Deadline: 23-Nov-22
Applications are now open for the Innovation Challenge Facility Project.
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.
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.
Scope of Innovation Challenge Facility
In addition to the administrative eligibility criteria listed in the table above, applications must also meet the following technical requirements, which will be considered during the assessment process.
- Types of Readiness of Projects
- Innovation is any new product, service, technology, device, or 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, and 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 and inclusive impact.
- 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.
- Unregulated financial activity.
- Illegal drugs.
- Any activity that may result in damage to the environment.
- Any activity that may result in the exploitation of labour.
Funding Information
- The total value of the grant facility is more than 8 million Euros.
- The Independent Expert Advisory Panel and / or CARIRI may make recommendations on final amounts to be allocated.
- Small and medium sized enterprises (SMEs)
- Minimum USD 50,000 – Max. USD 75,000.
- Large firms
- Minimum USD 50,000 – Max. USD 250,000.
Eligible Funding
- Professional fees of experts contracted for the project.
- Staff costs of staff hired or existing staff assigned specifically to the project by the beneficiary during the implementation of the project.
- Travel expenses related to the project.
- Fees for external technical testing services.
- Costs of prototypes.
- Cost of capital equipment – Eligible costs are calculated based on a monthly depreciation cost plus % of time used on the project.
- Consumables related to the project.
- Costs of graphic design: identity, logo, packaging, brochures, social media.
- Costs of marketing material – during project period – e.g., for trials.
- Costs of packaging material– during project period– e.g., for trials.
- Sales and marketing costs – – during project period– e.g., for trials.
- Certification and audit costs – related to an innovation.
- Intellectual property – professional fees and registration in the first market.
- Raw material – for testing, demonstration purposes and piloting of the innovation.
- Rent of special facilities related to the development costs (e.g., temperature-controlled room, laboratory facility.
Eligibility Criteria
- Proof of Legal identity:
- Companies: Certificate of Incorporation and/ or Certificate of Continuance Issued by Companies Registrar;
- Sole traders: Business name registration issued by Companies Registrar.
- NGOs: Certificate of Incorporation as a non-profit company and /or Certificate of Registration as a Non-Profit Organisation under the FIU.
- Locations:
- 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.
- Applicants must be able to show compliance with the regulations of the Companies Registrar, including up-to-date filing.
- Applicants should have a bank account in the name of the legal entity versus a natural person. Supporting evidence required for assessment and audit: Recent bank statement header only showing the business name and address registered with the bank, as well as the bank account number. For Sole traders, the header should show the name of the entrepreneur, ‘’trading as the business name.’’
- Applicants must be able to demonstrate they have a viable business. Supporting evidence required for assessment and audit: At Stage 2 of the application process, audited or unaudited financial reports must be presented for the last 3 years.
- The innovation challenge facility is primarily targeting small and medium-sized enterprises (SMEs). However, larger companies may also be invited under specific Calls for Proposals with an allocation for large companies. SMEs in Trinidad and Tobago as defined by CSO should meet one or more of the following criteria:
- Employees: ≤ 50.
- Assets: ≤ TTD$ 5 million (excluding real estate).
- Sales: ≤TTD$10 million.
- Supporting evidence required for assessment and audit:
For more information, visit https://future.cariri.com/innovation-challenge-facility2/