Enterprise Innovation Challenge Fund
The EICF epitomizes the intensity of Compete Caribbean’s commitment to the development of the region’s private sector. It is a competitive mechanism to provide financial support (through non-reimbursable grants) to the Caribbean private sector to pursue innovative projects in the region.
The Fund provides support for innovation activities through two thematic windows: The Innovation Window, which provides funding to firms and entrepreneurs to take a chance on an innovative, risky business idea in an attempt to improve the revenue performance and competitiveness of the firm and the Support to Clustering Initiatives Window, which provides support to a collective, either horizontally aligned or vertically integrated to pursue an innovative business idea with direct benefits to all parties involved.
Both windows are intended to positively impact the livelihood of the communities in which the businesses operate either directly or indirectly through increased employment and greater opportunities for income generation. The Fund is open to all who meet its criteria, and is promoted in the public domain and through targeted interventions at the local level.
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Enterprise Innovations Challenge Fund Projects
The Cellestial project aims to provide affordable and unrestricted communications consumer hardware, (cellular phones, tablet PCs, and laptops) to an extended base of low income customers, assembled by skills-enhanced female personnel in a Caribbean LDC environment and sold through non-traditional retail venues. The project will be 100% export oriented regionally integrating affordable communication products and services targeting the low-income consumer market. The project is locally managed, environmentally clean with a near zero carbon footprint, with lateral product expansion potential. The products address the cellular oligopoly by producing unlocked-devices, accepting any provider SIM chip mix, which are mobile-banking friendly.
The project will create a centralized specialist ISO-tank container cleaning facility of ISO standards within the port of Kingston providing cleaning, repairs, testing and certification services to our Caribbean users.
Company: Mache A.
The project will create an agricultural platform that aims to make Haiti’s agriculture sector profitable by connecting farmers with vital agriculture information as well as creating a virtual commodities market.
Company: Plympton Farms
Plympton Farms is developing a commercial produce farm in Guyana that uses greenhouse and drip irrigation technology to cater to Caribbean and US Markets. The project will assist the farm to increase its output and export potential.