APPROXIMATELY 200 entrepreneurs across the region will have direct access to a billion-dollar global network of investors following the official launch of the Kanoo Innovation Hub in The Bahamas.

The hub is a joint venture between leading Caribbean fintech companies Crypto Isle and Kanoo Pays in partnership with Draper University — a top Silicon Valley venture capital network known for its investment in more than 34 unicorn and at least six rhino type start-ups.

The business accelerator, which has three core programmes, is to provide participants with tools, techniques, and funding to lead and innovate next-generation global solutions.

“We are dedicated to the task of making innovation a cultural transformation in the Caribbean. Global ideas require access to global investors, global clients and global networks. The Kanoo Innovation Hub is a programme designed specifically for us, and we are proud to give Caribbean innovators access,” said co-founder Davinia Bain, noting also that through the programme innovators will have the opportunity to build, scale and fund their ideas with the guidance of the hub and its partners.

Nicholas Rees, another of the hub’s co-founder, outlining the rules of engagement, said that the first stage of the process is to find 200 innovators with the best ideas for enrollment in the Start-Up Innovation Programme.

“Each stage of the progressive process will become more competitive, culminating with 10 Caribbean entrepreneurs having guaranteed spots at the highly competitive Draper University immersion experience in Silicon Valley. There, they will pitch to a global network of investors, and gain access to seed capital between US$250,000-US$3 million,” he said.

Both co-founders, having a wealth of experience in the business field, brings different strengths to the programme. Bain as a former executive director of the Access Accelerator Small Business Development Center in The Bahamas had responsibility for overseeing the disbursement of more than BS$70 million to over 1,900 clients across 40 industries and 15 Bahamian islands. Rees on the other hand serves as chairman and co-founder of Kanoo Pays — one of the world’s first licensed payment institution to achieve integration, interoperability and processing of secure central bank digital currency (CBDC) payments.

Simplified Lending, a Bahamian financial institution known for its business-friendly lending, is named as one of the first corporate participants to have already signed up. Applications remain open until November 15 and Caribbean entrepreneurs are called to apply for one of the 200 competitive spots created in the new business accelerator programme created for founders, developers and corporate innovators.

“Our goal is to find innovative Caribbean founders, developers and corporations and set them up for success. We want to provide funding and mentorship throughout their business evolution, from seed round to exit,” Rees added.

Draper University’s CEO Asra Nadeem said her institution was happy to be partnering in the initiative as it has overtime recognised the immense potential of Caribbean Innovators. “We look forward to engaging founders, developers and corporate innovators from across the region.”