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(Closed)Caribbean Idea Marketplace Business Plan Competition || Deadline: May 31, 2012

Caribbean Idea Marketplace

Idea LogoThe Caribbean Idea Marketplace (CIM) is a business competition platform which aims to foster collaboration between local and global Caribbean diaspora entrepreneurs to develop and expand innovative projects that will generate employment and economic growth.

CIM is being implemented in the context of the International diaspora Engagement Alliance (IdEA), launched by the Secretary of State Hillary Rodham Clinton, May 17, 2011 in Washington, DC at the Secretary’s Global Diaspora Forum.

In partnership with the US Department of State, Digicel, and Scotiabank, Compete Caribbean has taken the lead in the design and management of the Caribbean Idea Marketplace (CIM). CIM is a component under Compete Caribbean’s Enterprise Innovation Challenge Fund (EICF).

The window for applications for CIM is March 1 – June 1, 2012.

CIM Sponsors

WHY CIM?

  • CIM can foster entrepreneurship and innovation.
  • CIM facilitates deeper connections/collaboration between local and diaspora communities.
  • CIM allows diaspora to build stronger ties with their heritage.
  • CIM creates opportunities for employment growth and economic development in the region.

Entrepreneurs and firms with innovative business ideas are invited to participate in this ground-breaking initiative by submitting a Project Concept Note.

ELIGIBILITY CRITERIA

Caribbean Partner

  • 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.

Diaspora Partner

  • 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.

APPLICATION PROCESS

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 diasporacim@iadb.org 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.

KEY DATES

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 Awards Ceremony

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: melissama@iadb.org



Category/ies:Request for Proposals.
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