Above: Minister of State in Jamaica’s Ministry of Technology, Julian Robinson (right) is spearheading the project
By the Caribbean Journal staff
Jamaica’s government is looking to launch an “Angel Investor Network” in a bid to find funding for projects developed under its new Start Up Jamaica programme.
Start Up Jamaica is being launched as a five-year initiative to support and develop start-ups in the country. It is receiving seed funding from Middle East-based Oasis500, an accelerator company, which has committed to providing $30,000 to each entrepreneur in the programme.
The seed capital is only for a 100-day period.
“We provide an opportunity for them to have access to people who have money and who want to invest in their businesses… and they will have an opportunity to pitch their ideas to them,” Robinson said this week.
In a release, the government said it was formalizing the Angel Investor Network.
“So, part of the programme, once they finish the 100 days, is that they will have access to a network of funders,” Robinson said. “They will have access to a network of mentors too, because one of the things we’re going to do with Start up Jamaica is, on a voluntary basis, to invite successful business persons and executives to become mentors to these companies.”
“If you’re an investor, you’re more likely to invest in an entrepreneur who has been through a rigorous 100-day process, than somebody who comes off the road and say: ‘I have an idea and I’m looking for your money’,” Robinson said.