CaribVenture is being set up as a partnership between the CSF, CADSTI and technology investors, executives and entrepreneurs in the US. Through CaribVenture, the CSF intends to help foster an entrepreneurial culture in the Caribbean and facilitate the launch and growth of technology-based start-up Caribbean businesses by providing. Both grants and equity investments are the vehicles being used. CaribVenture will provide:
- Opportunities to small Caribbean technology firms to help them get ready to receive initial seed funding
- Access to advisors and mentors including researchers, academics, industry experts and successful entrepreneurs and executives who have created and/or managed successful, globally competitive technology businesses
- Exposure to angel investors and technology venture capital firms
- Access to decision makers both inside and outside the Region who can help provide introductions and access to markets, customers and potential strategic partners
- Annual seed funding on a competitive basis of up to US$ 10K each to 1 or 2 technology businesses that have the potential to be globally competitive and to scale to annual revenues of about US$ 50M in about 5 to 7 years
- Exposure to opportunities for potential Series A venture capital funding
Start-up businesses will be identified through the CaribVenture Start-Up Challenge, a business plan competition for individuals or teams based in the Caribbean who have a technology-based business model, a motivated and entrepreneurial founding team, a realistic go-to-market strategy with a feasible work plan and timeline, and the potential for scaling to the annual revenue goals stated above. Targeted companies include those that have partnerships with businesses or industry experts outside of the Caribbean, and founding members who are based in the Diaspora. The startup businesses, however, must: (a) be registered in the Caribbean, (b) have a plan for regionally generated intellectual property through Caribbean based research and development activities, and (c) have the potential to create new economic growth sectors and strengthen the economies of Caribbean countries by providing opportunities for high levels of employment (including a significant percentage of knowledge-based workers).
Preferred will be Caribbean-based technology and technology-enabled entities with business models focusing primarily on serving regional and international markets, not just local market opportunities.. Preference will be given to businesses that are either led by entrepreneurs with a track record of success and credible management teams, or entrepreneurs and management teams that are open to guidance, direction and mentorship from CaribVenture and its network of advisors.
Winners of the CaribVenture Start-Up Challenge will incubate at a new CaribVenture Innovation and Impact Center, to be based in the Caribbean, where on-site mentorship and guidance for the start-up leadership team will be available 24/7 from an Entrepreneur-In-Residence. CaribVenture plans to make initial investments primarily in angel seed rounds, but with the flexibility to participate in Series A rounds as well. . During the initial 3-year period the target investment of US$ 50K in each of 2 businesses every year.
To raise these funds, CaribVenture will be seeking investments from high net worth individuals, international and Diaspora organizations, regional companies and regional governments, and co-investments by partners, and others. Further investments could come from multi-national businesses which would co-invest in any of the companies that appear to be a strategic fit for them. The aim is also to set up strategic VC relationships with international VC firms which would agree to review these companies within the first year of funding by CaribVenture, as potential opportunities for Series A investment.
CaribVenture will be managed by a combination of technology and investment professionals with proven experience investing in, creating, developing, and/or managing technology businesses. All money raised will be invested directly in the startup businesses. No management fees will be charged. The longer term goal is that 1 or 2 of these companies will achieve a level of success that would allow CaribVenture to be able to raise a US$ 10M - 15M venture fund at the end of the initial 3-year period.
CaribVenture Makes its First Investment
CaribVenture published a request for proposals to participate in the ITCity consortium in the fall of 2016. The competition was open only to Barbados companies. The ITCity project is aimed at responding to the citizens' need for new information technology applications of energy usage, integrated in an intelligent way at the city/municipality level. The general expected results are based on the design of an intelligent ICT platform that will promote energy efficiency initiatives in cities and municipalities, will contribute to urban planning and environmental lifestyle, will take part in active power management of energy consumption, and will support energy end users who become active market players.
The winner was AES Energy systems, and the grant award of 20,000 euros was made in February of 2017. The photo shows Mr. Kevin Devonish (right) of AES Energy Systems receiving the award from Professor Cardinal Warde (left) of the Caribbean Science Foundation, with Ms. Lois Oliver looking on.
Occasionally the CSF offers grants to entities and individuals serving the people of the Caribbean. These Standard Terms and Conditions, which are the guidelines for such engagements, can be accessed at the link below:
CSF Standard Terms & Conditions for Awards
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The CSF is a partner, along with 15 EU and Latin American countries, in the ERANET-LAC project. The ERANET-LAC project is a network of the European Union (EU) and the Community of Latin American and Caribbean States (CELAC) on Joint Innovation and Research Activities.
The CSF has been invited to participate in one of the ERANET-LAC selected projects in the Information and Communications Technologies (ICT) thematic area. The project named ITCity concerns the applications of ICT to Energy for Smart Cities. The participating countries in this project are Latvia, Brazil, Chile, Mexico, Romania and Turkey. Because of the origin of the funds for this project, only Barbados companies are eligible.
For-profit, start-up and small companies (less than 25 employees) only are eligible to apply for this grant. The total amount of funding available from the CSF for this project is €20,000, and one grant award will be made. The proposal page count is limited to 4 pages. The application deadline is 11:59 pm November 6, 2016. Please visit The CSF ERANET-LAC Page for more details and to download proposal template.
More general information about the ERANET-LAC project can be found at http://eranet-lac.eu/
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In the article entitled "Jamaican middle and upper classes don't have the entrepreneurial spirit - Ventura", Professor Arnoldo Ventura speaks of the entrepreneurial spirit in the lower class community and how the role of science and technology can foster the success of their ideas in a presentation at the Jamaica Stock Exchange's regional conference on investment and capital markets. To read the full article CLICK HERE
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- The Foundation is amongst the thirty largest foundations in the United States devoted to entrepreneurship. The vision is to foster "a society of economically independent individuals who are engaged citizens, contributing to the improvement of their communities."
- Offers access to videos and podcasts, featuring entrepreneurship and innovative thought leaders.
- Focuses learning on entrepreneurship from primary through to university. "The key is to develop competence of entrepreneurship from an early age."
• BBC News
- In an article titled "Can you teach entrepreneurship" written by analyst Mike Baker, the question, "Is business enterprise in your genes or can it be taught in the classroom?" is discussed.
- Founder of Wikimedia Foundation, which operates Wikipedia.org and as the co-founder of Wikia.com, Jimmy Wales talks about FAILURE - an inspirational talk for young entrepreneurs.
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