Call for Applications: Innovation Challenge Facility (Trinidad and Tobago)

The Innovation Challenge Facility (ICF) – Component One of the STFOI Project, is administered on behalf of the Ministry of Planning and Development by CARIRI, Beta Technologies and Eurocham.

Shaping the Future of Innovation (STFOI) is a project of the Government of the Republic of Trinidad and Tobago, the European Union (EU) and IDB LAB in collaboration with the Caribbean Industrial Research Institute (CARIRI) as the executing agency. STFOI is funded by the European Union and the IDB LAB. The project aims at business led economic growth and a more diversified economic base. This project was designed based on the recognition of the importance of innovation in fostering competitiveness in businesses so they can adapt to and thrive in a global market environment with changing market conditions and circumstances.

Sectors

• The Innovation Challenge Facility will be open to all sectors, except for:
  • Primary oil and gas extraction and production.
  • Guns, other weapons, and ammunition.
  • Gambling.
  • Illegal drugs.
  • Any activity that may result in damage to the environment.
  • Any activity that may result in exploitation of labour.

Funding Information

• Lot 1: small and medium sized enterprises (SMEs)
  • Description:
    • No. of Employees: ≤ 50.
    • Assets: ≤ TTD$ 5 million (excluding real estate).
    • Annual Sales: ≤TTD$ 10 million.
  • Grant Amount:
    • Minimum USD 50,000 – Max. USD 75,000
• Lot 2: Inclusive Business Innovation Solutions promoted by large businesses or SMEs
  • Description:
    • No limitations
  • Grant Amount:
    • Minimum USD 50,000 – Max. USD 500,000
    • Small firms applying for grants above USD 75,000 must show their capacity to manage large projects.

Type of Projects

• Innovation is any new product, service, technology, device, process that provides an improvement and value for which the market or internal customers will be willing to pay.
• The Innovation Challenge Facility is for the benefit of business.
• Innovation projects must have reached a high level of readiness (e.g., TRL 7). Refer to Technology Readiness Levels. That is, the innovations have been proven, tested, ready to be piloted, or ready to be fully operationalised or commercialised.
• A mature company with a well-established customer base, supply chain and distribution channel may present a case for an innovation project below TRL 7 as they have the prior experience with their market and customers and track record in the commercialisation of innovations.
• The facility is targeting Innovations with high potential for new markets, export earnings, job creation, social and environmental impact.

Target

• Component 1 -The Innovation Challenge Facility is targeting eligible businesses with innovation projects that have been concept proven, tested, ready to be piloted, or ready to be fully operationalised or commercialised.
• The Partners are especially interested in the readiness, uniqueness, relevance and potential Impact of the innovation in terms of jobs, contracts and livelihoods, as well as exports and foreign exchange, growth, profit potential and financial sustainability of the business and the impact on climate resilience and sustainability (both social and environmental).
• Partners expect inclusive business innovations to bring both financial and social value to vulnerable people including consumers, customers, partners, employees, suppliers and/or distributors and that the inclusive innovation projects will each address at least one UN – SDGs.
• Eligible businesses refers to businesses registered and operating in Trinidad and Tobago and compliant and up to date with tax and companies’ regulations.
• Business projects across all sectors except primary oil and gas extraction and production may apply.

Location

• The grant funding is only for businesses registered and with a physical presence and substantial part of their operations located in Trinidad and Tobago, generating employment in Trinidad and Tobago. Such companies are subject for tax payments unless exempt in Trinidad and Tobago. Additionally, job creation is an important element of the evaluation.

Eligibility Criteria

• Applicants must be a registered legal entity (versus a natural person) including:
  • Companies.
  • Associations / NGOs representing a group of businesses.
  • Universities, enterprises, ventures and spin outs.
  • Partnerships and sole traders who have registered their business name and who have been able to open business bank accounts.
  • A cluster of businesses with a joint project may agree to one member of the cluster representing the group. The representing entity must meet the eligibility criteria and the companies must have an agreement among them for implementing the project and making the contributions.

For more information, visit Caribbean Industrial Research Institute (CARIRI).