UPDATE: THE DEADLINE FOR THIS COMPETITION HAS BEEN EXTENDED TO JULY 31.2012
Building global businesses is key to bridging the gap between Caribbean and its Diaspora. The Caribbean Idea Marketplace is a business competition platform which aims to foster collaboration between local and global Caribbean diaspora entrepreneurs to develop and expand innovative projects that will generate employment and economic growth.
CIM is being implemented in the context of the International diaspora Engagement Alliance (IdEA), launched by the Secretary of State Hillary Rodham Clinton, May 17, 2011 in Washington, DC at the Secretary’s Global Diaspora Forum. In partnership with the US Department of State, Digicel, and Scotiabank, Compete Caribbean has taken the lead in the design and management of the Caribbean Idea Marketplace (CIM). CIM is a component under Compete Caribbean’s Enterprise Innovation Challenge Fund (EICF).
The U.S. State Department in partnership with the Inter-American Development Bank and others has launched a business plan competition for the Caribbean. The plan is aimed at promoting jobs and economic growth in the region, and forging partnerships between members of the Caribbean diaspora in the United States, Canada and the United Kingdom, and entrepreneurs in the Caribbean.
The Caribbean Idea Marketplace challenge fund will provide a $100,000 grant to each of the ten best business plans focused on business partnerships in the following countries: Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Haiti, Jamaica, St. Lucia, St. Vincent and the Grenadines, St. Kitts and Nevis, Suriname and Trinidad and Tobago.
The competition opened in March, and interested entrepreneurs must submit concept ideas by
May 30July 31 (see more about the update here). Organizers will then select the best concepts and invite those entrepreneurs to submit an actual business proposal. Each will received $10,000 to help with plan preparation. The Caribbean Idea Marketplace competition was touted Friday at a University of Miami Center for Hemispheric Policy event in Miami.
I’ll be sure to watch this competition to see which business ventures advance. This is a great opportunity to create jobs and bring new business to the Caribbean.
Mikelah
Mikelah is a Caribbean Culture expert, curating the bridge between the Caribbean and its diaspora. A CUNY Baruch College graduate with a BBA in Marketing. With previous experience with Caribbean lifestyle brands such as VP Records, Tempo TV and JAMROCK Magazine. Currently serving as a digital marketing maven by day, while continuing to collaborate with Caribbean brands.
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