share knowledge. e.g. Beaches Turks and Caicos utilizing: automatic switch-off a/c; partial solar energy, keycard light control systems, tap-installed aerators. This is expected to reduce energy costs by 20%. Companies will only invest private resources in R&D if they consider the final market is1) interested and 2) large enough to recover the investment. Educational Institutions Role Tertiary Education should be promoting socio-economic development through innovation and should establish reward systems to incentivize general curiosity and research.

19 TSI Project Funded by Implemented by Opportunities for Innovation Green Economy: Terrestrial Environment Utilization, development and commercialization of alternative medicines (bush medicines) through the harvesting and processing of natural flora and fauna such as aloe, moringa, neem. Innovation in Pollution Management There is need for innovations in waste management including run-offs from building, that are laced with fertilizers and pesticides that can seep into the water table.

20 TSI Project Funded by Implemented by Opportunities for Innovation Reduction in Fossil Fuel Dependences Innovations are needed to reduce the dependency of fossil fuels.


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