Anguilla along with other Caribbean jurisdictions are promoting creative entrepreneurship among its citizens. There has been a long-standing need for the region to facilitate the orange economies and therefore the movement towards this effort is a widely accepted and welcomed trend. This would present a viable pathway for the economic diversification that the region desperately needs.
Orange Economy focuses on the development of products and services from the human mind and the related intellectual property. Dr. Keith Nurse in his work Human Imagination, Innovation, and Competitiveness in the Caribbean, aimed “to identify the potential gains for the Caribbean region of investing in a competitiveness and innovative strategy that takes into account the human imagination and how it relates to the business growth.” There is a direct link between culture and the economy. The Caribbean has a rich culture and no doubt a focus on the Orange Economy likewise can help to build a thriving economy.
The Covid 19 pandemic, significant downturn in the financial services sector due to strict regulation, and lingering impacts from an onslaught of strong damaging hurricanes resulted in much of the region’s economies struggling. The movement to recover from these impacts and build a strong and vibrant orange economy brings a new energy and excitement especially among the younger population. The recent Anguilla National Youth Awards had as its theme, “Optimizing the Orange Economy” shining a bright light on the importance of the Orange Economy especially to the youth. Any government legislative changes to facilitate the growth of this economy should focus on presenting opportunities and stimulation to support the creative geniuses that the region produces.
Evident through the region are economies that are slow growing, plagued with unemployment and governments with limited resources. Despite these challenges, there is a growing emergence of innovation and creative geniuses. With this new focus on growth, the region’s government agencies must shift their focus to developing an economy based on products and services created from knowledge and talent of its citizens.
In Anguilla, the ministers of government are engaging in discussions that include an agenda for the orange economic growth. This no doubt will require a system of governance that is innovative and appreciative of the need for implementation of policies that facilitate the advancement and protection of intellectual property, research, and development. New legislation must include independent support for new business ventures, artists and musicians including marketing, sales and export.
Caribbean jurisdictions must be prepared to develop a local awareness of the value of works of art and intellectual property rights. The inherent value that is lost when this asset is not appreciated and thereby properly protected, creates a barrier to the necessary financial support needed for growth of the economy. Local government agencies must partner with international agencies and larger nations within the region and beyond to learn of successful innovative agendas that have worked.
Our team at Complete Intellectual Property Services (“CIPS”) will continue to monitor this trend in the region and update readers on all emerging legislation that aims to foster the growth of the creative industry and orange economies. Subscribe now to get the latest in the development of the orange economy in the Caribbean region delivered directly to your inbox at: www.completeipservices.com
|Written by:||Keesha Fleming Lake
Managing Attorney, Complete Intellectual Property Services
|Date:||October 1st, 2022|