KINGSTON, Jamaica--The Development Bank of Jamaica (DBJ) signed an agreement with the Caribbean Export Development Agency (Caribbean Export) on Monday, February 24, for the introduction of a grant funding initiative aimed at driving corporate venturing and entrepreneurial innovation. The initiative will provide grant funding for local tech entrepreneurs and innovators who have secured a partnership with corporate entities (“corporates”) to solve challenges, according to a press release from Caribbean Export.
The DBJ will provide grant funding to the tech entrepreneurs and innovators of up to US $75,000 once there is a partnership established between the corporate and a tech entrepreneur.
The memorandum of understanding (MOU) will provide local tech entrepreneurs with access to the EU-LAC Digital Accelerator which is led by TECNALIA and major international benchmark institutions such as IESE Business School, WAYRA-Telefónica, the European Business and Innovation Centre Network EBN, the European Business Angels Network (EBAN), Expertise France, TECNALIA Ventures, Inter-American Development Bank IDB-Lab and TECNALIA-Colombia; and implemented by Caribbean Export across the region, the release states.
Speaking at the signing ceremony, Edison Galbraith, DBJ Acting Managing Director, stated: “This agreement will expand the activities within the Jamaican entrepreneurial ecosystem, by encouraging the participation of corporate companies. Corporates will be able to reap the benefits of the Jamaican entrepreneurs and innovators, collaborating to solve the challenges of corporates. It is a win-win for all – both corporates and the entrepreneurs and innovators. This is an investment in our people.”
Under the programme DBJ will work with Caribbean Export to issue a “Call for Challenges” from corporates and invite tech entrepreneurs and innovators to register on the platform to offer solutions, according to the release.
“This partnership with the Development Bank of Jamaica marks a significant step in fostering innovation and entrepreneurship in the Caribbean. By connecting tech entrepreneurs with corporate partners and facilitating access to critical funding, we are creating opportunities for scalable solutions that drive business competitiveness and economic growth. Caribbean Export is committed to supporting this initiative through training and access to global networks, ensuring that our region’s innovators have the tools and resources needed to succeed in an increasingly digital world," stated Damie Sinanan, Executive Director, Caribbean Export.
The DBJ confirms that Caribbean Export will conduct a series of training workshops with tech entrepreneurs and innovators prior to the issuing of the “Call for challenges” from corporates. The first of these workshops took place in Kingston, Jamaica, on February 26, under the title “Navigating Innovation: Bridging Corporations and Startups for a Thriving Digital Ecosystem in Jamaica”, the release states.
“The Development Bank of Jamaica wants to encourage all corporates to connect with us to learn more about how this programme can benefit your entities. To grow your footprint you must innovate, collaborate with the technology innovators and invest in research and development. Corporations have traditionally been slower to adapt to the changing environment. Let this programme be the kick-start for your transformation,” stated Christopher Brown, Programme Manager, Boosting Innovation Growth & Entrepreneurship Ecosystem (BIGEE). BIGEE is the government of Jamaica’s five-year project to promote sustainable and robust growth among startups and micro, small and medium enterprises (MSMEs) in Jamaica.
