The primary purpose of the Challenge is to promote innovation through entrepreneurship, provide seed funding to young Entrepreneurs with creative and innovative ideas and to enhance and foster a spirit of Entrepreneurship throughout Grenada, Carriacou and Petite Martinique.
The challenge will target young people between the ages of 16-34.
Young people can present ideas in the following sectors though not limited to:
Creative & Performing Arts
Health & Wellness
Persons can register to participate in the following categories to which they can also win an award in that category once they have been a successful finalist:
The award in this category will be presented to the individual/team who develops an innovative solution geared to creating economic opportunities for themselves, their communities and country.
This award will be presented to the individual/team who develops innovative solutions that create a positive social impact.
This award will be presented to the individual/team who develops innovative solutions that addresses environmental Challenges.
This award will be presented to the individual/team who develops innovative solutions that modifies or promotes technological advancements.
The Challenge would be conducted over the following four (4) stages
Participants will be invited to register to participate in any of the categories mentioned above. Participants will be selected to move to the next round once they have satisfied all conditions stated in the Selection Criteria below.
Participants must be legal residents of Grenada betweeb the age range: 16-34
Concepts must have an Environmental, Socio economic, Technological focus
Projects must be primarily in the identified sectors though not limited to
Business summary must be fully completed
The business idea must be legally authorised to operate in Grenada
The GIDC, through its Business Development Centre will provide entrepreneurial and business development services to assist participants to start and grow their business.
Judges will be experienced and possess the necessary skill sets to judge the different aspects of the business plan such as innovation, marketing, technology, human resources, management and finance and, other materials submitted by the participants.
Judges agree to provide voluntary judging.
Judges in the Semi-Final and Final phases will judge the ideas & presentations in keeping with the judging criteria.
Judges will provide feedback to participants in the challenge throughout all stages of the competition so that improvements can be made
Each judge will determine their scores independently and will not hold discussions or share opinions with other judges to arrive at a decision.
Judges agree to score participants completely and impartially based on the technical quality and presentation of the business model/business plan and the participant’s performance during the competition.
Judges agree to confidentiality prior to judging the competition, and to abide by the GIDC-DIGICEL-YIC Rules and Terms of Reference established and published by GIDC.
Mentors cannot be judges. Mentors and judges may not represent the same institution or organization. If this is unavoidable or if there is a potential conflict of interest, they should remove themselves from judging the participant to which they are assigned.
GIDC will appoint an Evaluation Committee to organise the work of the judges during the stages of the Innovation Challenge.
All Participants would be assigned one or two mentors to work with.
Mentors agree to mentor the selected participants on a voluntary basis and will not be paid by the participant competing in the Challenge nor the organisers of the event.
Mentors can assist participants during the project preparation by answering questions, providing industry and technical expertise, helping with organizational strategies, editing business plans, evaluating presentations, and facilitating the networks necessary for long-term success of the project.
Mentors cannot be judges.
Mentors can meet with participants at GIDC or any other venue as approved by GIDC.