Component 1 -The Innovation Challenge Facility is targeting eligible businesses with innovation projects that have been concept proven, tested, ready to be piloted, or ready to be fully operationalised or commercialised.
The Grant Your Innovative Idea Deserves
Fourth Call For Proposals
Component 1 – Innovation Challenge Facility Call (Fourth) For Proposals
Two (2) distinct lots:
LOT 1:Grant Facility
LOT 2: Grant Facility and Research Associate
About the Innovation Challenge Facility (Potential Applicants Please see our Announcement at the top of the Page)
Shaping the Future of Innovation (STFOI) is a project of the Government of the Republic of Trinidad and Tobago, the European Union (EU) and IDB LAB in collaboration with the Caribbean Industrial Research Institute (CARIRI) as the executing agency. STFOI is funded by the European Union and the IDB LAB. The project aims at business led economic growth and a more diversified economic base. This project was designed based on the recognition of the importance of innovation in fostering competitiveness in businesses so they can adapt to and thrive in a global market environment with changing market conditions and circumstances.
The Grant program provides direct funding for each project. It is open to companies operating within Trinidad and Tobago* (See Eligibility below).
The Innovation Challenge Facility (ICF) – Component One of the STFOI Project, is administered on behalf of the Ministry of Planning and Development by CARIRI, Beta Technologies and Eurocham.
The total value of the grant facility is more than 8 million Euros.
What is Innovation?
What is Innovation? Innovation is any new or improved product, service, technology, device, process, or business model that provides an improvement and value for which the market or internal customers will be willing to pay.
The Partners are especially interested in the readiness, uniqueness, relevance and potential impact of the innovation in terms of jobs, contracts and livelihoods, as well as exports and foreign exchange, the impact of the innovation on growth, profit potential and financial sustainability of the business and the impact on climate resilience and sustainability (both social and environmental).
Providing assistance to companies with Innovative new ideas
(Please see our announcement at the top of the page)
Target
| Lots | Description | Grant Amount | % Of Project Total Costs which the Applicant must contribute |
| Lot 1: Grant Facility for small and medium sized enterprises (SMEs) |
No. of Employees: ≤ 50.
Assets: ≤ TTD$ 5 million (excluding real estate). Annual Sales: ≤TTD$ 10 million.
|
Minimum USD 50,000 – Max. USD 75,000 | Minimum 25% |
| Lot 2: Grant Facility plus Associate |
No limitations | Minimum USD 50,000 – Max. USD 75,000
Research Associate: Max of USD 9,150(TT 60,000) grant towards the engagement of the Research Associate |
Minimum contribution for small firms: 25%
Minimum contribution for large firms: 50% |
Timeline for the Fourth Call
Timelines including the dates for the information sessions are as follows:
Next Steps
Stay tuned to this website and CARIRI’s Social Media Presence
To learn when next we will be actively taking proposals
The Application Process
The Innovation Challenge Facility is a two-stage application process, with periodic ‘calls for proposals.’ The calls for proposals will be launched on the Shaping the Future of Innovation website http://future.cariri4.com/ and promoted via social, electronic and/or print media. The call for proposals will specify the scope of the call and which types or organisations are able to apply.
Following the calls for proposals, applicants will be invited to register as a user and submit a short Concept Note via a dedicated Platform which will accept applications during a 40-workday period. Applications will be screened then forwarded to an Expert Advisory Panel for evaluation. The successful applicants will then be invited to submit a more detailed Financing Proposal, which will also undergo an independent assessment. Throughout both stages, technical support is available to applicants by contacting innovationchallengefacility@gmail.com
Stage 1 – Concept Note
Applicants will be required to complete a simple Concept Note. The administrative documents described above to support eligibility must accompany the Concept Note before the application can be submitted to the Platform. The Concept Note will consist of:
1. A description of the business, its performance and the qualifications and track record of key personnel.
2. The needs and opportunities targeted by the innovation.
3. Proposed innovation and how it responds to the market needs identified (the ‘clear theory of change’ and value proposition).
4. Readiness of the technology/innovation, market and financial aspects, and the gaps to be closed by the project.
5. The actual project to be financed by the grant to develop and commercialise the innovation.
6. The expected impact of the innovation such as jobs that can be created, new markets, increased efficiency, competitiveness, exports, new skills, as well as viable growth/profit potential, and environmental and social impacts.
Applicants must score a minimum of 45/70 to move to stage 2.
Stage 2 – Financial Proposal
Successful applicants invited to Stage 2 of the process will be asked to provide additional information to the Concept Note in a more detailed Financing Proposal which includes:
- Project budget, showing itemised costs and co-financing.
- Implementation plan for the activities to be undertaken in the project, including the objective, the key outputs or deliverables, activities, timelines and description of activities.
- Financial feasibility showing the financial projections and impact on the business in terms of profit & loss.
- List of Investments. Applicants may be asked to include the full list of investments related to the project, including those investments which are not paid by the grant or eligible to be included in the project. The applicant will need to show how the investments will be financed in full. For example, the grant may cover the technical development, and bank financing may be required for the acquisition of scale-up equipment and new plant. Business Canvas Model: The Business Model Canvas is a simple way to present the business plan: the Customer, the Value Proposition, the Feasibility and the Infrastructure to make this happen.
Business Model Canvas
Applicants will be given 40 working days to complete this process. Upon submission, the ICF Management Firm will review for completeness.
The shortlisted applicants from stage 1 will be scored again in stage 2. The scores from stage 1 will not be included in the final scores but merely used for the shortlisting process.
Eligibility and Completeness Check
Companies would need to ensure that their Proposal is Eligible in Stage 1 and is Complete for stage 2. See our Innovation Challenge Facility Guidelines (Page 16 for more information)
Evaluation Process
See our Innovation Challenge Facility Guidelines (Page 20 for more information)
TARGET COMPANIES | SIZE OF GRANT | EXPECTED CONTRIBUTION FROM COMPANIES
Applicants must be prepared to contribute co-financing to their projects from their own resources (including bank loans, equity, working capital, and savings). Co-financing is expected to be a monetary contribution toward the cost of the project.
Evaluation:
Applicants are expected to present the co-financing amount in the Stage 2 Financing Proposal
project budget.
Technology Readiness Levels
Technology Readiness Levels (TRL) are a way of estimating the maturity of new technologies
on a scale of 1 to 9. The EU research and innovation programmes provide the following
definitions:
• TRL 1 – basic principles observed.
• TRL 2 – technology concept formulated.
• TRL 3 – experimental proof of concept.
• TRL 4 – technology validated in the lab.
• TRL 5 – technology validated in relevant environment (industrially relevant environment in the case of key enabling technologies).
• TRL 6 – technology demonstrated in relevant environment (industrially relevant environment in the case of key enabling technologies).
• TRL 7 – system prototype demonstration in an operational environment.
• TRL 8 – system complete and qualified.
• TRL 9 – existing system proven in operational environment (competitive manufacturing in the case of key enabling technologies; or in space).
Projects must be at least TRL7- system prototype demonstration in an operational environment Amature company with a well-established customer base, supply chain, and distribution channel may present a case for an innovation project below TRL 7 as they have prior experience with their market and customers and track record in the commercialisation of innovations.
Eligibility
To apply for the Innovation Challenge Facility, applicants must meet the following administrative eligibility criteria and provide supporting evidence at Stage 1 of the application process.
Proof of Legal Identity
Proof of Legal identity:
-
- Companies: Certificate of Incorporation and/ or Certificate of Continuance Issued by Companies Registrar;
- Sole traders: Business name registration issued by Companies Registrar
- NGOs: Certificate of Incorporation as a non-profit company and /or Certificate of Registration as a Non-Profit Organisation under the FIU
Location
Tax Compliance status
Compliance with Companies’ Registrar
Financial Identity
Financial Status
Size
Scope of Innovation Challenge Facility
In addition to the administrative eligibility criteria listed in the table above, applications must also meet the following technical requirements, which will be considered during the assessment process.
If you get funding. What can you apply it against?
Note that the rules apply to the use of the grant funds as well as the contribution from the beneficiary.
Only expenses directly related to the project and incurred after the project has been approved and the contract signed are eligible.
Eligible uses for Grant Funds
• Professional fees of experts contracted for the project
• Staff costs of staff hired or existing staff assigned specifically to the project by the beneficiary during the implementation of the project
• Travel expenses related to the project
• Fees for external technical testing services
• Costs of prototypes
• Cost of capital equipment – Eligible costs are calculated based on a monthly depreciation cost plus % of time used on the project.
• Consumables related to the project
• Costs of graphic design: identity, logo, packaging, brochures, social media
• Costs of marketing material – during project period – e.g., for trials
• Costs of packaging material– during project period– e.g., for trials
• Sales and marketing costs – – during project period– e.g., for trials
• Certification and audit costs – related to an innovation
• Intellectual property – professional fees and registration in the first market
• Raw material – for testing, demonstration purposes and piloting of the innovation
• Rent of special facilities related to the development costs (e.g., temperature-controlled room, laboratory facility
Non Eligible Uses for Grant Funds
Purchase of real estate.
• Purchase of vehicles.
• Normal operating expenses such as rent, utilities, and salaries.
• Payment of income and corporation tax.
• Payment of recoverable VAT (if the company is VAT registered).
• Bank charges.
• Intellectual property registration
Payment/Disbursement Policy
The grant will be paid in three tranches:
1. An advance payment on signature of the contract.
2. Second payment based on completion of certain aspects of the implementation plan (to be determined for each project).
3. Final payment based on completion of project (to be determined for each project).
The beneficiary will be required to support monitoring of the project and provide the monitoring team with evidence of what has been completed, including budget spent and progress against the implementation plan
Monitoring, Reporting, Participation in Events
Beneficiaries will be expected to support monitoring of the projects by specialists, submission of written reports of the project implementation up to completion and participation in events or publication of success stories to showcase their projects.
Procurement Policy
Beneficiaries will be required to meet the procurement rules of the IDB and the EU and to present the procurement approach (procurement plan) before recruiting experts or purchasing goods and services. A simple guide is available for beneficiaries to download from Shaping the Future of Innovation website http://future.cariri4.com/ .
Learn about previously funded calls
