What is Start-Up Jamaica ?
Start-Up Jamaica (SUJ) is a public/private partnership between the Government of Jamaica through
The Ministry of Science, Technology, Energy and Mining (MSTEM) and the Development Bank of Jamaica (DBJ) on the one hand, and local and overseas private investors on the other, with the support of The World Bank Project “Youth Employment in Digital and Animation Industries”. The local and overseas private investors include JNBS, LIME, NCB, and Oasis500.
SUJ was designed with the objective of addressing the pressing youth unemployment rates in Jamaica through a double strategy:
SUJ is an accelerator, a physical facility that takes equity in start-up technology companies that go through an intensive selection process, in return for seed capital, training and mentorship. The accelerator houses start-up companies and provide them with the key skills and technology, business, management, legal and accounting support that will prepare them to pitch to equity investors ("Angels" or "Venture Capitalists") and receive investments to grow their businesses.
SUJ’s goal is to support talented and technologically savvy young people who are eager to tap into the global demand for creative mobile applications that solve real-world business and social problems, and in so doing, create their own employment. The accelerator is a key element in a strategy developed by the Ministry of Science, Technology, Energy and Mining (MSTEM) to help innovators and entrepreneurs in Jamaica and the wider Caribbean grow their ideas into marketable products and services, thus contributing to economic growth, increasing employment and generating foreign exchange.
The strategy aims to transform Jamaicans from being “technology consumers” to “technology creators” over the next few years, and to position Jamaica as the hub for entrepreneurship and innovation in the Caribbean.
Ministry of Science, Technology, Energy & Mining
MSTEM’s vision is to improve the well-being of all Jamaicans through the leveraging of Science, Technology, Energy and Mining. Its mission is to create an enabling environment for Jamaicans to capitalize on sustainable and secure energy, responsible minerals investments, and a vibrant science, technology, and innovation sector.
The World Bank
The World Bank has worked closely with Jamaica since the country gained its independence in 1962.
Since then, the Bank has been actively engaged in extending credit and development assistance to the country through several projects in various sectors, including agriculture, rural and urban development, education, infrastructural development, tax administration reform, private sector development, small scale enterprise development and telecommunications.
Most recently, the World Bank has supported a series of innovative solutions aimed at exploring the capacity of the youth in Jamaica also through the establishment of new industries in the ICT and creative sectors.
The Development Bank of Jamaica
The Development Bank of Jamaica Limited is a corporation that is wholly owned by the Government of Jamaica and is mandated to foster economic growth and development of strategic sectors of the Jamaican economy.
Oasis500 is the first development and early stage & seed investment company of its kind in the Middle East and North Africa (MENA) region. Its program is aimed at supporting entrepreneurs by
providing them with funding, training, incubation, coaching, and mentoring in order to accelerate the transformation of business ideas into start-up companies. Oasis 500 focuses on ICT, digital
media, mobile technologies and digital content. Since commencing its operations in September 2010, in Jordan, Oasis500 has invested in 74 technology companies, which is unmatched by any other investment fund in the region. Many of those companies secured additional follow on investments of more than $14 million with the help of Oasis500. Furthermore, Oasis500 has trained more than 1,500 people (from more than 4,700 applicants) in 30 boot camps.
Oasis 500 has a proven model that covers and integrates all components of the investment /acceleration supply chain.
This has been further augmented by Oasis 500 expansion strategy in the Middle East and North Africa: currently in Saudi Arabia and Dubai with plans that include Palestine,
Morocco and Tunisia.
Jamaica National Building Society Foundation
JNBSF is a member of the Jamaica National Building Society (JNBS) Group. The Foundation was established in 1990 as the charitable arm of JNBS and its mandate is to manage and execute the philanthropic efforts of the Society, and contribute to the developmental needs of Jamaica.
Built on the concept of mutuality, JNBS gives back to the Jamaican people and communities across the island, by providing financial and technical support to projects and programmes both at the community and at the national level.
LIME (Landline, Internet, Mobile, Entertainment) Jamaica is a publicly listed telecommunications company that provides voice, data and IP services to business and residential customers, including products from basic telephone service and internet access, to managed data network solutions, ISDN and cellular services. The company is part of the integrated businesses of Cable & Wireless in the Caribbean. LIME serves over two million customers in the Caribbean market, including Anguilla, Antigua & Barbuda, Barbados, British Virgin Islands, Cayman Islands, Dominica, Grenada, Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Vincent and the Grenadines and Turks & Caicos.
National Commercial Bank Jamaica Limited (Sponsor)
For over 175 years, National Commercial Bank Jamaica Limited (NCB) has stood at the centre of the financial industry. Proud to be Jamaican-owned and operated, NCB has remained a market leader, meeting the needs of individuals, families, entrepreneurs, professionals and companies, while supporting the dreams of Jamaicans everywhere. NCB’s strategic brand pillars: innovation, strength and expertise, afford its Group of Companies a diversified business model through its retail, investment and insurance products & services, designed to help you, Put Your Best Life Forward.