Frequently Asked Questions

Direct Firm Support

Who can apply?
Any private firm or partnership of firms that includes at least one company registered in the Caribbean can apply. International firms can be involved as partners in projects. The firm(s) must have an innovative business idea that meets the challenge and have resources available to match the amount requested (between USD $100,000 and USD $500,000).

How do you apply?
There are two stages, one for the development of the Project Concept Note and the other for the preparation of the Innovative Business Project. These are as follows:

Stage 1:

• Step 1: Register by clicking the "apply now" button and download the application template (Project Concept Note Template).
• Step 2: Complete the Project Concept Note, including all information requested in the template.
• Step 3: Submit the Project Concept Note before the deadline for the round.
• Step 4: Await a response from the Compete Caribbean team. Firms will be informed if they are invited to submit an Innovative Business Project within 45 days based on a template to be provided.

Stage 2:

• Step 1: Complete the template for the Innovative Business Project, including all information requested in the template.
• Step 2: Submit the Innovative Business Project before the deadline.
• Step 3: Await a response from the Compete Caribbean team.

How are projects chosen?  
Once Project Concept Notes are submitted and the round is closed, the Compete Caribbean Team will assess the applications and score them against the publicized criteria. A shortlist of the highest ranked projects will be sent to an independent investment panel of senior business men and women who will select the best project concept notes to move to stage two. Firms not selected, exit stage 1 and can apply for funding in another round. Selected firms have 45 days to prepare the Innovative Business Project and are eligible to receive up to US$75,000 in grant financing from Compete Caribbean to do so. After the deadline, submitted Innovative Business Projects are presented to the independent investment panel to decide which projects should be funded.

Can I apply for more than one grant?
Firm(s) may submit as many applications as they desire, but each application may include only one project idea.

How will I know which proposals have been accepted?
The winners of each round will be contacted.

Does my company have to contribute?
Yes. Compete Caribbean awards matching grants between USD $100,000 and $500,000. However, there is no upper limit on the total project budget. For larger projects, the firm's contribution will exceed Compete Caribbean's grant

How will projects be implemented?
Wining projects will be implemented by the firm(s). Compete Caribbean will disburse grants as the firm achieves distinct milestones. Therefore, the Innovative Business Project will include a budget that is tied to distinct milestones.

Support to Cluster Initiatives

The Enterprise Innovation Challenge Fund is a matching grant facility, which provides an opportunity for businesses in the CARIFORUM region to enhance efficiency, productivity and innovativeness. The EICF-SCI has two distinct means of providing grants to firms that are registered in beneficiary countries. Financial support is given to: Clusters and sectors’ value chain to improve their capacity and performance

• Small and Medium Enterprise (SMEs) to improve their competiveness at the regional and global levels through product/service development, innovation and diversification.

Who can apply?
The EICF-SCI is targeted toward private firms legally established in CARIFORUM*countries, Chambers of Commerce or other private sector representative entities, Universities or Academic Institutions and NGOs or Community Base Organizations.

*Antigua & Barbuda, Bahamas, Belize, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, Saint Lucia, St. Vincent & the Grenadines, St. Kitts & Nevis, Suriname, and Trinidad & Tobago

What sort of Projects will be funded?
ECIF-SCI will finance cluster oriented projects or SME development projects through the development of Cluster Competitive Improvement Plans (CCIPs). The ECIF-SCI will support projects that have the potential to create employment and increase and diversify exports. Projects must be able to leverage on the firms creativity and ambition to innovate.

What are the eligibility criteria?
Projects will be assessed and selected base on the following criteria:

• Importance or potential impact of cluster to national economy
• The degree of depth of cluster and value chain
• The potential contribution to actual or potential export
• The degree of increase to employment/income generation
• The value added contribution to national or regional development
• The potential contribution to the development to intra-regional trade

How can company/firm apply?
The first step is to register online via the Compete Caribbean website (competecaribbean.org). Once the application is submitted, the independent investment panel will select the best application(s) and ECIF-SCI will finance consultancy services (up to 75,000) to develop a Cluster Competiveness Improvement Plan (CCIP). The panel will recommend which CCIP’s Compete Caribbean should finance.

Caribbean Idea Marketplace

The Caribbean Idea Marketplace (CIM) is a business competition platform that encourages local and diaspora entrepreneurs to forge partnerships around innovative projects that will generate employment and economic opportunities in the Caribbean region by providing US$100,000 grant funding for winning projects.

What sort of Projects will be funded?
All commercially viable ideas will be considered, however, CIM is particularly supportive of ideas for business ventures working in “productive sectors” including but not limited to: agribusiness, handicrafts, textiles, tourism, environmental services such as waste management, construction and infrastructure, logistics and transportation, manufacturing and assembly, fisheries, and information and communication technologies (ICT).           

What are the eligibility criteria?

Caribbean Partner

• Must be a citizen of one of the following CARIFORUM countries: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haití, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, and Trinidad and Tobago.
• Must own a legally registered business, or intend to establish a business in a CARIFORUM country.
• Have an innovative idea of how to expand a business or introduce new goods or services to the local community.
• Submission of a Project Concept Note with a partner from the Caribbean diaspora or other entrepreneurs who are based in the U.S., Canada, or U.K and have a demonstrated relevant connection to, or experience in, the region. 
• Must have a diaspora partner committed to contributing at least 25% of the funding to the proposed venture.

Diaspora Partner

• Must be a diaspora entrepreneur or other entrepreneurs who are citizen or legal resident of the USA, Canada or the UK and have a demonstrated relevant connection to, or experience in, the Caribbean.
• Interested in establishing a new business or expand an existing business in the Caribbean.     
• Submission of a Project Concept Note with a partner who is of Caribbean origin and who resides in a CARIFORUM country.  
• Must have a Caribbean partner committed to contributing at least 25% of the funding to the proposed venture.
• The business will be established in one of the following CARIFORUM countries: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haití, Jamaica, Saint Lucia, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Suriname, and Trinidad and Tobago.         

How can company/firm apply?

• Apply online at www.caribbeanidea.org (to submit your Project Concept Note).
• The Project Concept Note must demonstrate how it will develop either a new product/service, or a new export market for an existing product/service.
•  The project must have the potential to create rewarding jobs for Caribbean men and women.
• Firms must have the resources available to at least match the grant amount of US$100,000.

Submitted ideas will be evaluated based on their financial soundness, innovation, management strategy, development impact, sustainability and leverage. 

• Call for proposals: Project Concept Notes may be submitted from March 1st to May 31st, 2012.
• Proposal selection: Project Concept Notes will be evaluated by a team of experts and the best project ideas will receive a small grant for developing an Innovation Business Plan (IBP).
• Business Plan Competition: The Innovation Business Plans will be submitted for review by an Investment Panel, who will determine which projects should be awarded the US$ 100,000 matching-grant.
• Winners:  Winners will be announced at a special awards ceremony and will receive matching-grants of US$100,000 based on merit, innovation, and need.

• Submit an application