Constraints on Gazelles: A Caribbean Perspective

Tamu Petra Browne, a Caribbean entrepreneur, trainer, and advocate for women-led businesses, critiques the prevailing approach to entrepreneurship development in the Caribbean, particularly during Global Entrepreneurship Week. She argues that the celebratory events and rhetoric surrounding entrepreneurship often mask the systemic challenges faced by local businesses, especially those led by women. Browne contends that while the region embraces the discourse of “sustainability, scaling, and growth,” the underlying policies prioritize foreign direct investment (FDI) over indigenous private sector development, hindering the growth of local businesses from micro to large enterprises. She highlights the lack of targeted policies designed to nurture and scale local businesses, suggesting that existing initiatives are often fragmented and performative, failing to address the fundamental needs of Caribbean entrepreneurs.

Browne challenges the applicability of the 2023/24 Global Entrepreneurship Monitor (GEM) Women’s Entrepreneurship Report to the Caribbean context, pointing out the absence of CARICOM countries in the report’s data. While the report indicates a global upward trend in women’s business ownership and participation in high-growth ventures, Browne emphasizes the need for region-specific data and research to inform effective policy development. She argues that the reliance on global data obscures the unique challenges faced by Caribbean women entrepreneurs and perpetuates the disconnect between celebratory rhetoric and the lived realities of business owners in the region. The lack of comprehensive regional data, she suggests, may be a deliberate choice, reflecting a continued prioritization of FDI over the development of local businesses.

The author draws a parallel between the current emphasis on FDI and the historical policy of “industrialization by invitation” pursued by former Trinidad and Tobago Prime Minister Eric Williams. Citing the work of Professor Emeritus Selwyn Ryan, Browne explores the critique that this policy, while promoting economic growth, ultimately hindered the development of Black-owned businesses. She suggests that the region’s continued focus on attracting foreign investment echoes this historical pattern, potentially stifling the growth of indigenous businesses and reinforcing existing economic inequalities. This outward-looking approach, Browne argues, obscures the potential of the local private sector and perpetuates a dependence on external forces for economic development.

Browne’s central argument revolves around the inadequacy of current policies and the need for a more inward-focused approach to entrepreneurship development in the Caribbean. She criticizes the “meaningless optics” of celebrating entrepreneurship while neglecting the structural barriers that impede the growth of local businesses. The focus on FDI, she contends, diverts resources and attention away from the development of indigenous businesses, creating a system where local entrepreneurs are forced to compete on an uneven playing field. This, in turn, reinforces existing power imbalances and limits the potential for broad-based economic growth.

The author’s critique extends beyond the realm of policy to encompass a broader cultural and psychological dimension. She argues that the Caribbean’s “constant gaze on the outside and the other” has led to the adoption of policies designed for external actors, resulting in the “internal smothering” of local businesses. This outward orientation, she suggests, has created a sense of dependence and undermined the belief in the region’s own capacity for self-sufficiency and economic development. The lack of targeted support for local entrepreneurs, combined with the allure of foreign investment, reinforces a cycle of dependence and hinders the development of a vibrant and self-sustaining local economy.

Browne’s commentary serves as a call for a fundamental shift in the approach to entrepreneurship development in the Caribbean. She advocates for a move away from the “meaningless optics” of celebration and towards the implementation of concrete policies that prioritize the growth of local businesses. This involves not only investing in resources and infrastructure but also fostering a culture of entrepreneurship that values and supports local talent. The development of a robust and thriving indigenous private sector, Browne argues, is essential for achieving true economic independence and sustainable development in the Caribbean. This requires a critical examination of existing policies, a renewed focus on local potential, and a commitment to creating an ecosystem that empowers Caribbean entrepreneurs to thrive.