Compete Caribbean – WANTED: Innovative Projects (Call for Proposals)

Compete Caribbean is looking for innovative projects to provide non-reimbursable funding of up to US$500,000 to firms and entrepreneurs to take a chance on an innovative, risky business idea to improve the revenue performance and competitiveness of the firm or entrepreneurs idea. The window will finance innovative ventures to develop new products, implement new business models, or enter new markets. Start-up companies are welcome to apply, but the main focus is on existing companies.

 

Who Can Compete

Firms legally established in Guyana and who are registered under the Compete Caribbean Innovation window. Firms and entrepreneurs must commit to provide counterpart funding (up to 50%) of the program.

 

What Type of Ideas are Competitive?

  • Be innovative (product, process, marketing or organizational);
  •  Have commercial application and sustainability;
  • Have the potential to positively improve the livelihood, skills  and incomes of employees and suppliers of inputs and services;

What Project Activities Can Be Funded?

  • Consultancies to support the preparation of the business plan, organization, institutional and  coordination activities, legal advice, selection and hiring of personnel aiming at that objective;
  • Capital investment directly associated to the development of the project;
  • Consultancy services (market studies, technical assistance, management consulting, etc.).
  • Investment in machinery or equipment or other inputs that will improve productivity, process and product development, quality improvement and design, strategic management, access to markets and market intelligence, etc;
  • Intellectual or industrial property protection;
  • Knowledge management;

How to Apply

Briefing Session

The IDB Country Office in Guyana will host a video conference briefing session in September for firms and entrepreneurs to explain the process/ eligibility/ application/ allowable expenses etc of the program.  Entrepreneurs and representatives of firms interested in participating in this briefing session are asked to contact the IDB on telephone # 225 7950 or email kbonnett@iadb.org to register their interest.  Space is limited.