DBJ reopens innovation grant application window

The Development Bank of Jamaica (DBJ), through its Boosting Innovation Growth and Entrepreneurship Ecosystem (BIGEE), has announced that the application window for its Innovation Grant Fund (IGF) is now open, effective January 2, 2024. The window will remain open for six weeks, until February 13.

The Innovation Grant Fund is an opportunity for medium-sized Jamaican companies with new and innovative products and service to access grant funding in the amount of J$20 million.

Christopher Brown, programme manager, BIGEE noted, “The DBJ is delighted at the projects we have funded in the last three iterations, since we began in 2020. To date, we have awarded grants to 12 medium-sized Jamaican companies representing an investment by the bank of J$190 million. The majority of the projects have been successfully completed and the remaining are now in the close-out phase; all of which has recorded growth and on an upward trajectory.”

Lu’ Shana Cheddesingh, technical coordinator under whose portfolio the Innovation Grant Fund falls, explains, “For this the fourth cohort of the IGF, we will be utilising the funding received from the European Union (EU) and so, strong focus of the incoming cohort will be placed on two main areas – women-led and owned businesses, and climate mitigation projects. We will continue to fund projects from Jamaica’s productive sectors”. Cheddesingh stressed that the “application process is via our website at www.thinkbigee.com”.

The DBJ is encouraging medium-sized Jamaican companies with innovative products and/or services that are new and revolutionary to apply.

Boosting Innovation Growth & Entrepreneurship Ecosystem is the Government of Jamaica’s (GOJ) five-year project valued at US$25 million and financed by the Inter-American Development Bank (IDB). The Development Bank of Jamaica is the executing agency. A release noted that the agreement was executed between the GOJ and the IDB in late 2019; however, there were unforeseen delays in the launch due to the onset of the coronavirus pandemic.

The objective of BIGEE is to promote sustainable and robust growth among start-ups and micro, small and medium enterprises in Jamaica. In 2021, based on the performance of the programme, the European Union awarded a non-reimbursable grant of US$8.2 million to support the initiative.