Innovation is important to a business, as it presents the competitive edge, allows for faster market penetration, enables businesses to become connected to more developed markets, and garners opportunities for larger profits. In an effort to improve local environmentally sustainable, creative and innovative businesses, SBB provides funding and support under the Green Business Technology Fund.
Annually, awards up to a maximum of GYD 1 million each, are made available to twelve (12) successful entrepreneurs to develop and expand activities critical to the development of innovative green business ideas and solutions. This include, market research, product development and testing, software development, and development of new business processes.
General Criteria for the Green Business Technology Fund
§ New idea which presents a solution to a challenge or need; innovation which improves a product or the delivery of a service. The solution must include the use of either: a software application, development of a prototype and or the use of green energy.
§ Can be a start-up or existing business venture, which fits the profile of a ‘small business’ as defined by the Small Business Act of 2004.
Areas of Assessment
Awards for the Green Business Technology Fund are assessed and graded based on the following three areas:
|
Assessment Area and Description |
Points Awarded |
|
1. Innovativeness: relevance of the idea or solution in addressing existing challenge (s). |
50% |
|
2. Service/product delivery: use of technology such as, green technology or software solutions; the business model underpinning the proposed innovative solution. |
20% |
|
3. Impact/sustainability: likelihood of the idea/innovation having an impact nationally, regionally or internationally, being sustained and scaled up. |
30% |
How to Apply:
Submit a typed proposal of not more than 20 pages, outlining:
§ The idea/innovation including relevant images, drawings or links.
§ The use of innovative software application, green energy, technology.
§ For existing businesses – financial records (such as, income and expenditure statement), registration and other relevant business documents.
§ Development plan of the solution, implementation strategy, and outreach strategy.
§ The strategy for scaling up the business.
§ Financial projections for the business.
§ Possible national, regional or international impact.
Handwritten submissions will not be considered
Shortlisted applicants required to do a business pitch (verbal presentation) to the judges using power point.
Monitoring and Evaluation
The objective is to provide the support required for the effective development and implementation of innovative ideas/solutions. Support offered by SBB will include mentoring/coaching, business training, and network connections to allow Green Business Technology Fund awardees to connect with other businesses for technical support, such as access to markets.
“Innovation is the wellspring of change” Anonymous