Washington DC, August 12th, 2016 – The Inter-American Development Bank (IDB), The University of the West Indies (UWI), The Corporate Affairs and Intellectual Property Office (CAIPO) of the Ministry of Industry, International Business, Commerce and Small Business Development of Barbados, and the Young Americas Business Trust (YABT) are pleased to announce the launch of the 2017 Caribbean Innovation Competition (CIC), an international support programme and business start-up accelerator for entrepreneurs in the Caribbean. Organized by the Young Americas Business Trust (YABT), in collaboration with REACH* regional and national partners, the CIC helps transform intellectual ideas and intelligent solutions into profitable business models through the commercialization of Intellectual Entrepreneurial Assets (IEAs).
The official launch ceremony will take place in Bridgetown, Barbados on September 1st, 2016 followed by a Mini Business Lab (M-Lab), an intensive hands-on session, targeting potential entrepreneurs, to generate innovative ideas that can later be transformed into profitable businesses.
The CIC will connect entrepreneurs with mentor, additional resources and online training throughout the process.
Focused on "Digital Enterprises", the competition will award projects in the following Categories:
- Creative Industries – generating, disseminating and commercialization of creative content in sectors such as: film, radio and TV production, advertising, music, design, videogames, fashion, performing arts, among others.
- Technology Commercialization – effective transfer of university, engineering and research products, IP and other discoveries to the marketplace for the benefit of society. This includes sectors such as Education, Health, Engineering, and Agriculture.
A Mini- Business Lab for entrepreneurs will take place following the opening ceremony. Business Labs, a YABT program, support potential entrepreneurs by encouraging creativity and innovative ideas through practical exercises. This training methodology has been adapted to a condensed but effective one-day session where practical tools in the process in business creation are provided. These sessions create awareness on the steps of generating creative innovative ideas that later can be transformed into real businesses.
The CIC, is part of the of the Talent and Innovation Competition of the Americas -TIC Americas, the most recognized Hemispheric Competition for Young Entrepreneurs in the Americas. The CIC and TIC Americas go beyond traditional competitions as they incorporate training and mentoring as a “before” stage and follow-up, investment linkages and promotion opportunities as an “after” stage.
*REACH, the Caribbean Regional Entrepreneurial Asset Commercialization Hub, is an IDB funded regional technical cooperation project being executed by the University of the West Indies. REACH is aimed at building the commercialization capabilities of competitively selected Caribbean entrepreneurs and firms.
About the Young Americas Business Trust (YABT)
The Young Americas Business Trust (YABT) is an international non-profit organization, founded in 1999, and works in cooperation with the General Secretariat of the Organization of American States (OAS). YABT supports OAS objectives and mandates of the Summit of the Americas, to develop and implement programs and activities that encourage entrepreneurship and leadership among youth in the countries of the Americas - fighting poverty and creating more opportunities for youth.
About the Inter-American Development Bank (IDB)
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance and training to public and private sector clients throughout the region.