About the DBJ Corporate Venture 

Corporate venturing is a strategy where large companies invest in or collaborate with startups and emerging businesses to foster innovation, access new technologies, or enter new markets. Through our Corporate Venture programme, the DBJ, through BIGEE will provide grant to the startups corporates to build out their solution.  

The corporates will provide funding to early-stage companies in exchange for equity, while gaining insight into new trends and ideas that could complement or disrupt their core business. Additionally, the programme can include partnerships, joint ventures, or incubator programs designed to accelerate the growth of startups. This approach helps corporations stay competitive by embracing external innovation, while also supporting the entrepreneurial ecosystem. 

The DBJ has entered into an agreement with EU-LAC for the use of their digital accelerator platform https://eulacdigitalaccelerator.com/about/  to execute this game changing programme. 

                                                                                       Who are the stakeholders in Corporate Venture? 

  • Corporates
  • Start-ups 

  

                                                                                                                        What are the benefits? 

 

  • Full and open innovation 
  • Strategic Alignment:  Alignment with startups with its strategic goals or that can complement their existing products and services 
  • Innovation Agility:  By investing in startups, corporates can tap into the innovative capabilities and agility of smaller firms, which can be more adaptable to market changes 
  • Risk Management: Corporate venture can be a way to manage risk by exploring new business models without fully committing to them 
  • Ecosystem Development: Involvement in the startup ecosystem can enhance a corporate’s brand and reputation, positioning it as a leader in innovation with its industry/sector 

Others 

  1. Grant Funding for Startups to build out Solutions (DBJ) 
  2. Challenge/Opportunity for Corporates to list their digital issues 

Overall corporate venture is a dynamic tool for fostering innovation and maintaining competitiveness in rapidly evolving markets. 

 

 

Eligibility Requirements 

     3. Eligible beneficiaries 

     4. Eligible partnerships (minimum criteria for Corporates) 

Eligible and Ineligible Expenses & business operations/partnerships 

 The Process/Pathway (https://eulacdigitalaccelerator-platform.b2match.io/ ) 

How to apply (https://eulacdigitalaccelerator.com/open-call/)

List of required documents:

  1. Risk Due Diligence
    1. Valid Tax Compliance
    2. Two (2) government issued Photo identification (project team & Directors)
  • Business incorporation Certificate
  1. Articles of Incorporation/Memorandum of Association
  2. Audited financial statements

 

  1. Programme Due diligence
    1. Copy partnership agreement (corporate)
    2. If not included in the corporate partnership agreement
      1. Schedule of implementation plan
      2. Budget & or payment schedule
  • List of project team and directors
  1. Active, Local Business Bank Account (bank letter or statement showing recent activity)
  2. Certificate of Incumbency & Authority (form attached)
  3. Declaration notarized by a Justice of the Peace (form attached)

Where applicable:

  • Environmental & Social Risk Impact Assessment/ Categorization (to be completed by DBJ)
  • License/& Permit
  1. Project Validation (directed by the DBJ to include main Project-Site-visits & review of relevant partners)
  2. Proof of Counterpart Availability (assess on a case-by-case basis)
  3. Proof of partnership agreement(s) (other than with corporate where applicable)

FAQs

  1. How much can I access through this fund?
    1. Up to USD $50,000.00 (JMD 8M)
  2. How much of the project is the grant able to cover?
    1. The Fund will not exceed 70% of the total project cost.
      The beneficiary company must source the remaining cost as a counterpart contribution.
      Note that 50% of counterpart can be valued in “kind”.
  3. What are some examples of in-kind contributions?
    1. An in-kind contribution is a contribution of a good or service other than money which includes donated services, donated goods, or labour.
  4. At what stage of the solution development will I start getting funds?
    1. Reimbursable upon submission of
      1. acceptance/satisfaction report from Corporate
      2. Corporates bill of payment for value of service/good provided
    2. Guided by the terms of the partnership agreement, DBJ grant funds will be disbursed in matching tranches, and milestone motivated.
  5. What type of businesses are eligible?
    • Medium-sized startups, scaleups and innovative SMEs offering digital-related products or services
    • annual revenue between J$75M and J$250M
    • registered for at least two (2) years with the Companies Office of Jamaica
    • operating (track-record) for at least three (3) years of experience in the area for which the proposed solution is being offered.
    • willing to expand their business internationally and create cross-continental joint partnerships

  6. How long after I apply do I have to wait to receive funding assistance?
    1. See process flow with estimated timelines. These are subjective the type of agreement/partnership established between SMEs and Corporates
  7. What is the interest rate and timeline for the payback?
    1. This fund is provided as Grant. It is not a loan, therefore is not required to be repaid. However, each successful applicant will be held to meeting specific goals throughout the life of the grant and terms of the agreements.
  8. Which sectors are eligible to access this fund?
    1. While there are specific activities for which DBJ funds cannot be used, support across all industry opened on the EU-LAC OPEN CALL are eligible
  9. Do I have to have an agreement with a Jamaican corporate?
    1. Partnership agreement between corporate and SME must be established for SME to be eligible to access the DBJ grant. The Corporate does not have to be Jamaican based. However, SME must be registered in Jamaica.
  10. What documents are required?
    1.  
  11. What types of SMEs can be funded?
    1. Eligible SMEs with a successful EU-LAC joint Venture, evidenced by a formalised EU-LAC partnership agreement with an eligible Corporate.