It is important to strengthen and consolidate the process of innovation and the emergence of new innovative companies.
No city in the Dominican Republic has been ranked in the top 20 in Latin America in the 2024 Global Startup Ecosystem Index, a ranking that classifies countries with the right conditions for founding this type of technology company, and has never been ranked in the top 50 worldwide.
The Dominican Republic is not among the top 10 countries with the best indicators in the region.
The ranking assigns each ecosystem a score that is the sum of three subscores measuring quantity, quality and entrepreneurial environment, but the Dominican Republic’s drop in the ranking is disproportionate given the fact that its economy is the seventh in Latin America and the largest in the Caribbean and Central America region, and that its strategic geographic location makes it rife with opportunities to nurture start-ups and increasingly invest in these types of companies.
According to a World Bank enterprise survey, the main obstacles facing young entrepreneurs in countries in the region (including the Dominican Republic) include problems with access to financing, a lack of qualified human resources, high tax burdens and weak labor regulations.
Therefore, for DR to advance the sustainable development process, it is necessary to strengthen and enhance the innovation process and the emergence of new innovative enterprises.
To achieve this, we need to develop a network of mentors with startup experience, simplify tax bureaucracy for entrepreneurs, and encourage investment in emerging technology companies, so they can join the wave of innovation and growth we are seeing in other countries in the region.
But most importantly, the focus should be on building an ecosystem that fosters research and innovation. Jeff HoffmanThe Booking founder and entrepreneur is keen to advise any startup and share with them the first-hand experience he has gained over the years.The most common mistake startups make is thinking they won’t succeed because they don’t have enough money.Because what these technology-dependent companies need to succeed is “more talent, more innovation and more creativity.”
Source: dominicantoday
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