Citi Jamaica has earmarked US$25,000 in seed grants for young entrepreneurs taking on community-based projects across the island.

The funds will support the Democratizing Innovation in the Americas urban youth lab (DIA Labs) in Kingston. An initiative of the Trust for the Americas, DIA Labs foster innovation and entrepreneurship while providing development opportunities to young people in the Latin America and Caribbean region. The labs are currently located in Belize, the Dominican Republic, Jamaica, and Trinidad and Tobago.

“The programme has been a success. It has provided financial support in the form of seed funding grants to over 100 young entrepreneurs who excelled in our Pitch Tank Competition,” Eva Lewis, Citi country officer for Jamaica, told OBSERVER ONLINE.

“Last year alone we had 22 winners in two Pitch Tank Competition, one of which focused exclusively on former winners with existing and still active ventures, providing them an opportunity to compete for additional funding directed towards upscaling and/or expanding their venture,” she continued.

Beyond the competition, the bank has also provided support for an additional 165 entrepreneurs, providing them with access to technology, facilitators, and other resources in the DIA Lab.

Since 2020, Citi has partnered with Trust for the Americas to create a new DIA Lab in Trinidad and Tobago and also expand the lab in Jamaica.

According to the financial institution, DIA Labs allow young entrepreneurs to access technology to prototype their business ventures and receive training in financial literacy, business modelling, digital skills, computer science, and mentorship.

“At Citi, we look forward to continuing to empower the young generations in Jamaica and across the Caribbean in 2022. This year we are aiming to train 600 youth (200 in Jamaica, 200 in Trinidad, and 200 in the Dominican Republic), strengthen their innovation skill sets, and provide access to resources to materialise and commercialise their ideas,” Lewis disclosed to Caribbean Business Report.

“We are also set on providing 1,000 community members access to the lab’s equipment, services, and other sensitisation efforts. Additionally, we are providing US$25,000 seed funding grants to the most outstanding projects that address pressing issues facing Jamaican communities,” she added.

Since its inception in 2016, the DIA Lab in Kingston, Jamaica, has trained more than 1,100 youth and sensitised almost 2,400 community members. The lab has also seen a 70 per cent participation rate from women.