Caribbean Export To Pump Funds Into Start Up Jamaica

BRIDGETOWN, Barbados, CMC – The Barbados-based Caribbean Export Development Agency (Caribbean Export) says it will provide financial support towards the launch of “Start Up Jamaica (SUJ)”, an initiative through which technology companies can access seed capital, training and mentorship in return for equity in the company.

Caribbean Export said that the funds would be provided under the Regional Private Sector Development Program (RPSDP) that is being funded by the European Union under the 10^th European Development Fund (EDF), in efforts to accelerate development in youth entrepreneurship, with a focus on the technology sector.

SUJ, a project of the Ministry of Science, Technology, Energy and Mining, aims to support talented and technologically savvy young people, 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 Caribbean Export’s Executive Director, Pamela Coke-Hamilton.

Caribbean Export said the 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 “technology consumers” to “technology creators” over the next few years, and to position Jamaica as the hub for entrepreneurship and innovation in the Caribbean, it added.

“Start Up Jamaica” is modelled 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 192 applications, from across the region.

Earlier this month, SUJ which hosted a five day boot camp for tech entrepreneurs and Caribbean Export, said 10 teams will be selected to work with SUJ 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 SUJ, 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 the World Bank, LIME and Jamaica National Building Society Foundation.