Launch of Blue Tech Challenge to fund Caribbean entrepreneurs with innovative blue economy initiatives

Businesses with projects concerning the ocean environment and marine management may receive up to USD 2 million in finding through a new initiative launched by the Inter-American Development Bank (IDB) in partnership with Compete Caribbean.

The Blue Tech Challenge is an opportunity for firms using cutting-edge technology to contribute to sustainable management of marine resources. The programme will provide grants and loans for innovative firms to develop their business model.

The project targets fourteen Caribbean countries, and is currently accepting proposals for technical grants or loans until November 30th. Qualifying firms will become part of the IDB Group‘s network of innovators, and establish connections with other innovative businesses and leaders in the region. Shortlisted proposals will be notified in December, with winners announced in February 2019.

“Oceans provide food and a source of income to billions of people”, said Dr. Sylvia Dohnert, Executive Director at Compete Caribbean. “We are looking for innovative technologies that contribute to enhancing the livelihoods, food security and economic development of the Caribbean region’s population.”