Founders in Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, the Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago can now apply for up to US$40,000 to build or test their first product. The money comes through the Conecta Caribbean Prototype Grant Competition, run by Bridge for Billions under CARIBEquity, the regional innovation facility backed by IDB Lab and the European Union. Applications opened September 21 and close October 30, with one aim: getting promising ideas out of the pitch deck and into a working version.
Each grant pays for up to 2 outside service providers, such as a developer, designer, researcher or agency, to build or test a minimum viable product over 6 months. Winners also get coaching from December through May from a Conecta Caribbean partner organisation of their choice, which the program calls an ESO.
The competition is open to ventures registered in one of those 15 countries and sitting at the pre-MVP or early-MVP stage. That means a concept or an early product, not one that’s already selling. Startups that earn revenue elsewhere can still apply, as long as the specific product they’re pitching doesn’t. Every solution has to tackle a real challenge facing underserved communities in one of 5 sectors: agriculture and natural capital, essential infrastructure services, financial inclusion, health, or education, talent and employment.
Judging happens in rounds. The Bridge for Billions team first checks each application for completeness, then pre-selects the strongest between November 2 and 16. Those founders pitch to an independent jury on November 23 and 24, and the program says ESOs coaching applicants can’t sit on that jury. Winners will be named November 30.
There are a few catches. The grant never touches the founder’s bank account, since Bridge for Billions pays the service providers directly. Applicants are expected to research their real costs and request exactly what their providers will charge, not a round US$40,000. Contacting a Conecta Caribbean ESO before applying is mandatory, and every application needs a pitch deck, a budget and a letter of engagement from each service provider, built on the program’s templates.
When CARIBEquity was signed in Barbados, IDB representative Viviana Alva Hart said the facility would “deploy risk-tolerant early-stage financing for startups, strengthen innovation ecosystem actors and boost their networks.”
The applicant helpdesk closes October 23. Applications are due October 30 at 11:59 pm Eastern Caribbean Time through the Conecta Caribbean portal at conecta.bridgeforbillions.org.
— SS
Stephen Stanberry
