Overview

The Innovation Grant Fund is a product under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) Programme which will provide grants to support innovation projects by medium-sized enterprises. The grants will be used to assist in the development and commercialisation of new products, services, processes or new business models.

THE INNOVATION GRANT FUND WILL PROVIDE GRANTS UP TO J$20 MILLION.

The projects that are eligible for financing by the Innovation Grant Fund must be INNOVATIVE

The following expenditures can be financed by the Program: 

  • Specialized consultancy services: market studies, specialized technical assistance and management consulting;
  • Product upgrading, including product packaging and label design, certification in corresponding regulatory agencies, marketing, production of samples for market testing;
  • Purchase of key processing inputs;
  • Inputs and machinery to improve productivity;
  • Training services;
  • Equipment purchase and maintenance (laboratory, digital, etc.);
  • Intellectual or industrial property protection;
  • Prototyping; 
  • Knowledge management;
  • Development of an Innovative Business Plan;

The following outlines the eligibility requirements for the Innovation Grant Fund :

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1. How much can I access through this fund?
Each company applying to the IGF can access up to J$20 million in value.
2. How much of the project is the grant able to cover?
The Fund will cover 70% of the total project cost. You (the company) will need to find the remaining 30% as a counterpart contribution. It must be noted that 50% of your counterpart can be valued in “kind”.
3. What type of businesses are eligible?
Medium-sized enterprises that earn an annual revenue between J$75M and J$250M can apply for funding from the Innovation Grant Fund.
4. Must my business be a registered company?
Yes, your business must be registered for at least three (3) years.
5. How long after I apply do I have to wait to receive funding assistance?
The application window is six weeks (20th May 2022 – 30th June 2022) Once your application has been reviewed and all documents received and are in order you will be contacted.
6. Which sectors are eligible to access this fund?
Businesses in all legitimate sectors can apply to the Innovation Grant Fund.
7. What is the interest rate and timeline for the payback?
The Innovation Grant Fund provides a grant it is not a loan, therefore there is no obligation to repay the fund. However, each successful applicant will be held to meeting specific goals throughout the life of the grant.
8. What are some examples of in-kind contributions?
An in-kind contribution is a contribution of a good or service other than money which includes donated services, donated goods, or labour.
9. Do I have to have an innovative product to apply for this fund?
Yes. It is a requirement, to have an innovative product, prototype or business process, to apply for this Fund.
10. What stage should the innovation project be?
The innovation should be at the stage where the prototype or product has been created and tested within the market and has demonstrated market traction.
11. What types of innovative projects can be funded?
Development of new products or services, improvement of new business processes, new methods or business models to create existing products or services.

Applicants apply through an “Open Window” and will be selected via the completion of a Two-stage process-

  • Stage 1: Eligibility
  • Stage 2: Full Proposal

Registered Jamaican companies have up to June 20, 2022, to apply, business models are eligible to apply!