The Innovation Grant Fund will promote the increase or creation of revenue streams for Medium Sized Enterprises through the financing of innovative ventures that promote productivity. The grants provided by the Fund aim to support the developments of new products and services, implementation of new business models and entry into new or an expansion of existing markets. It is expected that new employment will result from the growth of the companies financed by the Fund.
The innovation grant fund will provide grants up to J$14 Million in value.
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;
- Technology Assessments;
- 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. How long does my business have to be in operation to qualify for this fund?
4. What type of enterprise can apply for this product?
5. Must my business be registered?
6. How long before I receive funding assistance?
7. What is the process to submit my application?
8. Which sectors are eligible to access this fund?
9. What are the interest rate and timeline for the payback of this product?
10. What are some examples of in-kind contributions?
11. Do I have to have an innovative product to apply for this fund?
12. What stage should the innovation project be?
Applicants apply through an “Open Window” and will be selected via the completion of a two-stage process – project concept note competition and a business plan competition.
The completed Concept Notes and Business Plans received during the month are evaluated at the end of the following month.