Business
Start Up Jamaica receives boost from Caribbean Export Development Agency
The Barbados-based Caribbean Export Development Agency has committed to provide financial support towards the launch of “Start Up Jamaica”, an initiative through which tech companies can access seed capital, training and mentor-ship in return for equity in the company.
The regional agency said that the funds would be provided under the Regional Private Sector Development Program (RPSDP) with a goal to accelerate development in youth entrepreneurship, with a focus on the tech sector.
“Start Up Jamaica”, aims to support talented and technologically savvy young entrepreneurs to tap into the growing global market for technological innovations, and further serves the social demand for more employment opportunities not only in Jamaica but also in the wider Caribbean.
“This initiative has the potential to be a regional game changer in the transitional development of the regions savvy young people who are bursting with ideas, into our future entrepreneurial successes,” said the agency’s Executive Director, Pamela Coke-Hamilton.
Support offered through the program is intended to grow the ideas of innovators and entrepreneurs from the region into marketable products and services, while also increasing employment and generating foreign exchange. The strategy aims to transform Caribbean people from being “tech consumers” to “tech creators” over the next few years, and to position Jamaica as the hub for entrepreneurship and innovation in the Caribbean.
“Start Up Jamaica” is modeled on the very successful “Start Up Chile” program, which at pilot stage in 2010 attracted 22 start-up companies from across 14 countries, and now is on track to meet its target of 1,000 participants by the end of this year.
“Start Up Jamaica”, which will be the first of its kind in the region, has attracted 192 applications, from across the region. Earlier this month “Start Up Jamaica” hosted a 5 day boot camp for tech entrepreneurs and the Caribbean Export Development Agency said 10 teams will be selected to work with “Start Up Jamaica” in partnership with Oasis500 in October 2014.
Oasis500 is the pioneering early stage and seed investment company from the Middle East, which supports entrepreneurs with funding and training. They will also be delivering the training for the Boot Camp.
“Through Start Up Jamaica, participating start-up companies are expected to be better prepared to pitch to equity investors and receive investments to achieve business growth,” Caribbean Exports said, adding that other partners in the venture include regional telecommunications company – LIME and the Jamaica National Building Society Foundation. -(CMC)