IDB Lauds Jamaica’s Science & Innovation Plans

Inter-American Development Bank (IDB) Country Representative in Jamaica, Natacha Marzolf, has commended the Government of Jamaica for prioritising science, technology and innovation within the national development agenda.

Ms. Marzolf was speaking at a Minister’s Forum on Science, Technology and Innovation, at the AC Marriott Hotel in Kingston on Friday (February 6).

She welcomed the convening of the high-level dialogue by the Office of the Prime Minister, noting it will foster coordination, alignment and impact across the stakeholder groups represented.

“This forum is timely, particularly after Hurricane Melissa and as Jamaica seeks to rebuild a more resilient and sustainable island, offering a unique opportunity where science, technology and innovation can be at the core of that effort,” the IDB Representative stated.

She affirmed the IDB’s support for Jamaica as it pursues this innovation-led development agenda.

Ms. Marzolf pointed out that the IDB has been a long-standing partner of Jamaica, supporting innovation through several initiatives.

“Since 2020, our partnership has been anchored in the Boosting Innovation, Growth and Entrepreneurship Ecosystem programme, known as BIGEE, implemented with the Development Bank of Jamaica… which provides a structured platform for strengthening innovation-led growth entrepreneurship and productivity across the economy,” she outlined.

The IDB Representative noted that the BIGEE programme has delivered rapid and successful results in Jamaica, impacting more than 1,500 business startups and micro, small and medium-sized enterprises (MSMEs).

“It has supported close to 59 institutions across Jamaica’s economy, including incubators, accelerators, universities and public agencies. BIGEE has also supported over US$12 million in private debt and equity financing that has resulted in increasing Jamaica’s market confidence and improved readiness for investments,” she stated.

Ms. Marzolf noted that BIGEE has played a significant and critical role in fostering Jamaica’s capital markets with the capitalisation of the very first Jamaica Venture Capital Fund, the establishment of an angel investment funding mechanism and providing critical upfront capital investments for startups that have projected high growth and innovation potential.

She stated that BIGEE has also worked with academia, partnering with Jamaican universities and the Scientific Research Council (SRC) to support intellectual property rights and develop patents.

The IDB Country Representative shared that building on the achievements of BIGEE, the partnership between the Government and the IDB, will continue with phase II of the BIGEE programme.

“BIGEE II is being designed to address and respond directly to the issues and the challenges that this forum seeks to address… namely stronger alignment across institutions, clearer pathways from research to application, and a more coordinated execution on the ground across the science, technology, and innovation ecosystem,” Ms. Marzolf informed.

She noted that the IDB will also help to establish the first national research and development fund that will focus on applied research for productive sectors in Jamaica under BIGEE II.

“We will also work on strengthening technology commercialisation offices in universities and public institutions, supporting intellectual property rights, licensing, spin-offs, and structured investment engagements,” the IDB Representative stated.

She reiterated the IDB Group’s commitment to advance Jamaica’s agenda where science, technology, and innovation are an integral part of the journey to sustainable, long-term development and productivity.