00:00Trinidad and Tobago's performance on the Global Innovation Index is being cited by the Innovation Association
00:06as a sign that more attention is needed to support innovation and entrepreneurship.
00:11Speaking at a panel discussion on the state of the country's innovation ecosystem,
00:16IAOTT Chairman, Emerson John Charles, pointed out to what he described as a significant decline in Trinidad and Tobago's ranking.
00:24In 2008, we were ranked 68th in the world for innovation, and now we are ranked 107th.
00:32So from 68th to 107th, what has been going on over these last 15, 16 years is the question.
00:38And it seems like no one is talking about it. It seems like no one cares.
00:42John Charles says the importance of innovation rankings goes beyond the country's position on a global list.
00:48He argues that a stronger innovation ecosystem gives businesses greater access to support, resources and opportunities to grow.
00:57We love to compare ourselves to Singapore, but Singapore spends I think at least 1% of their GDP in
01:03research and development.
01:05How much do you think we invest here in Trinidad?
01:20John Charles says the issue extends beyond research and development spending, pointing to what he describes as weaknesses in the
01:27wider innovation ecosystem.
01:29But in the Caribbean equity report, what is the most devastating thing for me is that we are the lowest
01:37of the maturity levels in the ecosystem.
01:40And that low level is further subdivided into four sub-phases.
01:46And we are not even the highest level on that sub-phase.
01:50So again, what are we doing?
01:52He says the country now needs a more coordinated approach, including greater involvement at the parliamentary level.
01:59We don't have a national innovation policy.
02:02We don't have a high level standing committee for science, technology, innovation and research in Parliament.
02:09And we definitely don't have any organization that has the mandate to strategically manage and coordinate our ecosystem.
02:18In other places, they call it a national innovation agency.
02:22Dominic Ramroop, TV6 News.
