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;
- Knowledge management;
- Development of an Innovative Business Plan;
The following outlines the eligibility requirements for the Innovation Grant Fund :
1. How much can I access through this fund?
2. How much of the project is the grant able to cover?
3. What type of businesses are eligible?
4. Must my business be a registered company?
5. How long after I apply do I have to wait to receive funding assistance?
6. Which sectors are eligible to access this fund?
7. What is the interest rate and timeline for the payback?
8. What are some examples of in-kind contributions?
9. Do I have to have an innovative product to apply for this fund?
10. What stage should the innovation project be?
11. What types of innovative projects can be funded?
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!