Just over $1.1 billion has been allocated to continue the implementation of the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project.
The project aims to promote the sustainable and robust growth among startups and MSMEs in Jamaica.
Details are contained in the 2023/24 Estimates of Expenditure, now before the House of representatives.
There have been several physical achievements up to December 2022. These included the launch of an Innovation grant fund for medium-sized firms (12 projects were financed), the launch of marketing activities to promote the BIGEE project and spur interest in entrepreneurship, the approval of five MSMEs to receive support from the Patent Grant Fund, and the support of four technology transfer offices with commercialised technology from universities, research institutions and investors.
Other achievements were the design of sidecar fund investment instrument for start-ups, which was rebranded as Angel Fund, and a Venture Capital Fund; the launch and capitalisation of the Angel Fund; financing 32 projects from the SEED Fund and IGNITE III; the issuance of 220 vouchers for extension services; and hosting 11 promotional sponsor events and presentation of awards to three female entrepreneurs.
There was also the completion of the 2021/22 financial audit and the hiring of a consultant for mid-term evaluation of the programme.
The anticipated targets for 2023/2024 include the training of 25 business development organisations, the launch of IGNITE 1V, the commencement of a contract with International Accelerator to execute training programme to at least one Business Accelerator and one Business Incubator, and the installation of systems and equipment to facilitate effective data capture and project management.
This is in addition to the completion of the mid-term evaluation of the programme.
The programme is being implemented by the Development Bank of Jamaica with co-funding from the European Union and the Inter-American Development Bank.
Some $550 million has been estimated for fiscal year 2024/25, if necessary.
