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Economic development theorists ((Schumpter 1942), (Romer, 1994), (Solow, 1956)) have established the theoretical constructs of scientific and technological developments as foundations to innovative solutions in the form of products, processes and services to long-term socio-economic development and prosperity to high-end economies around the world. It is through the pervasiveness of these innovations within markets which then spurs a sustainable social transformation and long term economic growth within nations.
The global essential oils market has been estimated to be US$10.6b in 2021 rising to US$16.0b in 2026 [(Markets, 2021)1] as a result of growth in awareness to preventative healthcare, improvements in the standard of living, along with an increase in the demand for aromatherapy products. With the potential availability of relevant plant materials in Tobago, it is appropriate to develop a strategy for the introduction of Plant Extracts Industry in the island.
In recent years there has been a resurgence in interest in psychedelic assisted psychotherapy (PAP) [1]. Initial scientific research into the utilization of these compounds were eventually suspended due to concerns related to increasing recreational use of psychedelics and their association with the rise of the “counterculture movement” in the United States [2]. However, the use of psilocybin and other psychedelics have shown promise in the treatment of mental illnesses. The efficacy of this modality of treatment has been demonstrated through clinical trials and other studies in the management of a number of mental illnesses, including some treatment resistant cases [3].
The FORECAST Grand Innovation Challenge 2022 (GIC) is to develop a feasible innovation (prototype/product/concept) that will revolutionize the management, protection, and use of water resources in the Caribbean.
Science and technology and its application to regional development
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