By Caribbean Export
BRIDGETOWN, Barbados – The Development Bank of Jamaica on February 24 signed an Agreement with Caribbean Export 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 to solve challenges.
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 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, TECNALIA-Colombia and implemented by Caribbean Export across the region.
Speaking at the signing ceremony, Edison Galbraith, 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 the bank 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.
“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.”
The DBJ is confirming that Caribbean Export will be conducting 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 will take place in Kingston, Jamaica on February 26th under the title “Navigating Innovation: Bridging Corporations and Startups for a Thriving Digital Ecosystem in Jamaica.”
“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. Corporation 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, BIGEE.
The Development Bank of Jamaica is the executing agency for the government of Jamaica US$25 million loan programme signed with the Inter-American Development Bank (IDB) in 2020 to build out Jamaica’s entrepreneurial ecosystems. In 2021, BIGEE received a non-reimbursable grant of USD 8.2 million from the European Union to support the programme.
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