Insights from the Digital Innovation to Boost Economic Development (DIBED) Program
In today’s rapidly evolving economy, digitization is no longer optional. It is essential for business survival and growth. For Belize’s Micro, Small, and Medium Enterprises (MSMEs), adopting digital tools can expand customer reach, improve efficiency, reduce costs, and strengthen resilience in the face of market shifts.
The Digital Innovation to Boost Economic Development (DIBED) Program is helping entrepreneurs take bold steps toward this transformation. Through financial support and digital business training, DIBED will benefit MSMEs across Belize, encouraging the adoption of digital solutions, fostering growth, and improving operational efficiency.
Insights from the 153 DIBED applicants reveal both the challenges and opportunities that Belizean MSMEs encounter in embracing the digital age. Applicants represented all six districts, with the highest participation from Belize (39%) and Cayo (22%). The remaining 39% were distributed across Stann Creek (11%), Corozal (10%), Orange Walk (10%), and Toledo (8%), reflecting nationwide interest in digital transformation.
Who Applied?
A Snapshot of Belize’s MSMEs
The Challenges of Going Digital
Despite enthusiasm, MSMEs cited several obstacles that hinder their ability to fully embrace digital transformation:
Financial Barriers
- Limited cash flow
- Difficulty accessing loans and credit
- High cost of digital solutions, tools, and services
Technical Gaps
- Poor internet connectivity
- Need for improved digital literacy among staff
- Limited awareness of available digital tools and resources
Operational Concerns
- Lack of internal skills or time to implement solutions
- Unclear value or business benefits of digital adoption
These findings suggest that while MSMEs recognize the potential benefits of digitization, they continue to face both systemic and capacity-related barriers that limit adoption.
Opportunities on the Horizon
While many MSMEs already use technology in their daily operations, applicants see new opportunities to grow and innovate through enhanced digital solutions.
With grant funding, these businesses plan for future investments such as:
- Online presence (websites, e-commerce, apps)
- Marketing & content (social media, ads, branding)
- Business systems (POS, accounting, CRM)
- Payments & security (invoicing, online payments, cybersecurity, cloud)
- Skills & tools (training, equipment, software upgrades)
Through these investments, MSMEs expect impactful growth, including:
- Streamlined operations & efficiency
- Increased sales & market reach
- Stronger customer engagement & loyalty
- Improved brand visibility & trust
- Growth through data & scalability
These findings reveal a clear trend: entrepreneurs view digital solutions not merely as tools, but as pathways to resilience, growth, and competitiveness. By bridging financial gaps and providing targeted support, the DIBED Program positions MSMEs to thrive through integrating technology into daily operations and paving the way for a more connected, innovative, and sustainable Belizean economy.
