Use of AI in Fostering Entrepreneurship and Business Development in Haiti and Guyana
The ease of doing business is essential for economic growth and political stability. Modern technologies, such as Artificial Intelligence (AI), are essential for addressing many bottlenecks businesses encounter when launching, operating, or winding down their operations. Reducing these regulatory obstacles is crucial for small and medium-sized enterprises (SMEs), which are the backbone of the economy in many nations and generate the majority of employment. SMEs represent the majority of businesses worldwide and contribute to employment creation and economic growth on a global scale. TIV was commissioned by IADB to examine how AI may improve Haiti and Guyana's business climate, with a focus on startups and SMEs.
The study explored many facets of AI, its role in business investment, and cultivating entrepreneurial human capital, focusing on using these interventions in developing countries such as Guyana and Haiti. The report explored how AI could improve World Bank’s Doing Business (DB) indicators and SMEs to foster growth. In this case, TIV elucidated the current status of technology, ICT infrastructure, and human capital. Central to the investigation was a characterization of the current opportunities and barriers faced by Guyana and Haiti, in addition to a prospective analysis of how these countries will fare should the velocity of their digitization stagnate. Further, the study discussed the regulatory and governance issues and highlighted key areas that need reform, such as establishing regulatory frameworks around intellectual property and technology transfer. The analysis included a brief primer on AI, its current status and use cases, and how it will continue to shape the future of individual nations, regions, and the globe. It then laid four specific areas for countries, such as Guyana and Haiti, to exploit the benefits of AI for business, building entrepreneurial capital, fostering social entrepreneurship, and improving investor climate.
TIV’s report included the challenge of integrating AI and Big Data into the existing infrastructure, which will ultimately yield cost reductions via the automation of agribusiness and the establishment of more robust and accessible digital financial programs. Though aimed at Haiti and Guyana, the analyses uncovered vital findings relevant to application in most developing countries. The report's findings are expected to inform IADB interventions in LAC in the form of loans and technical assistance.