Taking the step to start your own business can be a challenge anywhere in the world and a tech startup is no exception to this rule. However there are some unique challenges and opportunities for running a startup in the Caribbean. As we are in the early stages of KariBites, we have encountered interesting experiences which have made the journey an exciting challenge. So what are some of the things that we’ve learned and are still learning about running a tech company in the Caribbean?
There are multiple problems within the region that can be solved with technology Prior to launching KariBites, we engaged lots of stakeholders within the community about our intention to launch a platform that solves ordering challenges for both restaurants and their customers. While having these discussions, we received lots of requests about solving other existing problems within the island society. While we cannot solve all of them, there are multiple opportunities for young entrepreneurs who are interested in solving those problems. Conducting effective market research and engaging potential users are a great first step to determining the problem that you would like to solve.
Focus on the problem you want to solve As mentioned earlier, on this new journey you may encounter multiple problems that you are capable of solving. However, multiple incubators and resources suggests that entrepreneurs should focus on solving a single problem that they are passionate about, check out this article. While it may be tempting to solve multiple problems at once, focusing on solving the problem at hands allows you to focus on the solution and growing your business. This is something we are currently learning and we’re adapting to continuously improve our service focusing on the greater problem at hand.
Incorporating e-commerce with a local bank can be a challenge When we decided to pursue KariBites, we made a decision to only utilize e-commerce services with a bank in the Caribbean. While Stripe International and Braintree are both services that can be easily integrated into a website we were determined to keep the funds within the Caribbean as it aligns with our mission for enhancing technology solutions within the region. However there were multiple hiccups with this decision. It was a very lengthy process with lots of delays. In addition, there were very few people who could assist with the process so if they were out or unavailable, there’s an additional delay to the process being completed. However despite waiting for months, we were satisfied with our decision since we were able to keep the funds locally. However we do believe this is a problem that will be solved within the Caribbean in a few years (we’re looking at you Bitt). As I mentioned earlier, lots of opportunities available to solve existing problems in the region!
Collaboration is the new competition Collaborating with other entrepreneurs is a great way for all parties to support each other as they seek to grow. Sometimes it is a challenge to see new opportunities with other entrepreneurs especially if there’s similarities in the services that you both offer however there is often an opportunity to collaborate. Working together to share resources, engage customers and to showcase your business provides an avenue for both businesses to grow. Statistics has shown that most startups fail, but working together can help to defy those odds.
Determine the best communication channel for your audience This is often a challenge since different people have different communication styles. However when trying to secure sales, it is important to determine the best communication channel for your audience. Some individuals prefer face to face conversations and an informal approach while others prefer a traditional approach. Gauging potential clients before approaching is crucial, do your research and learn more about your client to determine what form of communication may fit their style.
Data is EVERYTHING Do not underestimate the value of data. While it may be easy to “guesstimate”, using concrete date is useful for helping your business grow. Constantly monitoring consumer patterns, google analytics, social media ads and promotional activities are essential for monitoring your business. This data can help determine which strategies works best for reaching more customers and where you should invest your efforts. In the beginning stages it’s all about experimentation and using data to your advantage until you determine the best strategies for your business.
Lastly, listen to your customers Now this can be a major challenge, especially since lots of individuals may have varying suggestions on how you should improve your business. However, listening to those who utilize your services the most is a great first step to improving your business. While it may not be feasible to solve all their problems at once especially since they may not be aware of the nuances and intricacies of the business, it is important to always receive feedback from customers and use that information as a tool for growing your business. Regular engagement with customer, feedback surveys and in-person conversations are just a few ways in which you can get insight from your customers.
These are some of the few things we’ve learnt over the last few months and we’re continuing to learn new things each day. We would love to continue to share these insights as we seek to encourage startup development in the region. We’re happy to share about our journey as a tech startup in the Caribbean. So what do our tech startup do? You can learn more about our food tech at www.karibites.com