COSME, a European Union funded programme, conducted a study visit to one of the world’s most inventive cities, Eindhoven, Netherlands and learn about its strategy in creating high tech incubators. Eindhoven has successfully attracted hundreds of businesses, many of them start ups and over 10,000 researchers in the high tech industry to work in their city incubators. COSME and its Business Support partners from the different OCTs travelled there with the intention to better understand Eindhoven’s approach and methodology to translate this information into effective incubator solutions for the OCT’s. This study visit was to specifically understand how to create the right environment or ecosystem to encourage such trailblazing entrepreneur growth in the OCT respective regions.

Providing fertile training ground and strong collaboration between public and private bodies is critical to breeding successful start ups whether it be in one of the larger OCT islands like Aruba or one of the smaller ones like Saba. The first challenge that faces all Caribbean islands is their small populations that are spread out over distant geographic locations. COSME, has developed an online incubator platform called CaribConnect.net in order to address these challenges. This online platform run by the Chambers of Commerce allows businesses in the region to register for free. This system is readily accepted in the region with more than 300 registered businesses in just two short months. CaribConnect also allows those registered businesses to source a mentor or investment opportunities.

“It is critical to have access to industry experts, financing and other mentor resources in order to ensure the success and growth of the new business as we as build a hub of inspired entrepreneurs.” said Diana Hendrickson-Fleming, COSME Team Leader.

In addition, this study visit showcased the need to build comradery and effective support systems to develop successful incubators. Successful entrepreneurs are motivated and encouraged when working in stimulating environments with others who have similar visions and deep passions for their work. This sort of effective incubator planning inspires new ideas and possibilities exactly the result for which OCT’s are strategically planning.

In conclusion, participants of the study tour to Eindhoven returned to their respective islands inspired and motivated to find a way to offer their entrepreneurs an incubator environment that will encourage business growth. The OCTs are able to learn from one another plus share success stories, ideas and failures. This allows all the OCTs to benefit and evolve. This same format must be made accessible for each islands’ entrepreneurs. The CaribConnect incubator platform initiates the process with the support and direction as required from the Chambers that run the platform to ensure its educational value and requested resources are readily accessible to its entrepreneur sector. This study tour in the Netherlands was able to showcase the types of content and support that are best suited for start ups and innovative hubs.