$1,000,000.00 – $4,000,000.00
Agriculture & Livestock, Beauty and Wellness, Commerce, Creative Arts, Economic Growth & Job Creation, Entertainment, Finance & Public Service, Food and Beverage, Health, Information, Manufacturing, Outsourcing , Science, Technology, Tourism
The DBJ through the IGNITE Program offers innovative start-up companies a grant for commercially viable inventions or innovations. Up to $4,000,000 (or 70% of project cost) is available to 30 business entrepreneurs.
The grant is channeled through Business Service Intermediaries (BSIs) which are business support organisations which would assist in presenting business proposals, channeling the funds to chosen entrepreneurs and monitoring the progress of grant recipients.
Innovation Grant from New Ideas to Entrepreneurship (IGNITE)
The applicant's start up or newly incorporated business must be registered for 2 years or less.
The company must be registered and operating in Jamaica.
The product or service must be new or a significant improvement on an existing product.
All applicants must be associated with one of the participating BSIs.
Applicants must be able to provide or demonstrate access to 30% of the cost to execute the project.
Applicant must be able to present a business model and product representation to a selection committee.
Types of Ventures to be supported:
• Software and IT projects
• Creative projects – Films, video games, fashion design - (Using new materials or methods)
• Application of Biotechnology to Local Production - (New varieties of seeds, pesticide-free fertilizer)
• Life Sciences - (Production of medicines)
• Business Process Outsourcing (BPO) - (Big Data Apps to solve real-world problems)
• Knowledge-intensive Business Projects - (New payment methods, enabling access to finance or new architectural designs etc.)
• Agricultural Products with export potential - (New exportable agricultural goods)
• Light-manufacturing - (New products such as small furniture, using new materials, local materials and/or non-traditional methods)
• Products and Services aimed at Satisfying Demand of the Tourism and Hotel sectors - (New import substitutions for goods or services used in hotels.
The application and selection process involves the following:
1. Screening and shortlisting of Applications by Business Service Intermediaries (BSIs)
- The BSIs will review the applications of the MSEs and shortlist the qualified ones.
They will then assist the MSEs in preparing and submitting applications to the DBJ
2. DBJ's Evaluation of Application and Pitch Sessions
- The DBJ will review the applications and select who they deem to be qualified.
An invitation will then be sent out to the shortlisted applicants for them to come in and pitch their ideas
A selection of final applicants is then chosen after these pitch sessions.
3. Grant Approval and Notification of Award
- Successful applicants and their associated BSIs will be notified by the DBJ of the decision to award the grant.to the applicant.
The grant spans over a 2 year period. Portions of the $4,000,000 will be disbursed at regular intervals over the 2 year period.
Development Bank of Jamaica
The Development Bank of Jamaica provides opportunities to all Jamaicans to make a positive impact on their own quality of life. They do this through providing development financing, capacity building, public-private partnership and privatisation solutions, which are in line with Government policy and future goals.
11A - 15 Oxford Road Kingston 5, Jamaica W.I
Phone Number: (876) 929-4000; (876) 619-4000
Fax Number: (876) 929-6055