$1.2 Billion Allocated to Continue BIGEE Project

An estimated $1.2 billion is to be expended in fiscal year 2024/25 to continue the Boosting Innovation, Growth and Entrepreneurship Ecosystems (BIGEE) project.

The project, which is being implemented by the Development Bank of Jamaica (DBJ), is aimed at promoting sustainable and robust growth among startups and micro, small and medium-sized enterprises (MSMEs) in Jamaica.

Specifically, its objectives are to promote innovation and productivity among established MSMEs with high growth potential, to promote sustainable and disruptive growth in scalable startups, and to create sustainable pipeline of high-growth startups and a strong supporting ecosystem for entrepreneurship.

The project began in 2020 and is slated to end in March 2025.

Among its physical achievements up to December 2023 are the launch of three iterations of the Innovation Grant Fund for medium-sized firms, the financing of 20 projects under the Innovation Grant Fund, the launch of the Angel Fund/Sidecar and the approval of three Angel investors to provide financial support to SMEs, the provision of grants to 32 startup businesses under IGNITE III, and the issuance of 446 vouchers for extension services.

Other achievements include the hosting of 15 promotional sponsor events and the presentation of awards to three women entrepreneurs, as well as the conduction of a mid-term evaluation of the programme.

For fiscal year 2024/25, the project intends to launch Call for Open Innovation projects, provide support for Research and Development Projects, conduct Digital Skills Boot Camp, and complete development of the Mentorship for Women programme.

The project is being co-funded by the European Union and the Inter-American Development Bank.

More than $1.2 billion has been estimated for fiscal year 2025/26, if necessary.