Innovation Challenge Facility - Shaping the Future of Innovation

URGENT ANNOUNCEMENT

Due to unforeseen circumstances some persons were unable to successfully submit their applications to the Shaping the Future of Innovation, Innovation challenge Facility – Fourth Call for proposals on June 28, 2024 (closing date). In this regard the online portal will be reopened on July 03 at 12 noon (Trinidad and Tobago time) and closed on July 04 at 12 noon (Trinidad and Tobago time) to facilitate those who were unable to successfully submit their application. Please note that the portal will not be opened after this time.

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

Before you apply Learn about Previously funded projects Apply! Read More about the Shaping the Future of Innovation Project

How to Apply

(Potential Applicants Please see our Announcement at the top of the Page)

The Innovation Challenge Facility Platform will be opened to receive Concept Notes (stage 1 applications) from Monday 6^th May 2024. Only applications submitted through the Platform can participate in the challenge. Applicants who complete the process fully (100%) receive a notification acknowledging that the application has been received by the Platform on time.

For responses on questions about the Call for proposals, scope and for technical support with applications, businesses may send questions via email to innovationchallengefacility@gmail.com. The helpdesk will reply to all questions within a reasonable timeframe.

Application Platform

Applicants will need to enter their applications directly into the Innovation Challenge Facility Platform. The first step is to register as a user. The Platform will guide on the questions to be completed, and the maximum word count. (Applications Open 6th May 2024)

Platform Access - Apply Here (See our Announcement at the top of Page)

(Please see our announcement at the top of the page)

Target

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 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, growth, profit potential and financial sustainability of the business and the impact on climate resilience and sustainability (both social and environmental).
Eligible businesses refers to businesses registered and operating in Trinidad and Tobago and compliant and up to date with tax and companies’ regulations.
Business projects across all sectors except primary oil and gas extraction and production may apply.
An application can only fall under one (1) lot as follows:

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%

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:

Monday 6th May 2024(La PAZ)
Platform Opens
https://stfoicariri.aimsgrants.com/
Tuesday14h May 2024; 10:00 AM GMT-4 / La PAZ Bolivia
Online Information Session
https://us06web.zoom.us/meeting/register/tZctceygqj0oGtJ_HVBXi9OndkeTQnKhQFS-
Monday 20 May 2024; 11:00 AM GMT -4.00 / La Paz Bolivia
Online Information Session
https://us06web.zoom.us/meeting/register/tZModOusqDotGtV1l6LuQjkznQLM7yBg4oSr
Monday 10 June 2024,9:30 AM - 12:30 PM GMT -4.00 / La Paz Bolivia
In-person group workshop, venue Centre for Enterprise Development, Freeport
https://forms.gle/95dEmKj7GCQqALAf9
Tuesday 11th June 2024, 9:30 AM to 12 PM (GMT -4.00 / La Paz Bolivia)
In-person group workshop, venue TBC
https://forms.gle/95dEmKj7GCQqALAf9
Friday 28th June 2024 at 23.59 (La PAZ Bolivia)
Platform closes (40 working days from opening to close)
Friday 26th July 2024
Stage 1 evaluation is completed
Friday 20th September 2024
Stage 2 applications submission due date (40 working days to complete stage 2)
Friday 18th October 2024
Stage 2 evaluation completed
Friday 25th October 2024, (GMT -4.00 / La Paz Bolivia)
Feedback to Awardees

Before you apply

(Potential Applicants Please see our Announcement at the top of the Page)

Find out everything about applying for funding with us, from finding out if you are eligible for funding to our expectations and what costs can be covered by the grant.

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

Review a Reference Application Form and Template for this Call (Reference Only all applications must be through platform - See right)

Review how the platform works

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)

See Call Guidelines for full details (page 4)

Evaluation Process

See our Innovation Challenge Facility Guidelines (Page 20 for more information)

See Call Guidelines for full details (page 18)

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.

Download TRL Document

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

The grant funding is only for businesses registered and with a physical presence and substantial part of their operations located in Trinidad and Tobago, generating employment in
Trinidad and Tobago. Such companies are subject for tax payments unless exempt in Trinidad and Tobago.

Additionally, job creation is an important element of the evaluation.

Supporting evidence required for assessment and audit:
The Registered Notice of Address (Form 4) must be presented with the Stage 1 Concept Note package.

Tax Compliance status

Compliance with Companies’ Registrar

Financial Identity

Applicants should have a bank account in the name of the legal entity versus a natural person. Supporting evidence required for assessment and audit: Recent bank statement header only showing the business name and address registered with the bank, as well as the bank account number. For Sole traders, the header should show the name of the entrepreneur, ‘’trading as the business name.’’

Financial Status

Size

The innovation challenge facility is primarily targeting small and medium-sized enterprises (SMEs). However, larger companies may also be invited under specific Calls for Proposals
with an allocation for large companies. SMEs in Trinidad and Tobago as defined by CSO should meet one or more of the following criteria:

• Employees: ≤ 50.
• Assets: ≤ TTD$ 5 million (excluding real estate).
• Sales: ≤TTD$10 million.
Supporting evidence required for assessment and audit:

Download Eligibility Checklist

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.

Types of Readiness of projects

Innovation is any new product, service, technology, device, or process that provides an improvement and value for which the market or internal customers will be willing to pay.

The Innovation Challenge Facility is for the benefit of business.

Innovation projects must have reached a high level of readiness (e.g., TRL 7). Refer to Technology Readiness Levels. That is, the innovations have been proven, tested, ready to be piloted, or ready to be fully operationalised or commercialised.

A mature 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 the prior
experience with their market and customers and track record in the commercialisation of innovations.

The facility is targeting Innovations with high potential for new markets, export earnings, job creation, social and environmental impact.

Evaluation:
The innovation will be evaluated in both the Stage 1 Concept Note and Stage 2 Financing Proposal.

Sectors

The Innovation Challenge Facility will be open to all sectors, except for:

Primary oil and gas extraction and production.
Guns, other weapons, and ammunition.
Gambling.
Unregulated financial activity.
Illegal drugs.
Any activity that may result in damage to the environment.
Any activity that may result in the exploitation of labour.

In addition to meeting administrative eligibility (legal identity, tax and company compliance and financial identity) to apply for this facility, businesses must also meet all the necessary regulatory and licensing requirements to operate and grow in their sectors (if applicable to the sector).

Evaluation:
The innovation will be evaluated in the Stage 1 Concept Note as well as the Stage 2 Financing
Proposal.

Download Eligibility Checklist

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

See Call Guidelines for full details (page 11)

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/ .

Innovation Challenge Facility Project Guidelines