The Ministry to Planning and Sustainable Development, through the Council for Competitiveness and Innovation will identify projects that meet stated criteria related to the characterisation of innovation and its lending principles, using the following guidelines:
- The creation of a new product, service, system design, process;
- The improvement of a new product, service, business process or system;
- A new process of adding value to a Trinidad and Tobago-sourced raw material.
- The products, services or processes should be able to find a market or use in the local or export market.
- Project impact, driving social and economic benefit and creation of sustainable, high quality jobs.
Winning innovators/inventors will receive funding in following disbursement categories:
Beneficiaries will receive the full approved capital in the form of a grant, which will not need to be repaid, unless mitigating conditions are otherwise stipulated in the contract agreement.
All business entities/companies are eligible to participate once they have up to TT$50million in sales turnover.
Individuals, sole proprietors, micro-enterprises are definitely eligible to participate but do not normally require turnover amount above.
Teams/partnerships: projects teams and/or partnerships can be constituted as follows
- Teams: A small group of no more than 5 individuals, who have come together for the purpose of this competition, but remain together until the full implementation of projects or geared towards the establishment of an enterprise. Funding can discontinue and team considered as no longer eligible if any member(s) dissent(s).
- Partnership: A partnership exists among no more than 5 representatives of different companies/institutions/organisations which have formed a union/joint venture for the purpose of collaborating in this competition. Registered partnerships are also included.
- Applicants must be 18 years of age and over.
- Individuals, teams or entities from the Diaspora, provided that their projects will be implemented in Trinidad and Tobago and/or provide jobs here.
- In the case of companies, they must have a majority shareholding (at least 51%) held by nationals/citizens of the Republic of Trinidad and Tobago including companies in the any in the Diaspora.
- Applicants wishing to participate as Small and Medium-sized firms must have minimum asset base of $25,000 dedicated for this project. Start-up companies and teams are exempted from this stipulation but must provide justification and supporting documents on the ability to sustain their projects.
- A work programme and timeline must be also provided indicating the intended use of the funds and associated time periods for expenditure.
- The project proposal should contain elements of technological and business innovation leading to commercialization of innovative products, processes and services.
- The project team, partnership or entity should provide evidence of technical competency to undertake the proposed activity.
- Application from an individual must be accompanied by a supporting letter from a referee i.e. from an independent person who has been associated with him/her and so qualified to indicate his/her ability to undertake the project.
- Applicant must be a registered Cooperative or registered Government recognized Community Organization/Group, including non-governmental organisations in the Republic of Trinidad and Tobago
- Applicant must show proof of financial capability that they can fund the portion of project costs not funded under the i2i competition.
- Projects must be undertaken in the Republic of Trinidad and Tobago.
- All successful participants must commit to a maximum of 30 hours of assistance after completing the process and implementing their projects towards successful enterprises or ventures to give back to future participants as mentors or coaches.
- Previous entries towards this grant scheme will not be eligible unless significant changes or improvements have been made to function and application of their invention or innovation, as will be determined by the evaluation panel.
- An individual or team may submit a maximum of five (5) entries, but in relation to different inventions or innovations and on separate entry forms.
- Late, illegible or incomplete entries will not be eligible for consideration.
Cases not Eligible for Funding under the i2i competition
These are as follows:
- Projects under the purview of Ministries, Departments or Agencies where other funding programmes may exist.
- Applications from Government Agencies with Research Programmes
- Applications from Research and Technological Organisations/Institutes that benefit from Government Funding
- Applications from large companies ( sales revenue >TT$50 million)
- Applications that infringe public health, safety & morality, are not for illegal, dangerous or unsafe purposes/activities; do not involve illegal substances; and have not been copied in whole or in part from any other work and do not violate or infringe any copyright, trademark or other proprietary right of any person or entity (including any rights of privacy or publicity).
- Submissions will be restricted to one applicant in a case where more than one company has undertaken to submit a joint application or where there is joint shareholding/interest of one company by another who wishes to apply.
- Members and Staff of the Council for Competitiveness and Innovation (CCI), Economic Development Board (EDB), CARIRI, Staff of Lonsdale Saatchi & Saatchi, the Evaluation Panel, their affiliated offices, and their immediate families are not eligible to apply for the i2i competition.