It would be hard to find a single person who does not believe that there will be even more Caribbean online ventures in 2009 than previous years. The cost of Internet access is decreasing, speeds are high and more people are getting access. Add to that mix the world economic slowdown and the effect on jobs: More Caribbean college and high school graduates have fewer job prospects, which means more entrepreneurs.
My generation (Gen Y) grew up with the web and so the first thing we turn to as entrepreneurs usually involves leveraging the power of the web in some way. We use social networking sites, read our news online, watch videos and do countless other things. A number of online ventures have sprung up, only a few seem to be trying to become major businesses but it is clear that they all intend to provide real income for their creators. Online advertising will still grow but the slowdown will slow the growth. I believe that this will lead to fewer advertising-supported-only ventures from the Caribbean and more ventures focused on charging customers directly.
The Caribbean still has issues with collecting money online but there is always PayPal for those who have accounts and 2009 will be the year mobile payments for web services and products becomes more mainstream in the Caribbean. Most of the ventures will not be original, they will be localized versions of ventures that have done well in other parts of the world.
Not all concepts can be adapted successfully because of the difference between the Caribbean and the USA for example, but there are bound to be entrepreneurs who decide that 2009 is the year they begin to assert themselves and in owning a piece of the Caribbean web.
I don’t know of any company in the Caribbean pursuing an IAC strategy: Building or buying a portfolio of successful sites.I expect that to change in 2009 with Caribbean versions of sites like Craigslist and other successful sites getting more attention than in the past. Launching a web venture focused on the Caribbean right now is like staking a claim to land on the Moon: You know that it is going to pay off some time in the future and being among the first rarely hurts if you can survive the slow period.
The skeptics will say that capital is even more scarce now but capital has not been behind most of the online startup activity in the Caribbean, it has been about vision and determination.A new Caribbean web gold rush is my prediction and just like during the California Gold Rush days, the biggest winners are going to be the people and companies who sell the shovels and the jeans to the people digging for gold (Google the story about Levi’s if you don’t understand).
My personal favourite: A company that manages pay-per-click campaigns for Caribbean companies.
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Yea, I like the moon analogy. I’m one of those,
who believe in the bubbly future of Caribbean online
entrepreneurs.
December 1st, 2008 at 11:20 pm
And the rise of the Caribbean Web will be blogged….right here!
December 2nd, 2008 at 3:20 am
Things tight bad as we say here. It took a while but the economic crisis is finally affecting networks like Adsense. People are cutting down their budgets and lowering the CPC campaigns. It’ll be a big factor in 2009.
December 3rd, 2008 at 1:46 pm
The comments are appreciated.
Klark, I have done work with a number of CPC clients ranging from managing US$500 per month to US$25,000 per month and not a single one of them have ever wanted to run an AdSense campaign.
All the SEM companies I have consulted with rarely run AdSense campaigns for their clients because the response rate is so pitiful. Money will always shift from AdSense to search campaigns when things get tight because the ROI is much better.
Companies are still advertising on Google and other sites, and yes, budgets will decline right now, but the Caribbean has a cost advantage as well.
More importantly, new ventures still need to advertise in 2009 and if a company can establish themselves as the leader in that field in the Caribbean, they will earn the business.
The downturn just makes it easier to launch a business - less competition in any business sector.
December 3rd, 2008 at 3:42 pm
i believe that someday we will have successes here in the caribbean. as part of this revolution i think we have to venture into other areas than social networking and what is currently popular. we must also play with fresh ideas such as third party / API applications.
December 3rd, 2008 at 10:16 pm
wonderful post David. Caribbean entrepreneur here who started small in 2006 but looking to accelerate in 2009!
December 4th, 2008 at 7:41 pm
Please take a look at what whaddat.com is doing with watch tv, I beleive its a step in the right direction for Caribbean websites in regards to tv online.
December 12th, 2008 at 12:46 pm
Hey WHaddat, yeah man, we have a slew of reviews coming and chuss mi, whaddat is in there. I personally like the switch to online video…it was inevitable and in line with global online trends.
December 12th, 2008 at 3:21 pm