Stuart Lacey nails a key roadblock to building a tech hub in Bermuda.
“What we need, and what Bermuda has in spades, is real businesses with real problems,” he said.
“Start-ups need access to global companies, working closely with them to see what isn’t working and integrate to work with them.”
This. So much this. The best way to kickstart a tech hub/scene in Bermuda is to have International Business and/or Government invite entrepreneurs to solve their business challenges.
The best possible synergy can be found in identifying pain points within the industry that don’t represent the core value proposition of a business. Something that is a common problem across the industry that is not worth the investment to solve directly but would be welcomed as a third party solution.
This is an essential component to kickstarting a tech hub/scene on island. The reason being is that the most challenging part of building a tech startup is finding product/market fit. Put in layman’s terms, startups have the most chance of success if their solution fits and solves a specific problem that people value enough to pay for.
If, entrepreneurs can readily be paired with an industry (like our local insurance, legal and finance industries) to address their pressing non-core problems, we can plant seeds for Bermuda based startups. All of the other elements required to build and scale those startups are here, we just need to pull them all together. An absolute best first step would be for international business to openly invite and pitch to potential entrepreneurs challenges that they would readily like to see solved and would be willing to pay for.