Caribbean Idea Marketplace Business Competition Deadline Extended

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Entrepreneurs and businesses in the Caribbean and the diaspora – there is still time to get in those applications in to receive grant funding of US$ 100,000 for your innovative business projects. Compete Caribbean, the leading private sector development programme in the Caribbean today announced that it has extended the deadline for applications to the Caribbean Idea Marketplace (CIM) to July 31, 2012. The deadline extension means that those businesses and entrepreneurs in participating Caribbean countries who have been considering applying now have an additional two months to prepare and submit their applications.
Caribbean Idea Marketplace (CIM) is a unique program that seeks to tap into the vast potential of the Caribbean diaspora by rewarding partnerships with Caribbean businesses. CIM is a business competition platform. Local and diaspora entrepreneurs forge partnerships around projects that have the potential to generate employment and economic opportunities in the Caribbean region. CIM also seeks to promote entrepreneurship, transfer knowledge and create learning networks. The program was launched on March 1st and was originally due to end on May 31 before the deadline was extended.
Melissa Martinez-Nadal, CIM Coordinator, Compete Caribbean Program stated: “We extended the programme because we would like to give Caribbean and diaspora entrepreneurs and businesses every opportunity to participate. Though we have had a great deal of interest in the programme thus far, we recognized that there were still many out there who need a bit more time to develop their projects. Is our hope that this additional time will allow those who have registered to participate but who have yet to complete their applications to do so, as well as make it easier for others who are interested but who felt they could not meet the original deadline to become involved.”
To be eligible to apply for CIM, entrepreneurs and companies must meet the following criteria:

  1. There must be a partnership between a local and a Caribbean diaspora entrepreneur or business owner;
  2. The business to be developed must be legally registered, or intended to be established in any of the 15 eligible CARIFORUM countries;
  3. The diaspora partner must be a citizen or legal resident of the USA, Canada and UK, and demonstrate a relevant connection or experience in the Caribbean;
  4. Projects must have export potential, encourage employment, be environmentally sound and gender inclusive.

For detailed eligibility requirements, the application form and a host of other valuable information about CIM, please visit: www.caribbeanidea.org or www.competecaribbean.org. Interested individuals are also encouraged to visit Compete Caribbean on Facebook: www.facebook.com/competecaribbean to ask questions and to discuss the initiative. Questions about CIM can also be submitted via email to:diasporacim@iadb.org and melissama@iadb.org.
ABOUT CIM
CIM is a business competition platform that aims to foster collaboration between local Caribbean businesses and Caribbean diaspora entrepreneurs, to develop and expand innovative small and medium enterprise (SME) projects that will generate employment and economic growth in the region by providing US$100,000 matching grant funding for winning projects. This program is managed and implemented by Compete Caribbean in partnership with the Inter-American Development Bank (IDB), the United Kingdom Department of International Development (DFID), the Canadian International Development Agency (CIDA), US State Department, Digicel, Scotiabank, and the Overseas Private Investment Corporation (OPIC).
ABOUT COMPETE CARIBBEAN
Compete Caribbean is a private sector development program that provides technical assistance grants and investment funding to support productive development policies, business climate reforms, clustering initiatives and Small and Medium Size Enterprise (SME) development activities in the Caribbean region. The program, jointly funded by the Inter-American Development Bank (IDB), the United Kingdom Department of International Development (DFID) and the Canadian International Development Agency (CIDA), supports projects in 15 Caribbean countries. The program’s estimated value is US$40.0 million, of which DFID and CIDA contributed US$32.55 million. Projects in the OECS countries are implemented in collaboration with the Caribbean Development Bank.
For assistance and questions, please contact:
Melissa Martinez-Nadal
Enterprise Innovation Challenge Fund
Caribbean Idea Marketplace (CIM) Coordinator
Compete Caribbean Program
Inter-American Development Bank,
Mervue House, Marine Gardens,
Hastings, Christ Church,
BB14047 Barbados.
DR Office: (809)784-6400/direct extension 6428
Barbados Office: (246)227-8507
Email: diasporacim@iadb.org, melissama@iadb.org, or dfscompetecaribbean@iadb.org

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