A school of fish near the ocean surfacer
DIVE DEEPER
Into the blue text

Ocean Innovation Challenge 2022

A jellyfish
Export Barbados and Compete Caribba

Ocean Innovation Challenge 2022

A jellyfish
A jellyfish
A jellyfish

Ocean Innovation

Challenge 2022?

The Ocean Innovation Challenge 2022 is a call to business innovators in the Blue Economy.  The Challenge is designed to support Barbados-based private sector firms to create new innovative products and services, increase market share or compete globally.  The initiative will provide technical and financial assistance through counterpart financing* to allow companies to convert and/or scale their innovative business propositions that address specific challenges within the Blue Economy, while contributing to the creative and sustainable management of oceans and coastal resources as the basis of livelihoods, food security and the advancement of the ‘blue economy’ in Barbados.

The Challenge calls for innovations that are scalable, utilize emerging technology, and can achieve maximum impact.

 

Innovation can include new or adapted approaches, products, technologies or solutions.

 

*Funding must be matched by at least 25% of the cost of which at least 50% must be in cash and up to 50%  in-kind.

WHAT IS THE
WHAT IS THE
A jellyfish
Two fishing boats on land

Be An Ocean Innovator, 
Go Global!

Enter the Ocean Innovation Challenge 2022 and dive into the opportunity to: 

 

  • Receive counterpart financing and technical support up to a value of USD$100,000*

  • Scale-up your innovative business proposition to the next level

Entries Close Midnight May 10th, 2022.

*Funding must be matched by at least 25% of the cost of which at least 50% must be in cash and up to 50%  in-kind.

  • Fisheries

  • Mariculture development

  • Marine biotechnology

  • Waste management

  • Data collection

  • Marine renewable energy

Take Up The Challenge!

This challenge seeks to prioritize innovation in the following areas of national priority:

Divers jumping into the ocean

If you are proposing an innovative product or service that falls outside of the specified challenge areas, we still welcome your submission for consideration on the basis of its merits.

Execute your big idea to protect, sustain and advance Barbados’ oceans!

The Ocean Innovation Challenge 2022 is open to established private sector firms in Barbados, interested in expanding internationally and increasing exports. Local firms may partner with international firms but the Barbadian firm should lead the project.

Applicants must:

  • Be located or based in Barbados and operational for a minimum of two (2) years.

  • Have documents certifying its legal constitution/incorporation in Barbados for at least 2 years.

  • Sign a Letter of Commitment committing to contribute the counterpart resources required to implement their business model.

Examples of technical and financial support include but are not limited to:

Digital applications to the blue economy

  • Artificial intelligence,

  • Blockchain

  • Virtual / augmented reality

  • Big data

  • Robotics, Internet of Things, etc.

 

Resource management and monitoring

  • Safeguards

  • Waste management

  • Complaint management/Advocacy

  • Coordination

 

Product development / Consolidation

  • R&D

  • Testing

  • Packaging / tours

  • International Certification (ASC, etc.)

 

 

Marketing & Commercialization

  • Market research & segmentation

  • Distribution channels

  • Branding and market positioning

  • Information Technology (IT)

  • Digital integration

  • Traceability

  • Management Information Systems

 Have a question?

Should you have any queries or require assistance, please contact:

Beverley Alleyne at email balleyne@bidc.org or

Tel. 427-5350.

  • Fisheries

  • Mariculture development

  • Marine biotechnology

  • Fisheries

  • Mariculture development

  • Marine biotechnology

  • Fisheries

  • Mariculture development

  • Marine biotechnology

  • Waste management

  • Data collection

  • Marine renewable energy

THE OCEAN INNOVATION CHALLENGE 2022 IS

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Since 2021, the Barbados Investment and Development Corporation (BIDC) a statutory organisation formed by an Act of Parliament in 1992 for the purpose of developing Barbados’ industrial, export, and other related activities has traded as Export Barbados (BIDC). Export Barbados (BIDC) is a world-class, export-driven, economic development agency. The Corporation contributes to the diversification and growth of the economy through new investment, increased exports and employment creation by fostering the development of competitive business enterprises.

The Compete Caribbean Partnership Facility (CCPF) is a private sector development programme that delivers innovative and practical solutions that stimulate economic growth, increase productivity and foster innovation and competitiveness. We work in 13 countries across the Caribbean region. CCPF is a partnership between the Inter-American Development Bank (IDB), the United Kingdom’s Foreign and Commonwealth Development Office (FCDO), the Caribbean Development Bank (CDB) and the Government of Canada.

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Sector Challenges

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Ocean Innovations
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