Brussels 46 November 2014 Innovation in the TCI A Triple Helix Responsibility Shonia ThomasBeen Map of Turks and Caicos Exclusive Economic Zone EEZ 154068 km2 Shelf area 7395 km2 ID: 796998
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Slide1
Kick-off training
seminar
Brussels, 4-6
November
2014
Innovation in the TCI:
A Triple
Helix
Responsibility
.
Shonia Thomas-Been
Slide2Map of Turks and Caicos
Slide3Exclusive Economic Zone
EEZ 154,068 km2
Shelf area 7,395 km2
IFA 9,060 km2
Coral reefs 2.5%
154,068
km
2
Slide4Basic Facts and Figures
Area
193 square miles
Population
Resident in 2012 - 31,458
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 ProductGDP 2013 - US$545.4M - 1.32% growth (y-o-y)GDP 2014 – US$570.6M – 4.62% projected growthUS Trade in Goods with TCI $225.8M in 2013
(imports) 10.6M (exports) Balance – $215.2M
Slide5Basic 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%
Slide6Issue in Main Sectors
Tourism
New policies
are required
that would encourage tourism activity in MICE (Meetings, Initiatives, Conventions and Exhibitions) tourism
segmentInadequate 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.
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.
Slide8Issues 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.
Slide9Main Issues in Sectors
Financial Intermediation Services
C
urrent
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
Slide10Main 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
Slide11Main 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.
Slide12Situations 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
Slide13Situations 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.
Slide14Who 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!
Slide15Opportunities 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.
).
Slide16Opportunities 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.
Slide17Opportunities 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.
Slide18Opportunities 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 is 1) 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.
Slide19Opportunities for Innovation
Green Economy:
Terrestrial Environment
Utilization,
d
evelopment 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 ManagementThere 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.
Slide20Opportunities for Innovation
Reduction in Fossil Fuel Dependences
Innovations are needed to reduce the dependency of fossil fuels.