The Caribbean Idea Marketplace
is a business competition platform that aims to foster collaboration between local and global Caribbean diaspora entrepreneurs to develop and expand innovative projects that generate employment and economic growth by providing US$100,000 grant funding for winning projects.CIM is a dynamic funding initiative that seeks to:
- Engage Caribbean entrepreneurs with Caribbean diaspora and other entrepreneurs in the US, Canada and the UK, to encourage the development of new and innovative business ideas that can foster economic growth in the region;
- Promote entrepreneurship, and business development in new and innovative areas;
- Share knowledge and create learning networks with and among diaspora communities.
Click here to download a press release about the launch of this competition.
Participating in the Competition
Information about the Caribbean Idea Marketplace, eligibility requirements, and how to apply can be found at www.caribbeanidea.org
. Applications must be submitted by May 31, 2012.
- Must be a citizen of one of the following CARIFORUM countries: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haití, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, and Trinidad and Tobago.
- Must own a legally registered business, or intend to establish a business in a CARIFORUM country.
- Have an innovative idea of how to expand a business or introduce new goods or services to my community.
- Submission of a Project Concept Note with a partner from the Caribbean diaspora.
- Must have a diaspora partner committed to contributing at least 25% of the funding to the proposed venture.
- The partner must be of Caribbean heritage/origin or have strong ties with the Caribbean and be a citizen/permanent resident of the USA, Canada or the UK.
- Must be a citizen/permanent resident of the USA, Canada or the UK with Caribbean heritage/origin or have strong ties with the Caribbean.
- Interested in establishing a new business or expand an existing business in the Caribbean.
- Submission of a Project Concept Note with a partner who is of Caribbean origin and who resides in a CARIFORUM country.
- Must have a Caribbean partner committed to contributing at least 25% of the funding to the proposed venture.
- The business will be established in one of the following CARIFORUM countries: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haití, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, and Trinidad and Tobago.
Proposed Business Project
- The Project Concept Note must demonstrate how it will develop either a new product/service, or a new export market for an existing product/service.
- The project must have the potential to create sustainable jobs for Caribbean men and women.
- Firms must have the resources available to at least match the grant amount of US$100,000.
You can apply online. Please visit the Caribbean Idea Marketplace Application page. You will be guided step by step through the application process.
If you are unable to access the website, send us an email to email@example.com or send us a fax at (246) 429 8869 to Compete Caribbean, and someone from the team will answer your requests. In addition, prospective applicants may submit questions or request clarification in writing to this address, no later than May 1, 2012. Compete Caribbean will respond to questions and requests for clarification by May 15, 2012 and share them with all potential applicants.
- Call for proposals: Project Concept Notes may be submitted from March 1st to May 31st, 2012.
- Proposal selection: Project Concept Notes will be evaluated by a team of experts and the best project ideas will receive a small grant for developing an Innovation Business Plan (IBP).
- Business Plan Competition: The Innovation Business Plans will be submitted for review by an Investment Panel, who will determine which projects should be awarded the US$ 100,000 matching-grant.
- Winners: Winners will be announced at a special awards ceremony and will receive matching-grants of US$100,000 based on merit, innovation, and need.
|March 1st, 2012
||Call for Project Concept Notes opened
|May 31st, 2012
||Deadline for submission of Project Concept Notes
|June 1st – June 30th, 2012
||Evaluation of Project Concept Notes
|July 1st, 2012
||Announcement of selected projects to receive technical assistance to prepare an Innovation Business Plan
|July 1st – August 31st, 2012
||Selected projects prepare Innovative Business Plans
|August 31st, 2012
||Deadline for submission of Innovation Business Plans
|September 1st – September 30th, 2012
||Evaluation of Innovation Business Plans
|October 13th-15th, 2012
||Ideas Marketplace Exhibition of projects that submitted Innovative Business Plans
|October 15th, 2012
ACCESS TO CREDIT
Scotiabank has pledged $100,000 in cash contributions to CIM as well as access to credit with favorable terms to CIM winners, subject to credit approval, credit score and other terms & conditions. Please note, Scotiabank cannot support credit requests for Haiti or Suriname.
ACCESS THE CIM APPLICATION FORM
GET MORE INFORMATION
Melissa Martinez-Nadal Enterprise Innovation Challenge Fund Direct Firm Support Coordinator Compete Caribbean Program Office: (246)227-8507/Barbados (809)784-6400/Dominican Republic Email: firstname.lastname@example.org