The attributes that have made the Cayman Islands so enticing to the financial services sector have attracted some of the world’s top technology entrepreneurs and leaders of Fortune 500 companies to establish a physical presence and relish in Cayman’s envy-inducing island lifestyle. It’s no secret that Cayman’s robust infrastructure, growing digital economy, tax neutrality, and stable political climate are the perfect ingredients to foster innovation and support technology-based ventures.
Meet Cayman Tech City
Cayman Tech City is a special economic zone by Cayman Enterprise City that is leading the way as a hub for technology professionals and a Petri dish for innovation. Established in 2011, Cayman Enterprise City brings a vibrant book of knowledge-based industries to the Cayman Islands which is diversifying Cayman’s economy and creating new opportunities for Caymanians. With a dedicated government authority, licensing fee concessions, and a guaranteed fast-track processes, it allows global tech businesses to easily and affordably set up in “the zone” within 4-6 weeks and offers the space and support for tech businesses to thrive.
Dubbed the best way to move your business to the Caribbean, Cayman Enterprise City has attracted more than 250 companies from over 20 countries. Last year alone, it contributed an estimated US $41.56 million to Cayman’s economy and in recent months, FinTech and blockchain development companies have been setting up in Tech City Cayman Islands on a weekly basis. Within five years, Cayman Enterprise City conservatively estimates that there will be over 500 businesses in Cayman’s special economic zones, with roughly 60% of those operating from within Cayman Tech City.
Cayman Tech City has nurtured this dynamic tech community through an extensive program of events and via thoughtfully designed community spaces. Regular networking events include – breakfast get-togethers, wellness activities, Lunch & Learns, international conferences, cryptocurrency focused meetups, beach clean-ups, and specialty events like drone racing. Office spaces within the zone include – shared kitchens, open seating work environments, and lounges that help to promote new partnerships. Even the artwork encourages engaging conversations. It is through this supportive network of like-minded individuals who thrive on innovation and are always seeking new opportunities for growth, that Cayman Tech City is able to attract cutting-edge start-ups and nurture homegrown talent.
An eye to the future
Cayman Enterprise City actively connects zone companies with local talent through a number of initiatives which include – an online jobs portal, recruitment support, and an annual “Summer in the City” internship and mentoring program. With an eye to the future, Cayman Tech City is inspiring the next generation to peruse tech careers by offering coding workshops, supporting STEM programming, and by connecting students with tech professionals and entrepreneurs in the zone.
In April 2018, a $39 million plan for the first phase of a new 53-acre campus was approved by the Central Planning Authority. The George Town location is five minutes from the newly expanded Owen Roberts International Airport and boasts breathtaking views over South Sound. The master planned campus showcases environmental architecture and designs to encourage socialization and collaboration, unlike anything seen in the Caribbean.