The Tribune

EDITOR, The Tribune.

Story Time with C Allen Johnson:

Freeport as a Start-Up City and the creation of the world’s first AquaMarine Economy Model.

Once upon a time in the bustling city of Freeport, on the island of Grand Bahama, in the Commonwealth of The Bahamas, a group of visionary individuals came together with a shared dream. They envisioned transforming their beloved city into a thriving hub for innovation and entrepreneurship, a place where new ideas could flourish and shape the future. Freeport had long been known for its natural beauty and strategic location, but now it was time to harness these strengths and incorporate them into a unified concept: ‘An AquaMarine Economy Model Start-Up City.’

The first step was to embrace sustainability and become a pioneer in the Carbon Economy. The city leaders recognized the urgent need to reduce carbon emissions and promote clean energy solutions. They invested in renewable energy infrastructure, encouraged green building practices, and incentivized businesses to adopt eco-friendly practices. Freeport quickly gained recognition for its commitment to a greener future and attracted environmentally conscious entrepreneurs from around the world.

They recognise that Freeport can become front and centre as an ideal ecosystem in the fight against Global Warming and Climate Change, seizing the opportunity to develop and implement cutting-edge solutions that address the pressing climate issues facing the region and the world. They envision the city’s sustainable practices and forward-thinking approach becoming a model for other coastal communities grappling with similar challenges as a part of the Climate Economy.

The visionaries didn’t stop there. They understood that the Blue Economy was another untapped resource. With its coastal location, Freeport had a unique advantage in leveraging its ocean resources. The city established research institutes and innovation centres focused on marine technology, aquaculture, and sustainable fishing practices. This fostered a thriving Ocean Economy, attracting entrepreneurs who were passionate about preserving and harnessing the power of the sea.

The leaders of Freeport were also keen on harnessing the power of technology. They recognised the potential of the DARE (Digital Assets and Registered Exchanges) Regime combined with Financial Technology (FinTech), Supervisory Technology (SupTech), and Regulatory Technology (RegTech) to revolutionise the financial sector. By creating a conducive environment for innovation and collaboration, they attracted talented individuals and startups working on cutting-edge financial technologies. The city became a hotbed for FinTech Startups, drawing investments and talent from both domestic and international sources.

In their quest for a unified concept, the city leaders understood that collaboration and sharing were key components of success. They embraced the Platform Economy and the Shared Economy, creating a framework that allowed startups to collaborate, share resources, and collectively drive innovation. This not only fostered a sense of community among entrepreneurs but also enabled them to scale their businesses more efficiently.

In this startup city of Freeport, the green economy thrives with innovation and sustainability at its core. Startups in various sectors, including renewable energy, waste management, and eco-friendly transportation, collaborate to create a vibrant ecosystem. Clean technologies such as solar power, wind energy, and energy-efficient solutions are harnessed to minimise the carbon footprint. The city’s infrastructure incorporates smart grids and green buildings, optimizing resource utilisation and reducing environmental impact.

The leaders of Freeport also recognized the importance of a circular economy, where waste is minimized, resources are conserved, and products are designed with longevity and reusability in mind. They implemented policies to encourage sustainable practices and supported startups working on waste reduction, recycling, and up cycling. This circular approach not only brought economic benefits but also reduced the city’s ecological footprint.

As the startup city continued to evolve, it embraced the emerging fields of Insurance Technology (InsurTech), Property Technology (PropTech), Traditional Finance (TradFi), and the Artificial Intelligence (AI) Economy. It invested in cutting-edge technologies to streamline regulatory processes, optimize property management, manage and lower risks and costs from insurance, and leverage artificial intelligence for various sectors. The city’s forward-thinking approach attracted talented individuals, propelling Freeport to the forefront of these industries.

But the visionaries of Freeport didn’t limit themselves to just the economic aspects. They understood the importance of inclusivity and recognised the potential of the Silver Economy and the Pink Economy. The city became a haven for startups catering to the needs and interests of the aging population and the LGBTQXIA+ community. These startups not only addressed specific needs but also created a vibrant and diverse community that thrived on inclusivity.

As the startup city continued to grow, it embraced the Knowledge Economy and the Data Economy. Freeport became a centre for research and innovation, attracting scholars, scientists, and entrepreneurs who pushed the boundaries of knowledge and technology. The city also prioritised data-driven decision-making, leveraging the vast amount of information available to drive economic growth and improve the quality of life for its residents.

Freeport’s transformation into a startup city wasn’t just about economics. It was about embracing new ideas, fostering creativity, and creating an environment where concepts could flourish. The city leaders recognised the importance of the Conceptual Economy and the Orange (Creative) Economy. They invested in cultural institutions, preserving Bahamian heritage, promoted artistic endeavours, and encouraged creative expression. Freeport became a hub for artists, musicians, writers, and designers, sparking a cultural renaissance that further enriched the city’s fabric.

As the years passed, Freeport’s journey as a startup city continued to inspire others around the world. It became a shining example of how a city could reinvent itself by embracing innovation, sustainability, and collaboration. The city’s success was not just measured in economic terms but in the positive impact it had on its residents, its environment, and the wider global community. Freeport had truly become a beacon of hope, a testament to what could be achieved when passion, vision, and determination converged, not only creating thousands of new careers, jobs, and economic growth but also fostering a sustainable future for the Bahamas and beyond while doing its part for preserving the planet for future generations.

The End or Another Beginning?

C ALLEN

Freeport,

Grand Bahama

June 6, 2023.