Caribbean countries need to work their way out of debt. Most Caribbean economies continue to rely on tourism. In a few countries, oil and natural gas underpin the economy. The financial services industry, which had helped to bolster some of these economies, has shrunk in recent years. Graduates with engineering degrees continue to have severe challenges in finding employment in their field within the Caribbean region. This human resource, for the most part, is wasted. The region needs to put this valuable talent to work by attracting and creating more technology-based companies whose products and services can be sold on global markets. A blueprint is proposed for building a STEM-based economic pillar that would rival tourism in its ability to bring in foreign exchange and create more technology-related employment opportunities. The concept includes models for: (a) attracting and home-growing more technology companies; (b) providing the technical support and infrastructure that such companies will need; (c) attracting more Caribbean scientists, engineers, and entrepreneurs from the diaspora, as well as more world-renowned technology academicians to the region; and (d) reforming STEM education to support the development of the proposed STEM-based economic pillar.