Sitting on the beach the other day, watching my daughters play in the waves, set my mind to wondering about the future of jobs in Bermuda.To use a surfing analogy, just like the ocean, Bermuda has seen a series of excellent wave sets wash upon its shore that has bolstered the economy and spawned new job sectors.The waves of tourism and insurance have continuously lapped upon the country’s beaches providing periods of successive economic expansion.But, just like waves in the ocean, they recede and a new set rolls in.The key for future job creation in Bermuda will depend on the nation’s ability to time and ride the new great surfing set.In my opinion, the new set of waves will NOT be the same as in the past.The financial markets continue to see consolidation and rationalisation. Increased regulation and lower global yields have lent themselves to a potentially long period of economic restructuring.Thus it is not likely we will see much growth in the prior insurance model of new fully operating insurance companies gliding onto our shore.The new model is more capital based and securities linked which requires much less administrative and human labour capital.Tourism offers “rebound” potential but it is simply limited in terms of sheer physical scope and offers lower economies of scale you can’t cover the entire island in hotel beds.The future of job growth in the world and for Bermuda lies in looking through the windshield, not the rear-view mirror.That future, in my opinion, is in STEM science, technology, engineering and mathematics.If you concur, than the future for growth that offers the biggest potential benefit will be found in attempting to garner a small slice of these new growing markets versus frantically fighting over the shrinking and much more competitive market in finance.This doesn’t mean we are to neglect the current economic contributors. On the contrary, it’s very important to be supportive to the current economic sectors. But it does mean the focus on attracting new business should be done in an “outside of the box” fashion that involves a bit more creativity and vision. It’s always easier to do what you know and what you have familiar experience with.The risk, of course, is that you continue to focus on a potentially shrinking opportunity in a myopic fashion. The US commerce department recently released a report titled “STEM: Good Jobs Now and for the Future”, outlining the potential for STEM jobs (http://www.esa.doc.gov/sites/default/files/reports/documents/stemfinalyjuly14_1.pdf) :- STEM occupations are projected to grow by 17.0 percent from 2008 to 2018, compared to 9.8 percent growth for non-STEM occupations- STEM workers command higher wages, earning 26 percent more than their non-STEM counterparts.How do we do this in Bermuda? One option I would suggest is to set up a national “enterprise zone” focused on science, technology and engineering companies.Simply put, this is a concept where the government grants certain foreign business special incentives to move to Bermuda and set up its facilities and hire.As an example, a biotechnology research company could be granted a payroll tax holiday for a period of five years on all employees at the company. Furthermore, all new equipment purchased could be granted a duty concession or exemptions.The founders and key engineers/scientist would also need to be granted term exempt or very long-term work permits to incent them to make a commitment to Bermuda. If successful, Bermuda’s National Enterprise Zone (BNEZ) would help shrink our budget deficit as there is no government spending involved because no taxes would have been collected in the first place on this new businesses (ie, the related jobs in this field do not currently exist).The ancillary benefit is that tax revenues and jobs would be created by the companies building and/or retrofitting the new company’s facilities and the companies who act as service providers.The other great aspect of this plan is failure doesn’t cost anything. The Bermuda economy would be no worse off as BNEZ requires no government sponsorship or spending, just a policy enactment. I am not an intellectual asset tax lawyer or expert, but it is my understanding that if a company generates or holds intellectual property offshore in Bermuda it can garner very attractive royalty payment tax rates or exemptions.Who wouldn’t want an online gaming company like Zynga to be domiciled, and more importantly, physically run from Bermuda? Think of the diverse set of jobs and employment opportunities companies like this would provide Bermuda.The benefits of refocusing the nation’s strategy on other economic dimensions are very clear. First it offers greater economic diversity. One of Bermuda’s greatest risks is its lopsided dependence on international business sector, with a large emphasis on insurance.By diversifying into unrelated sectors of which Bermuda has no or very little exposure, we can create a more balanced and dynamic economy that will have a less pro-cyclical tilt. The other benefit is a larger sub-set of jobs for Bermuda’s youth.What father or mother would not want to offer a greater menu of potential careers for their sons and daughters? By attracting different business lines and industries all potentially educated Bermudians will have opportunities in other fields: they all don’t have to become accountants and underwriters.I believe this is where new quality job creation can begin. This is a path to a better and more balanced future.