This article was contributed by Richard Keary, UNCW CIE Entrepreneur-in-Residence, Blue Finance.
The late afternoons on Wilmington beaches, the restaurants, coffee shops, boating, quiet time and family time, the ocean offers us an abundance of happiness. The ocean also provides jobs, food and livelihood for billions of people all over the world. According to the United Nations, the Blue Economy produces over $2 Trillion of economic value per year and is expected to double by 2030 making it one of the largest in the world. This economic value is currently equal to the size of Canada. The concept of investing in an economy whose GDP output will double in the next five years is quietly gaining strength. While it’s a good investment, we need to have a balanced approach and take care of our ocean.
European and Asian nations like Norway, Germany, The Netherlands, Japan and others all have federal government directives to work on preserving the ocean’s resources. The prevailing concept is collaboration, and they are forming alliances and bringing together various disciplines to seek solutions. Science, academia and business must come together to work on these projects. The use of blue bonds to finance marine and fishery projects to protect jobs and food sources are occurring in island nations like The Seychelles, Fiji, The Bahamas and others.
However, this isn’t just a global initiative. This can be done on a local level. And it is happening here in Wilmington.
UNCW's Center for Innovation and Entrepreneurship (CIE) in collaboration with UNCW Cameron School of Business and global financial data companies created the UNC Wilmington Blue Economy Index. We brought science, academia and business together to create an innovative solution. It is the only global index that measures the size and scope of the Blue Economy on a monthly and sometimes daily basis.
But the index is more than just a data tool. It is a catalyst for Wilmington’s burgeoning entrepreneurial ecosystem. Founders can attract investors by demonstrating through the index’s positive performance that they are innovating in growth sectors. Startups and businesses pioneering solutions in fisheries, renewable energy, tourism, marine transport, aquaculture, waste management and climate change can find additional sources of investment from impact investors who are looking for Blue Economy innovations. Private funding and seeking global alliances for Wilmington's entrepreneurs can enhance the financing options that currently exist.
Entrepreneurs are doing the hard work needed to protect our ocean. These innovators are at the forefront of ocean stewardship, and by creating alliances with other global Blue Economy ecosystems and enticing the mission-aligned financiers to invest in our start-up community, we can only increase the likelihood of success here in Wilmington.
Quiet moments and family outings on our beaches are a fundamental part of life in Wilmington. Supporting our entrepreneurs on their journey to creating innovative solutions for the restoration and protection of our ocean is critical to the sustainable future of our community.
The time to be involved in the Blue Economy is now.
