Boosting Innovation, Growth and Entrepreneurship Ecosystems
Over the past decades, Jamaica has experienced low levels of economic growth – less than 1% yearly average – and debt levels to GDP ratios of over 100%. Because the COVID-19 pandemic has proved its devastating impact on economy, tackling health security issues and the need for availability and access to water, sanitation, and hygiene are thus of utmost importance to boost the country’s entrepreneurship.
Through CIF, the EU spearheaded a collective initiative by Inter-American Development Bank (IDB) and Development Bank of Jamaica (DBJ), supporting the Jamaican government to undertake specific economic measures, such as the provision of grants and support to the most affected. The project translates into a total investment of 51.356.000 euros to promote inclusive growth and productivity by fostering innovation in the private sector. It will also carry a strong gender-responsive component, since Jamaican women play a disproportionate role in responding to the pandemic and thus face increasing infection risks. All this in a bid to provide Jamaican MSMEs with the means to become resilient, particularly in their post-COVID19 recovery.
This project is declined in three components:
- Innovation and Growth for Established MSMEs. This component will target established MSMEs and promote efficiency and growth through development and adoption of innovation that enable MSME to adapt to the post-COVID-19 requirements. It will also allow participating MSMEs to use inputs and factors in more productive ways thereby enabling faster growth.
- Facilitating Innovation and Growth for Scalable Startups. This component targets scalable startups to accelerate operations and technical assistance to scale-up services. This component will also support startups that provide new services aligned with the requirements of the COVID-19 and post COVID-19.
- Facilitating Innovation and Growth for High Potential Startups. This component will serve early entrepreneurs or MSMEs that have potentially successful value propositions and that could become scalable startups. This component will support entrepreneurs that provide new services aligned with the requirements of the COVID-19 and post COVID-19.
- Increase in productivity of MSMEs and scalable start-ups supported by the project.
- Increase in investment in innovation among MSMEs.
- Increase in growth rates among MSMEs.
- Increase in growth rates among scalable start-ups.
- Increase in the creation rate of new start-ups with high growth potential.
- Innovation activities that tackle gender and climate issues will be implemented