Government Of Aruba and Partners Sign the Letter of Intent for “ARUBA AS INCUBATION ISLAND"
A goal that Government of Aruba (GOA), the Aruba Chamber of Commerce (ACOC), and the University of Aruba (UA) want to see to become a reality for Aruba is the development of Aruba as an incubator island. Partners can proudly state that with due perseverance concrete steps were taken to achieve this goal. On October 31st2019, this intention was sealed through a Letter of Intent (LOI) for the introduction of “Aruba as a Business Incubation Island”. Through this document a common commitment and trust is shared amongst the GOA represented by the Prime Minister, Mrs. Evelyna Wever-Croes, the UA and the ACOC for the creation of a platform intended to stimulate commercial incubation in Aruba. The concept for this platform is to make Aruba an island where initiatives are stimulated in an ecosystem for incubation in which stakeholders will provide support to local entrepreneurs in the commercial incubation and hereby create a solid economical base for the island in its totality. One of the targets of the commercial incubation is to encourage businesses to grow and be successful.
The idea behind this platform is to create a commercial incubation community based on the Triple Helix Model. This is a significant collaboration since it combines the strength and participation of the public sector through the GOA, the private sector through the ACOC and a knowledge center through the UA. The platform will be established under the name ABIA: Aruba Business Incubation Agency.
The commitment of ABIA to local entrepreneurs
The LOI sets the foundation for the commitment between GOA, UA and ACOC to create an incubation island under the supervision of ABIA. The ABIA platform will ensure that there is collaboration to promote social and economical innovation. By establishing and connecting several incubation locations on Aruba, ABIA intends to create a better environment for businesses and start-ups where they can collaborate and develop Aruba into a commercial incubation island. Other important aspects for the incubation model is the availability of coaching, shared services and its commitment to accelerate the achievement of the U.N. 2030 agenda, namely the SDG’s (Sustainable Development Goals). The Government has appointed Aruba Futura Foundation, the national SDG Innovation Lab, as its representative for the ABIA platform to ensure alignment with its national strategic plan to achieve the SDGs. This pioneering model is a first of its kind in the world and emphasizes Aruba’s ambitious goal to becoming a test hub for solving pressing global challenges. Further, the platform will encourage businesses to focus on the promising sectors identified in the Government’s Economic Policy, which include Knowledge Economy, Sustainable Tourism, and Circular Economy among others.
With this milestone the importance to transform Aruba into hub for innovative solutions is brought to light. Collaboration is key for the success of any business and this will be solidified through the Aruba Business Incubation Agency.