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Applications open for Start-up Jamaica

Applications open for Start-up Jamaica

Posted by Shanelle Weir on July 05, 2014

 

The Ministry of Science, Technology, Energy, and Mining is now accepting applications for the Government’s youth entrepreneurship programme, Start-Up Jamaica.

State Minister, Julian Robinson, says that the process commenced on Thursday (July 3), coinciding with the launch of the programme’s website, www.start-upjamaica.com, where applications should be submitted.

Start-up Jamaica is a five-year private/public sector initiative that will provide business support for young innovators and entrepreneurs to grow their ideas into marketable products and services, thus contributing to economic growth, increasing employment, and generating foreign exchange.

It is expected to attract a significant number of young persons, who can be inspired to create their own start-ups.

Robinson urged private sector stakeholders to embrace Start-Up Jamaica as a potential investment option and opportunity.

He indicated that initial funding, totaling approximately US$30,000, inclusive of US$14,000 in direct cash disbursements to the participants, will only cover their100-day preparation period under the programme.

 “What we are hoping is that by the time they come to any of you for funding, they would have had a solid prototype, a business plan, they would have figured how they are going to make money, and it would give you some confidence, if you are a potential investor, that this is that type of business that (you) could make a return on,” the State Minister argued.

Robinson also repeated his call for private sector stakeholders to provide mentorship for the young entrepreneurs.  

 “Many of these youngsters are mainly technical (persons, who) have never (operated) a business in their lives…they have no clue how to run a business, so they need mentors. The advantage (of this is) you get an insight into how that company operates, and it gives an opportunity to decide whether this is a company you want to invest in,” he contended.

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