WHO CAN PARTICIPATE
Proponent entities not located in one of the 14 target countries will only be considered if in partnership with local or regional organizations registered to carry out the project activities in one of the 14 target countries.
Qualifying entities will also become part of the IDB Group’s network of global innovators working in the Caribbean region poised to exchange knowledge, expertise, best practices, and with ample opportunities to participate in IDBG’s related regional networking events.
Requirement 2: Proposed business model should have the following characteristics: a) focused on cutting-edge technology that contributes to the sustainable use or management of oceans, coastal resources and/or marine ecosystems); b) aimed at enhancing the livelihoods, food security, and economic development of the Caribbean region’s population.
Models that target beneficiaries who are traditionally excluded groups or communities (i.e., women, indigenous and/or low-income populations) are highly encouraged.
Requirement 3: Commercial viability of proposed business model. Provide clear analysis of project viability and indication of how revenue will be generated over the life of the project and beyond (after IDB funding is utilized).
Requirement 4: Proponent entity should provide written proof of counterpart resources to implement their model (IDB would provide matching funding, approximately 40-50% of the proposed project budget).
Requirement 5: Proponent entity should provide documents certifying its legal constitution/incorporation.
1. Level of innovation of the model/Use of disruptive technologies (~20%)
2. Degree of social and environmental impact (~15%)
Special consideration will be given to models targeting excluded groups and communities (women, indigenous, etc.) or low-income populations (~5%)
3. Scalability potential (~15%)
4. Financial sustainability for the next 3-5 years after funding (~15%)
5. Capacity of proponent entity(ies) and strategic partners (~15%+)
6. Viability of execution, and risks (~15%)
After completing your application in the online platform, an IDBG team of specialists will review, analyze, and short-list the proposals.
The short-list will then be reviewed with a panel of external experts in ocean economy from leading interested organizations such as those from the MIT Media Lab, National Geographic, University of West Indies, Food and Agriculture Organization, to select the finalists. A due diligence visit will be scheduled with the finalists to verify the viability of the model and visit the potential project sites. Subject to the outcome of the due diligence visit, the selected proposals will proceed to the next phase.
A project team from IDB will provide support to the selected entities to initiate project design (develop the project plan and related documents to be submitted for IDB’s approval process). This process can take up to six months, depending on the maturity of the project concept, and the agility of the selected entities, among other factors, and final approval is subject to IDB’s internal procedures.
Submit proposals: September 17 – November 30, 2018
Final submission deadline: November 30, 2018 (6pm ET)
Review by IDBG team: December 1 – December 17, 2018 to create short list
Review of short list with Advisory Panel, final selection and due diligence visits: January 7 – January 31, 2019
Expected announcement of selected proposals: February, 2019
DATES ARE APPROXIMATE AND SUBJECT TO REVISION
FOR QUESTIONS EMAIL:BlueTech-Challenge@iadb.org