Caribbean Science Foundation

Transcription

1 SCIENCE AND ENGINEERING ENTREPRENEURSHIP DEVELOPMENT (SEED) FUND Prof. Cardinal Warde (MIT) Interim Executive Director of the Caribbean Science Foundation II INTER AMERICAN DIALOGUE OF HIGH LEVEL MSME AUTHORITIES Public Policies to Enhance the Competitiveness, Innovation and Internationalization of MSMEs New Orleans, September 10,

2 What is the CSF Non profit, non governmental organization, Diaspora driven Primary mission of the CSF is to assist with the diversification of the economies of the Caribbean Region by harnessing science and technology for economic development. Approach includes: Assisting with STEM based education reform Stimulating technology based entrepreneurship by funding S&T projects in new and existing small enterprises on a competitive basis. 2

3 CSF: Diaspora Driven CSF driven by the Caribbean Diaspora for Science Technology and Innovation (CADSTI). CADSTI s mission: Facilitate the economic and social development of the Caribbean Region by mining and harnessing the diverse, dispersed and largely untapped talent of the Caribbean Diaspora in the areas of science and technology Connect with and catalog the key elements of the Caribbean Diaspora Mobilize global financial and other resources in support of the mission and objectives of the science and technology organizations of the Region (especially the CSF) 3

4 Areas of Need Energy, Water and Materials Transportation Agriculture and Food Science Medicine and Health Care Biotechnology Manufacturing Information and Communication Technologies Environmental Science and Engineering Crime Prevention 4

5 Creation of the CSF CADSTI Launched the Caribbean Science Foundation (CSF) on September 21, 2010 in Port of Spain, Trinidad and Tobago. CSF headquarters located on the Barbados campus of the University of the West Indies. 5

6 Caribbean Diaspora Funding Technical Expertise Business Expertise Collaborations Future CADSTI Initiatives CADSTI City A CADSTI City B CADSTI City C CADSTI City D NGOs & Found. s Diaspora Gov. s Individuals Gov. s of Region CARI BBEAN SCIENCE FOUN DAT ION Funding & Advice Advisory Role Only Entrepreneurs Universities Schools Other Ed. Inst. Gov. s of Region

7 Governance of the CSF 22 Influential leaders from academia, industry, government in both the Diaspora and Region form the Governing Council and serve on a set of committees 7

8 CSF Representatives Individuals (volunteers at the moment) located in various Caribbean countries whose responsibilities are to: Disseminate information from and about the CSF and its activities to the populace Mobilize youth in the country, and carry out activities related to Science, Technology and Innovation Organize CSF sponsored events in their country Make linkages for the CSF to the political, educational and business communities in the country Assist with fund raising in their country Report on the science, technology and innovation initiatives in their country to the CSF Board 8

9 Technology Search CSF keeps close track of ongoing research around the world, and maintains constant contact with the external research community for novel discoveries Identify those science and technology discoveries that leverage the natural resources of the Caribbean, including marine resources. CSF also encourages active mining of the Internet for research results and methods that can be leveraged and used for the development of new products. 9

10 Service to Entrepreneurs Evaluate the technological and economic potential of the inventor s concepts and proposals, patent preparation, prototype construction, business plan preparation, establishing contact with appropriate industry representatives, and attracting investors Set up or help to support existing incubators that provide infrastructure, business guidance and administrative assistance during pre seed stage so entrepreneur can conduct initial proofof concept experiments that could lead to further support Help to find overseas business partners for Caribbean companies for the purposes of collaboration on technology development projects from basic research to manufacturing Connect companies in the Region with angel, venture capital and 10 corporate capital in the Diaspora

11 SCIENCE AND ENGINEERING ENTREPRENEURSHIP DEVELOPMENT (SEED) FUND SEED Fund provides Phase I and Phase II seed capital to small companies (on a competitive basis) for the development of relevant science and technology projects Phase I SEED funds are for exploratory research and to show feasibility of concept or innovation Phase II SEED funding is intended to bring the product or service closer to the marketing/manufacturing for more attractiveness to other sources of financing such as angel, venture capital or corporate partner investment 11

12 Project Funding Model Firms successful at Phase I SEED level may be invited to apply for Phase II funding Process is similar to that used by the United States SBIR program Major difference is CSF Phase II projects are funded on a risk sharing basis. The CSF partially funds R&D expenses for a small equity stake in the company or a royalty stream Royalties are due only if commercial revenues are generated If the project fails, the CSF claims no repayment Royalties are ploughed back into the SEED fund for sustainability purposes 12

13 Who Can Apply Proposals solicited from entrepreneurs, universities and other science related business entities Evaluated by science, technology and business experts Companies that start outside the Region and are ready to relocate within the Region or set up branches or spin offs within the Region are eligible to apply for SEED funds Fund new technologies developed in a cooperative venture between the Caribbean company and leading academic scientific research institutions Accept proposals to bridge the gap between basic and applied research a problem that characterizes many high tech industries 13

14 Project Funding Decisions Final funding approval is done by the CSF Research Committee. Considerations include technological novelty, the potential to result in a new product, process or a significant improvement to an existing product or process, and economic justification. 14

15 Building the SEED Fund CSF looking primarily outside the Region for proposal and partnership opportunities with: Diaspora World Bank IDB OAS EU; EU ACP UNESCO DFID (UK Dept. for Intl. Development) CIDA (Canada) CSIR (Canada) US State Department 15

16 Anticipated Funding Breakdown Donor Year 1 Year 2 Year 3 Year 10 International 50% 50% 50% 30% Agencies/Organizations Member Countries 5 % 5 % 5 % 5% Caribbean Private Sector 10% 10% 10% 8% Dividends from CSF invested companies 25% Diaspora Organizations 10% 10% 10% 8% Banks & Credit Unions 2% 2% 2% 2% CAIC 1% 1% 1% 1% Individuals 2% 2% 2% 2% Private Foundations/Philanthropies 10% 10% 10% 9% Diaspora Governments 10% 10% 10% 10% 16

17 Sustainability Model Dias. Orgs. Dias. Govs. NGO s etc. Carib. P Sect. Carib. Govs. Indiv. (Angels) Other Orgs. CSF Return on Investment Co. A Co. B Co. C Co. D Co. E Co. F Co. G Return on Investment Successful Company B Successful Company F 17

18 CSF STEM Education Reform Projects CSF SAGICOR SUSTAINABLE CARIBBEAN COMMUNITIES PROJECT (SCC) STUDENT PROGRAM FOR INNOVATION IN SCIENCE AND ENGINEERING (SPISE) Four weeks of total immersion in Calculus Physics Biochemistry Humanities (One Caribbean Concept) Mandarin Under water Robotics (hands on project) Electronics (hands on project) 18

19 SPISE Students Students (ages 15 17) from Barbados, Belize, Jamaica, St. Kitts and Nevis, St. Lucia, Trinidad & Tobago 1 9

20 2012 SPISE Student Project Demonstrations

21 2012 CSF Workshop Stimulating Innovation and entrepreneurship in Science and Engineering within the Caribbean Second Annual Workshop of the The Caribbean Science Foundation October 5 6, 2012 Grenada Grand Beach Resort, St. George s, Grenada Register at or

22 Summary Next Google could start in the Caribbean!! Caribbean Science Foundation Caribbean Diaspora for Science, Technology and Innovation 22