June 17 Deadline for TEF Tourism Innovation Incubator Applications

Jamaicans with innovative business ideas that can enhance or support the tourism sector are being encouraged to apply for the Tourism Enhancement Fund (TEF) Tourism Innovation Incubator.

Deadline for submission is Wednesday, June 17.

Applicants are required to submit a completed application form and a 60-second video pitch outlining their business idea through the TEF website at tef.gov.jm/incubator.

Speaking with JIS News, Director, Research and Risk Management, TEF, Gis’elle Jones Shepherd said eligible ideas must be directly or indirectly related to tourism and demonstrate innovation while creating value for the sector and the wider economy.

“Directly related to tourism, we’re talking about hotels, attractions [and] restaurants in some cases, but indirectly related to tourism is when we start to look at our supply side as well – transportation, manufacturing, agriculture… [and] other experiences that can be created based on what Minister Bartlett would call the passion points,” Mrs. Jones Shepherd said.

She explained that passion points may include health and wellness, gastronomy, and sporting activities.

Mrs. Jones Shepherd further informed that proposed ventures must either introduce a new invention or apply technology or new business models in ways that improve existing products or services.

“We’re not innovating for innovation’s sake. This has to be something that there’s a demonstrated demand. It’s something that will help us with job creation [and] those other macroeconomic indicators. Eventually, it’s going to add to our GDP (gross domestic product),” she stated.

“At the end of the day, apart from diversification of our tourism product and solving tourism problems, we want the Jamaican person to earn from that business, and that’s what is important to understand,” she added.

Successful applicants will participate in a comprehensive incubation programme designed to transform promising concepts into viable businesses. The process begins with a boot camp that helps entrepreneurs validate their ideas using the Lean Canvas methodology by testing assumptions about their target market, partnerships, production requirements and customer demand.

Participants also receive guidance in product development, marketing, financial modelling, business registration, team building and investor readiness.

In addition, they are connected with key organisations, including the Jamaica Intellectual Property Office (JIPO), the Companies Office of Jamaica, the EXIM Bank and the Tourism Product Development Company (TPDCo), to provide specialised support in areas such as intellectual property protection, financing and licensing.

The programme further assists entrepreneurs in developing prototypes and conducting market research, before culminating in a pitch event where participants present their validated business models to industry stakeholders and potential investors.

Mrs. Jones Shepherd further highlighted the programme’s track record, noting that 35 businesses have been accepted since its inception, with approximately 29 completing the incubation process.

Three of those businesses have since secured approximately $40 million in funding from the Development Bank of Jamaica (DBJ).