Jamaica’s Minister of Tourism Edmund Bartlett announced that participants in the Tourism Innovation Incubator whose ideas are selected for implementation will get up to $100 million to transform those ideas into projects.
“I have put $100 million in EXIM Bank for the new ideas which are converted into material things that add value,” said Bartlett.
The Tourism Innovation Incubator is an initiative of the Ministry of Tourism that aims to incentivize ideas that can boost Jamaica’s tourism industry on the premise that the future will be driven by ideas, according to a press release.
Its purpose is to provide a flexible combination of services, including business support services and infrastructure, as well as to support young entrepreneurs in the early stages.
“After the recovery started, we learned how all the other disruptions have come that are now going to be challenging and new ideas is what we need to meet those challenges,”
The Tourism Innovation Incubator was made possible thanks to an injection of $40 million and the first 13 inductees were introduced to Bartlett earlier this week.
“We are saying to the young people, when you have come with your ideas to the Incubator and we take you through the boot camp and your ideas have been proven to have value, then we will provide you with initial funding to convert those ideas fully into material things,” said Bartlett.