Dr Nigel Clarke, minister of fin ance and the public service, indicates that new investments are coming in business innovation. In total, more than 200 fledgling and growing businesses are expected to receive funding.

Speaking in his recent budget address, Dr Clarke said that under the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) programme, funded by the Inter-American Development Bank (IDB), the Development Bank of Jamaica (DBJ) is supporting a new innovation grant fund.

The initiative will fund two incubator programmes that are expected to provide training, mentorship and incubation support services to approximately 140 high-potential Jamaican startup companies.

It is also expected to fund three accelerator programmes which are expected to provide acceleration services to 90 scalable Jamaican startup companies.

BIGEE will also create a seed fund to provide grants and technical assistance to scalable startups.

Inventors

In 2022 as well, the DBJ is expected to launch a Patenting Grant Fund to support inventors and researchers who may have patentable ideas, and a SideCar Fund that will invest alongside established angel investor networks in Jamaica.

Making these announcements in his budget presentation last week, the finance minister commented, “There has never been a better time to start on an entrepreneurial journey.”

Clarke also unveiled a Venture Capital and Private Equity Ecosystem development programme under which several equity and venture capital funds will come into existence in 2022.

Focus will be on SME and early stage businesses. Under the BIGEE Programme, with the IDB, the DBJ will be sponsoring a Venture Capital Fund, capitalised at $2 billion, targeting early stage businesses.

The Government will invest $750 million with the balance from private investors. Working with the World Bank, the DBJ will sponsor an SME Private Equity Fund, also capitalised at a target of $2 billion.

Additionally, the Government will invest $750 million alongside private capital.

Also, under the SERVE Jamaica Programme, the DBJ will sponsor two SME Growth Private Equity Funds with a combined capitalisation of $6 billion in which the Government will invest a total of $2 billion alongside private capital.