Ocean Innovation Challenge is looking for new business ideas in the Blue Economy
BRIDGETOWN-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.
While there are a myriad of challenges in the Blue Economy waiting for a viable commercial, scalable solution, this challenge seeks to prioritize innovation around Barbados’ national priorities. If you are a start-up or private sector firm operating in the Blue Economy, you are invited to submit your business proposal for innovative solutions that utilize relevant cutting-edge technology wherever possible. The proposal must be able to be piloted in Barbados in any one of the following challenge areas:
- Fisheries: Exploring sustainable fishing practices to avoid resource depletion, overfishing and destructive fishing practices.
- Mariculture development: Exploring quality and scalability in the process of breeding, rearing, and harvesting of marine plants and animals. Exploring (new) products that can be developed for further commercialization and export. E.g. Is there a model to ensure sustainable ocean farming? How can technology accelerate production or enable access to new markets with existing products?
- Marine biotechnology: Exploring the creation of new products and processes for export from marine organisms through the application of biotechnology, molecular and cell biology, and bioinformatics. What are some of the pharmacological uses of plants and animals from Barbados’ Exclusive Economic Zone that can be developed into new products for export?
- Waste management: Exploring the use of biotechnology and recycling to reduce waste in our oceans or convert waste into new products for export – e.g. sargassum seaweed.
- Data collection: Exploring the collection and management of real-time data from our oceans economy that can potentially support planning and/or policy making.
- Energy: Exploring the harnessing of energy from the sea to supplement our national energy requirements and goals.
Up to USD$100,000 in non-reimbursable technical assistance grants from Compete Caribbean are available to selected firms to implement their Blue Economy innovation project in Barbados. Deadline for submission of applications is by May 2, 2022 at 6 pm (AST).
More information about this call is here