Minister of State in the Ministry of Science, Technology, Energy and Mining, Hon. Julian Robinson, has lauded the Caribbean Climate Innovation Centre (CCIC) for its support of Caribbean entrepreneurs.
“This is a programme that encourages entrepreneurs to come up with solutions. You provide funding, so that they can build a solution which won’t necessarily just solve a problem in Jamaica, or the Caribbean, but which can solve problems globally,” Mr. Robinson said.
The State Minister was speaking at a cocktail reception to highlight the work of the CCIC, held at the Scientific Research Council (SRC), in St. Andrew, on September 16.
The CCIC is a joint project of the Caribbean Industrial Research Institute, World Bank and the SRC. It was designed to identify and support Caribbean entrepreneurs and new ventures that are developing locally appropriate solutions to climate change mitigation and adaptation.
Phase One of the project was highly successful, as 11 entrepreneurs were selected as proof of concept winners and awarded grants ranging from US$10,000 to US$50,000, totalling approximately US$425,000. The winners were from Jamaica, Antigua, Trinidad and Tobago, St. Kitts and Nevis, Dominica, St. Lucia and Belize.
The four Jamaican winners are Shirley Lindo, Castor Oil Briquettes; Dr. Kert Edward, Fibre Optic Solar Indoor Lighting; Robert Wright, Pedro Banks Renewable Energy; and Harlo Mayne, for his H2-Flex Hydrogen Hybrid Project.
Meanwhile, the State Minister noted that one of the challenges facing entrepreneurs is the inability to access non-banking financing, such as venture funding.
“There are some developments that are taking place in a positive way in that regard. The Development Bank of Jamaica has an initiative on venture capital, and there are a couple of private angel investor groups that have been established, all of which are positive for the development of innovation and entrepreneurship,” Mr. Robinson said.
He pointed out that the innovations that are a part of the CCIC, fit right into the plans that the Government has in terms of building a sustainable energy policy.
For his part, Executive Director of the SRC, Dr. Cliff Riley, said the CCIC is looking forward to moving on to Phase Two of the project.
“We are looking to see how we can drive entrepreneurship and create a spirit of innovation in Jamaica and in the Caribbean region,” Dr. Riley said.
Phase Two of the project will provide: proof of concept grant funding for new cohorts of entrepreneurs; training (including access to financing, market development and business incubation training); mentoring and networking opportunities; and specific business incubation services.
The project, which is housed at the SRC, caters to the Caribbean Community, including Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, and Trinidad and Tobago.
Credit: Jamaica Information Service