Category: general

A precipitous drop in funding-round closings by local startups the past few weeks has coincided with economic turmoil due to the ongoing pandemic and, more recently, nationwide unrest after the death of George Floyd on May 25, at the hands of the Minneapolis Police Department.

In seven of the last 13 weeks, total capital in deals reported or announced by Central Texas companies has fallen below $25 million. Two weeks ago, that total barely surpassed $2 million. This past week, total VC funding reached $6.5 million.

Many, though not all, Austin-area venture capitalists say they, too, have observed an investing slowdown.

“The amount of fundraising in the past 60 days in Austin does appear to be down materially with the few larger rounds getting funded for more established companies,” said Peter Freeland, Unbundled Capital managing partner.

Charlie Plauche, S3 Ventures partner, cited PitchBook data predicting the second quarter will be one of the slowest for new investments in the past decade.

The rise in uncertainty has caused several VCs to increase their focus on existing portfolio companies. Others say an inability to meet founders face to face has reduced term-sheet signings. And some have hit pause on capital allocation simply to better absorb and process the instability that has pervaded national and global economic and political institutions.

Startups that rely on venture capital to fuel growth are in a precarious position. DocSend Inc., a company that entrepreneurs rely on to send pitch decks to potential investors, found in a survey of users that only 9% of founders who are fundraising had 12 months or more of runway – the period of time before a business runs out of money.

But interviews with more than a dozen Central Texas VCs revealed a fundamental optimism about the future of Austin’s entrepreneurial ecosystem. Lots of these investors are themselves company founders – a group that is inherently positive.

On an individual level, many have weathered the economic downturns of decades past, from the oil shocks of the 1970s through the dot-com bust and, more recently, the Great Recession of 2007-09.

One may recognize parallels between the convulsions gripping society today and those that seized the country 50 years ago. At the same time the United States was landing astronauts on the moon in the late 1960s and early 1970s, the nation grappled with burning cities, racial riots, police killing civilians and an overtly indifferent president. Richard Nixon watched a November 1969 Ohio State-Purdue football game inside the White House while nearby more than 250,000 protested the Vietnam War.

Against the backdrop of America’s return to space on May 30 after a nine-year absence – SpaceX successfully launched two U.S. astronauts into orbit – citizens throughout the country burned down buildings to protest systemic racism and police brutality. President Trump, two days later, urged governors to “dominate” the activists.

ATX Venture Partners Managing Director Chris Shonk, a former U.S. Army special operations sergeant, described a confluence of events that has produced today’s dynamic.

“We are now more tied to our phones/TV and media to consume, distribute and amplify content than ever before,” Shonk said. Plus, the things that typically would cause people to put down their phones or turn off the computer – air travel, driving, social gatherings, conferences – have largely vanished. “You have the largest unemployment of my lifetime, a [digitally] hyperconnected society who has been pent up and quarantined and frustrated with that just looking for a pressure-release valve. … The protests are a very real concern that will likely persist as long as a positive emotional and financial outcome is [not] realized by the participants.”

Getting back to normal

For those awaiting “a return to normal,” it might be a while.

“I’m not sure our old normal was, in fact, normal,” Shonk said, ticking off the spinning out of funds and record levels of venture-capital fundraising by first-time managers; the online angel investor networks that increased member size, deal count and dollars invested; and, the chasing of founder-led financing rounds with intense competition over terms and pricing.

Instead, what’s occurring now, Shonk said, “is a regression to the historic mean.”

Yet, even that could be an overly rosy view of what is happening and what’s about to happen.

“We aren’t returning to the old ‘normal,’” said Mike Erwin, general partner and chief investment officer of Ecliptic Capital. “It will continue to be volatile across the summer, and will be dependent on how bad a second wave of Covid-19 is – coupled with geopolitical unrest and racial discord. This is further exacerbated by how pronounced the disconnect is of the public markets from the underlying economy. I think we can expect great turbulence over the next 12 months for everyone in the VC community, which can be both good and bad. There are so many new risks to the environment that aren’t going away soon, that we think folks should plan for operating in uncertain times as a ‘new normal’ for at least a year.”

Without a vaccine for the coronavirus, VCs and founders can expect continued virtual meetings and phone calls, rather than the in-person introductions and conversations that always have been critical to the process of obtaining funding for entrepreneurs and choosing companies to join their portfolios for VCs.

That already has hampered deal-making to a certain extent, said Krishna Srinivasan, founding partner of Austin investment firm LiveOak Venture Partners.

“Normally, we spend a lot of time chatting about companies and deals” within LiveOak’s offices, Srinivasan said. With so many companies still working remotely, that activity also has become “compromised,” he said.

Moonshots Capital General Partner Craig Cummings predicted it will take 24 to 36 months for startup investments to return to “normal” levels.

Virtual meetings

Because LiveOak invests a significant amount of capital locally, the loss of in-person conversations perhaps is magnified to a greater extent than for those VC firms whose investors are used to meeting founders after a plane flight.

“We spend a lot of time with local entrepreneurs in the flesh; it’s virtual calls only now,” said Srinivasan, who pointed out that LiveOak still has not completed an investment based on virtual meetings exclusively.

The firm has officially closed two deals since the pandemic hit, he said, and two others are possible.

“But we knew all four founders from before” Covid-19 appeared, Srinivasan said.

Going forward, Srinivasan sees investors “undoubtedly” becoming “more cautious,” if only due to a lack of confidence in companies’ potential “for building revenue,” he said. A “mismatch on valuations” among investors and entrepreneurs also could contribute to “a temporary pause on deals about to happen.”

Last year was a banner one for venture investment nationwide, with $136.5 billion in deals, according to PitchBook and National Venture Capital Association data. Austin also saw funding swell, with local companies raising $2.2 billion. That was the highest annual total since the $2.52 billion raised in 2000, before the dot-com bubble burst.

Now, there’s a great deal of money sitting on the sidelines.

“I am seeing a lot of investors sitting on their hands, taking more of a watch and wait strategy,” said Clayton Christopher, who co-founded Sweet Leaf Tea, Deep Eddy Vodka, Rhythm Superfoods and CAVU Venture Partners. He has also seen “more downside protection for the deals that are getting done.”

Valuation mathematics

On the founder side, Christopher said he was “seeing companies push out funding rounds or trying to switch to smaller rounds that are convertible debt or SAFE notes. It’s not a good time to be raising a priced round for a lot of entrepreneurs, as most businesses haven’t benefited from Covid. But the best-in-class businesses and startups will continue to get funded and at strong valuations.”

Other impacts on capital in general include depressed valuations “for at least the remainder of the year and probably beyond,” Capital Factory President Gordon Daugherty said. “The overall balance of negotiating power [for terms] will remain strongly in favor of the investors for at least the next 12 months for most deals.”

Depressed valuations aren’t necessarily a bad thing. Christopher said he believes those of many startups “needed to come down. There has been too much easy access to capital at valuations that didn’t really make sense, and that creates bad habits within businesses. Long term, these austerity measures that are being forced upon businesses will be incredible learning lessons for Entrepreneurs Programme. But, there is still a lot of capital waiting to be invested in businesses and that ultimately drives valuations.”

Other VCs, such as True Wealth Ventures General Partners Sara Brand and Kerry Rupp, have completed deals without in-person meetings.

“Most of the investors we talk to are still investing, like us – and most have stated that they’ve done at least one deal post-Covid, many at least one where they haven’t met the team in person yet,” Rupp said. “That includes us.”

Keeping the portfolio healthy

Any slowdown in investing is at least partly due to VCs “spending a bit more time than normal supporting the existing portfolio companies to make sure they weather the Covid storm,” Rupp said.

Moonshots Capital’s Cummings likened the practice “to putting your own mask on first before assisting others. We worked especially hard to help stabilize our own existing companies directly impacted both negatively and positively,” he said.

Brand added that type of work consumed much of “late March and all of April” for VCs, “but I think most VCs have largely moved through that work and really started to lift their heads again in May and are sincerely ready to invest now.”

Regardless of whether VCs are ready to invest, Capital Factory’s Daugherty underscored a constraint unique to VCs “versus angel investors.”

“Since [VCs] are investing others’ money, they can’t just sit on the sidelines for a year because it will negatively impact the performance metrics needed to raise future funds,” Daugherty said. “Because of this, VC investing activity should gradually increase throughout the rest of this year, and probably even through the first half of 2021, before we consider the activity level back to something in the range of ‘normal.’ But since the activity level in 2019 was elevated versus normal, it’s hard to predict how long it will take to reach that level again.”

Mark Jennings, co-founder and managing partners of Austin-based investment firm Generation Partners Management LLC, expects near-normal levels of investing to return this summer, “with pent-up transactions and funds using previously raised dry powder.”

He predicts “the real test will come in the fall, as the stimulus wears off, flu season starts and the reality starts to set in that earnings will take a serious hit for an extended period.”

That’s because Jennings foresees a “majority of companies” throughout the world hiring and spending more conservatively, he said.

“This will seriously extend the period of devastatingly high unemployment,” with businesses turtling “until a real therapy and/or vaccine is actually available,” he said.

And, as Elsewhere Partners founder and Partner Chris Pacitti put it, “Most all past recessions, we just dip hard and bounce back to normal over a certain period of time. In this circumstance, will there be more permanent changes going forward?”

Impact of remote workforces

While many Austinites see the remote workforce shift as a positive, Pacitti asked, “What are the implications of that? What sectors will be impacted positively and negatively? These are the challenges in assessing the risk-reward of investments [when there are] too many unknown variables.”

One likely consequence of the current unpredictability will be an acceleration of what’s already been occurring the past few years: the relocation of businesses to Austin from both coasts. Companies such as Sonim Technologies Inc. (Nasdaq: SONM), a maker of heavy-duty cell phones, have moved their headquarters to the Texas capital because it’s cheaper here.

“Our distributed and flexible workforce will become part of the norm,” ATX Venture Partners’ Shonk said of Austin.

Ecliptic Capital’s Erwin added that “the mature ecosystems of Silicon Valley and New York/Boston are experiencing stress from the over-competition for deals and by chasing unsustainable growth, creating an ‘opportunity flight’ to places like Texas, Salt Lake City and Atlanta, among others, where there’s less competition, growing emergent capital, and, where living expenses are significantly cheaper.”

Whatever the future holds, Cummings said he’s been reminding his team and investors, “Many of the largest companies in the world were born during periods of crisis.” Examples he cited include Whatsapp, Venmo, Groupon, Instagram, Slack, Pinterest and Dropbox.

What are the 4 types of entrepreneurship?

It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companies and social entrepreneurs.

Along those lines, Next Coast Ventures Managing Director Mike Smerklo emphasized that he and his colleagues “are highly aware of the human condition right now, and don’t want to seem insensitive to what is happening around us.” Yet they focus “on the power of amazing entrepreneurs” and “remain actively looking to fund the next disruptive, big ideas as they come forward.”

Erwin added, “We have to work together to build our way out of this mess. It’s what we as a species are good at, and, what we as Americans cherish as our way of life.”

BuildGroup LLC co-founder and CEO Lanham Napier said that “complex systems are more resilient than people realize.” He didn’t believe “all the doomsday prophets” who forecasted a 10-year recovery after the Great Recession, and he doesn’t believe anyone predicting similarly gloomy outlooks now.

“When times are tough, that’s when you make changes,” said Napier, former CEO of San Antonio-based Rackspace Hosting Inc. “Sometimes it takes a breakdown to have a breakthrough.”

11 Austin VCs’ advice for entrepreneurs

Sara Brand

Go for it. This is a good time to get out there, as you literally have a captive audience who is not likely to be taking any summer vacations.

Clayton Christopher

Figure out how to run a profitable business. Focus on the business gems this crisis can teach you. Never waste a good crisis.

Craig Cummings

Continue to build relationships with potential investors by keeping them informed of your progress. Fundraising will take longer, so you want to position yourself for a quick “yes” when the conditions improve.

Gordon Daugherty

First, ignore what was normal before and prepare for a whole new set of expectations. Second, realize that investors won’t get excited about a funding round that doesn’t provide the company at least one year of runway, with some investors expecting 18 to 24 months of runway. Third, realize that many VCs won’t fully commit to an investment without meeting the founders in person. That shouldn’t inhibit the typical relationship-building process that precedes a term sheet, but it could make it much, much harder to actually get a deal done until everyone is more comfortable having in-person meetings.

Mike Erwin

Be thoughtful, be creative, be nimble. The time of the entrepreneur is now. Focus on creating sustainable value.

Peter Freeland

Consider raising a smaller round through a convertible note to get through the next 12 to 18 months if raising a larger, priced round isn’t an option. Evaluate all your potential funding sources. Cast a wider net beyond traditional institutional investors. Manage expenses to minimize burn – when the market returns, you’ll have a stronger, more durable business on the other side.

Mark Jennings

Raise money this summer if you can. Have reasonable valuation expectations, as uncertainty is currently at a high point in our lifetimes.

Chris Pacitti

It is very situation specific, but if [you] need money in the very near term, do a small inside or friends-and-family round. Get runway at least until Q4 to Q1 [2021] to have easier access to outside investors. Founders that exhibit the creativity and resilience to effectively navigate these challenging times will have a high degree of investor interest in the coming quarters.

Charlie Plauche

Be as personal as possible on video calls. Don’t worry about the kid or dog wandering into the background – it might happen to us, too!

Kerry Rupp

Continue to reach out to targeted funds where you’re a potential match. Participate in online pitch events or company/investor-matching events, etcetera, where possible. They can be way more efficient than traveling around to lots of conferences.

Chris Shonk

Explore your customers and strategic partners as a primary source for capital at the early stages. If you do raise VC money, take it from investors who have built and operated companies through a recession who can help build your business – not just provide capital and grill you at board meetings.

The Entrepreneurship Program for Innovation in the Caribbean (EPIC) seeks to build a supportive ecosystem for high-growth and sustainable enterprises throughout the Caribbean. The seven-year $20 million program is funded by the government of Canada and implemented by infoDev and the World Bank Group.

Interested in learning more? Here are some frequently asked questions about the program. You can also get in touch at the links below.

Our Initiatives

Accelerate Caribbean: Accelerate Caribbean builds the capacity of regional business enablers through mentorship, training programs, and international study tours.

Access to Finance: The program promotes angel investing and innovative financing in the region through LINK-Caribbean, and contributed to the launch of Jamaica’s first angel network.

Caribbean Climate Innovation Center: The Caribbean Climate Innovation Center connects climate technology entrepreneurs with knowledge, markets, and funding.

Caribbean Mobile Innovation Project: Led by PitchIT Caribbean, the Caribbean Mobile Innovation Project promotes the growth of mobile app businesses through innovation hubs and pitching competitions.

Women Innovators Network in the Caribbean: The program supports women entrepreneurs through webinars and training programs, including the WINC Acceleration Program.

Events Calendar

Highlights

Youth Making the Caribbean Green with Waste Material

Caribbean Transit Solutions: Paving the Way for a More Efficient Caribbean Transportation System

The public transportation market in the Caribbean is in urgent need of modernization, as lack of information and poorly planned transit systems cause significant social and economic challenges. Locals and tourists using buses and taxis often have limited information on the status or arrival time of their transportation, resulting in lost time, being late for work or school, missed appointments, and frustration. Similarly, people who manage these vehicles (owners or insurers) have little or no information on how they are being driven, even though they often occupy the highest risk categories. Caribbean Transit Solutions, based in Barbados, plans to change all this. They provide real-time and on-demand information on public transit as well as private fleets of vehicles.

Jamaica: Homes Made from Waste? Entrepreneur Pioneers Climate-Friendly Construction

Entrepreneur is Testing Eco-Friendly Techniques in the Green Heart of Jamaica

In Breadnut Hill, St. Ann, Jamaica, near the famous Dunn’s River Falls, the eco-farm and lodge Durga’s Den sits right in front of one of the most breathtaking views of the Caribbean Sea. The farm is growing in popularity by attracting visitors and volunteers from all over the world looking for a nature-immersive, hands-on learning vacation.

Findrpro – A New App For The Bahamas Receives Link-Caribbean Investment

A new mobile application called Findrpro has received $5,000 USD investment via the LINK-Caribbean programme’s 5-5-5 pitch competition.

Glasses Could Go Green if This Trinidadian Start-Up Succeeds

Entrepreneur Darceuil Duncan from Trinidad and Tobago came up with the business idea when looking for a solution to the growing amount of waste produced in urban centers.

How to Create a Winning Pitch Deck: Advice from an Expert

Gerard Thomas, co-founder of Launch RockIT in Trinidad and country advisor for the LINK-Caribbean Program, explains how entrepreneurs can prepare and deliver a compelling pitch presentation that can generate attention and interest among investors.

De Jeunesse Bath and Body Products wins top US$5,000 prize at LINK-Caribbean Pitch Competition

De Jeunesse Bath and Body Products, a company that manufactures high-quality, natural bath and body products, earned the top prize at the launch of the LINK-Caribbean Pitch Competition held November 21 at the Hyatt Hotel in Trinidad.

Excitement Mounts as Jamaican Tech Entrepreneurs Gear Up for Slush

With Slush, the world’s leading start-up and technology event, coming up Nov. 30-Dec. 1 in Helsinki, Finland, two entrepreneurs from Jamaica are awash with excitement as they gear up to participate in this premier event. The entrepreneurs earned spots in the Slush Global Impact Accelerator (GIA) boot camp program in a competition held by PitchIT Caribbean, and will join other impact-driven entrepreneurs from around the globe.

Big Potential for Crowdfunding in the Caribbean

The Caribbean has great potential for crowdfunding, provided that the right enabling environment is put in place to promote it. Crowdfunding is the art of raising funds through social, professional, and public networks using the internet. With the rise of this form of financing, there are many crowdfunding success stories, but in the Caribbean among the most successful campaigns is that of the Jamaica bobsled team. In 2014, the team raised over $155,000 using the Indiegogo and Crowdtilt crowdfunding platforms to fund its participation in the 2014 Winter Olympic Games in Russia.

Crowdfunding Has Potential for the Caribbean – Under the Right Conditions

Crowdfunding in the Caribbean could bolster early stage capital markets, entrepreneurship, creativity, economic growth, and employment – provided that policymakers create the right environment. This was revealed in the report “Crowdfunding’s Potential in the Caribbean: A Preliminary Assessment,” commissioned and recently released by infoDev, a global innovation and entrepreneurship program at the World Bank Group.

Three Jamaican teams cop top spots in PitchIT Caribbean Slush GIA Competition

Three teams from Jamaica copped the top spots in the recently held virtual PitchIT Caribbean SLUSH GIA competition. They are now lined up for a coveted interview spot with the Slush 2017 Global Impact Accelerator program panel in Finland. The successful teams are Link Your Purpose, an online career development and mentoring platform; First Responders Technology Ltd, a mobile platform to enable emergency response services; and Braata Box & Co., an online marketplace for local craftspeople, makers, and artisans. The teams were selected from a field of over 40 entries from across CARICOM.

Over Half-Million US Dollars Awarded to Firms at LINK-Caribbean’s Halfway Mark

As the halfway point of the two-year LINK-Caribbean Angel Investment program approaches, over $500,000 USD has been awarded to 14 Caribbean companies to support their development to attract angel investment. The World Bank Group, together with the Caribbean Export Development Agency, launched LINK-Caribbean last September, funded by the government of Canada. The investment facilitation program aims to enable early-stage Caribbean entrepreneurs to raise capital from private investors, particularly business angel investors.

WINC Launches Call for Applications for Second Acceleration Program

June 29, 2017

Building on the success of its 2016 Acceleration Program, the Women Innovators Network in the Caribbean (WINC) is launching its 2017 program. The eight-month peer ceo learning program, which begins in November 2017, is designed to help growth-oriented women entrepreneurs innovate and boost the growth of their businesses.

Regional Climate Tech Partners Gather for Sustainability & Economic Impact Talks

To sustain its momentum and improve upon its mandate, the World Bank Group’s Caribbean Climate Innovation Center (CCIC) will host key representatives from the Bank, government of Canada, CCIC consortium members Scientific Research Council (SRC) and the Caribbean Industrial Research Institute (CARIRI) as well as other top regional partners for sustainability and economic impact talks at the Holiday Inn in Montego Bay, Jamaica from June 1-2.

25 Entrepreneurs Chase $75,000 in App Competition

May 31, 2017

$75,000 in cash and prizes will be up for grabs when 25 finalists from around the Caribbean region vie for honours in the PitchIT Caribbean Challenge tech entrepreneur competition, scheduled for June 13-17, 2017 in St. Kitts and Nevis.

More Firms Set to Get Angel Investment

May 25, 2017

The Caribbean Export Development Agency co-hosted the inaugural Caribbean Angel Investor Forum in Montego Bay on May 12, 2017, together with the World Bank Group. The event, which attracted some of the region’s most influential business people, came together to lay the foundation for a more buoyant and active Angel Investor ecosystem within the Caribbean.

Women Entrepreneurs from the Caribbean Soar to New Heights

April 12, 2017

108 proud women entrepreneurs have graduated from the first Acceleration Program (AP) of the Women Innovators Network in the Caribbean (WINC). They represent a wide variety of sectors: retail, creative, cosmetology, baking, engineering, sports, and manufacturing.

Kenia Mattis: How to ‘Design’ an Online Education Business

January 24, 2017

The Women Innovators Network Caribbean (WINC) – a cornerstone initiative of the Entrepreneurship Program for Innovation in the Caribbean sponsored by the government of Canada – recently concluded its first acceleration program for women entrepreneurs. Designed to jump-start women-led enterprises across the region, the program provided local entrepreneurs with mentorship, training, and networking opportunities. One of them, Kenia Mattis, told us the story of her company and how WINC helped her succeed.

Girls Don’t Code? In The Caribbean, They Lead Tech Startups

January 18, 2017

In the Caribbean, a growing number of women is pursuing technology careers, as developers, coders, and tech entrepreneurs.

Reperio Offers Gamified Language Learning for Caribbean Youth

25 December 2016

Four of the Caribbean’s top mobile entrepreneurs traveled to Helsinki, Finland, to participate in the Slush Global Impact Accelerator, a two-week program designed to help impactful entrepreneurs from emerging markets accelerate their businesses and attract financing. We spoke with a business development specialist at Reperio, a Trinidad and Tobago-based language learning company.

To Attract Angel Investors, Caribbean Entrepreneurs Should Think Globally

20 December 2016

How does an entrepreneur catch the attention of an angel investor? Jeremy Bauman, a senior consultant at the World Bank, shares a glimpse into the mind of an angel investor at the launch of LINK-Caribbean, an initiative to improve access to capital for Caribbean entrepreneurs.

Jamaican Start-Ups Share Solutions for Emerging Markets at Slush

21 November 2016

Four of the Caribbean’s top mobile entrepreneurs traveled to Helsinki, Finland, to participate in the Slush Global Impact Accelerator, a two-week program designed to help impactful entrepreneurs from emerging markets accelerate their businesses and attract financing. We spoke with the founders of Jamaica-based start-ups BookFusion and CrimeBot.

Developing the Caribbean Entrepreneurial Ecosystem: EPIC Making its Mark

16 November 2016

As EPIC enters its sixth year, several major milestones have been recorded. “We are steadily strengthening the capacity of business enablers and local angel investors, and increasing the number of investable growth-oriented entrepreneurs,” said Ganesh Rasagam, Practice Manager of the World Bank Group’s Innovation and Entrepreneurship Unit.

Tips for Preparing a Winning Investment Readiness Grant Application from LINK-Caribbean

15 November 2016

In this article, you’ll learn whether LINK-Caribbean’s Investment Readiness Grant is appropriate for your business and how to prepare a winning application.

World Bank and Caribbean Export Launch LINK-Caribbean

28 September 2016

Bridgetown, BARBADOS, September 27, 2016. Caribbean start-up, early-stage and growth businesses now have another means for raising capital.

Newlyweds Follow PitchIT Caribbean Win with Angel Backing

21 July 2016

If he hadn’t claimed that abandoned computer he found while doing construction work, Dwayne Campbell would never have left his chemical engineering track – or developed a hot new digital book-publishing platform.

How to Build a Mentoring Network in the Caribbean

8 July 2016

Accelerate Caribbean’s third professional development webinar focused on how to build effective mentoring networks in the Caribbean. “Don’t forget the diaspora,” said Vimala Palaniswamy, cofounder of Demeter Entrepreneurs Support Network.

From Finance to Training, A Growing Support System for Jamaican Entrepreneurs

5 July 2016

At an Accelerate Caribbean workshop, representatives of the World Bank Group and the governments of Jamaica and Canada discussed how to build a stronger ecosystem to help regional entrepreneurs launch and grow profitable businesses.

Caribbean Angel Investors Discuss Myths, Realities, and the “Granny Test”

25 April 2016

At the Development Bank of Jamaica’s Venture Capital Conference, Nelson Gray discussed the myths and realities of angel investors, necessary tools for pitching, the deal workflow – and a strategy he calls the “Granny test.”

At Green Tech Startup Bootcamp, Jamaican Physics Student Finds Passion in Entrepreneurship

14 April 2016

When Yekini Wallen Bryan returned to school for his final semester in January, the energy and electronics student never anticipated he would soon receive the grand prize in a clean-tech innovation competition.

Green Tech Startup Bootcamp in Jamaica Attracts Promising Young Entrepreneurs

8 March 2016

A large crowd of young clean-tech entrepreneurs brought their ideas and enthusiasm to the first Green Tech Startup Bootcamp in the Caribbean, which was co-hosted by the Caribbean Climate Innovation Center on February 26-28, 2016.

How to Build a Winning Team and Find the Right Business Partners

19 February 2016

Accelerate Caribbean partnered with Marlon Hill, a United States-based lawyer and champion of Caribbean entrepreneurship, to host a webinar on team building, marketing, and brand protection for Caribbean business owners.

Designed to Save Energy for Jamaican Fishermen, a Lamp Saves the Day in Dominica

21 December 2015

New Leaf Power received a grant from the Caribbean Climate Innovation Center to develop a solar-powered lamp and charging device for a remote Jamaican fishing community. One year later, their lamps are lighting the way for disaster relief in Dominica.

At EPIC Workshop, Entrepreneurs and Partners Share Vision for the Caribbean’s Future

10 December 2015

The World Bank Group and the Government Canada held a workshop for Caribbean entrepreneurs and regional partners. The workshop was the first joint event of the Caribbean Climate Innovation Center and Caribbean Mobile Innovation Program.

To Fight Reliance on Imported Fuels, Jamaican Entrepreneurs Develop Climate Smart Solutions

9 December 2015

Harlo Mayne and Dr. Kert Edward, two clean technology entrepreneurs in EPIC’s climate innovation program, presented their hydrogen and solar energy prototypes at the First International Conference and Exhibition on Hydrogen held on November 3 to 4 at the University of Technology, Jamaica.

Caribbean Entrepreneurs Make Waves at Slush

7 December 2015

Jamaican tech entrepreneurs Nichole Crawford and Winnie Dzidonu-Genius traveled to Helsinki, Finland, to pitch their businesses at the Slush Global Impact Accelerator, a nine-day bootcamp for social impact entrepreneurs from emerging markets. The first-ever Global Impact Accelerator was a joint program of the World Bank Group, Ministry of Foreign Affairs of Finland, and Slush.

New Peer Mentoring Program to Fast Track Women Entrepreneurs in the Caribbean

29 October 2015

A new peer mentorship-based program will support high-potential women entrepreneurs in the Caribbean. The eight-month intensive Acceleration Program will provide participants with a wide range of support services to innovate their businesses, improve their competitiveness, and boost their growth. The program will include one-on-one coaching, technical workshops, and opportunities to connect with successful women entrepreneurs.

Get Up, Get Out There, and Do It! A New Motto for Women Entrepreneurs Across the Caribbean

9 October 2015

In the last few decades, women in the Caribbean have made impressive strides to break through the glass ceiling and become successful entrepreneurs. The growing network of peers, mentors, and angel investors has provided women across the region with the tools and resources necessary to launch and grow new businesses.

Profiling Caribbean Women Entrepreneurs

30 September 2015

A new report fills the information gap related to growth-oriented women entrepreneurs in the Caribbean by drawing on various data sources to estimate their numbers and sectors. The report also introduces the challenges Caribbean women face when attempting to grow their businesses.

Accelerate Caribbean Business Incubation Clinic Winners Announced

4 June 2015

Following a 5-week competition and rigorous selection process, Accelerate Caribbean is excited to announce ten business enablers from 7 islands in the Caribbean that will participate in its Business Incubation Clinic during 2015-2016.

Caribbean Coders Win Prizes at Hackathon

26 May 2015

Two mobile developer teams from Jamaica’s University of Technology were awarded the first and second prizes at a Caribbean CodeSprint/Hackathon held in Kingston on May 24-25.

Jamaica Launches First Angel Investor Network, Supported By International Partners

22 April 2015

First Angels Jamaica, a new Jamaican angel investor network, was officially launched today in Kingston. The network is geared towards helping growth-oriented entrepreneurs with capital and mentorship.

Two Top Caribbean Innovators Win Lucrative Science and Innovation Prizes

2 December 2014

Two Jamaican entrepreneurs with connections to infoDev/EPIC’s training and facilitation in the Caribbean, Harlo Mayne and Jovan Evans, have won awards in that country’s 2014 Innovation Awards in Science and Technology.

Climate Innovation Center Awards 11 Caribbean Entrepreneurs With More Than $400,000 in Concept Grants

9 July 2014

The Caribbean Climate Innovation Center (CCIC) – a project of the World Bank and its global entrepreneurship program infoDev – has announced the 11 winners of its first regional Proof of Concept (PoC) competition. The successful applicants will receive grants of up to $50,000 to develop, test, and commercialize innovative, locally relevant climate technology solutions.

infoDev Launches Caribbean Mobile Innovation Program (CMIP)

10 June 2014

infoDev is proud to announce the launch of the Caribbean Mobile Innovation Program (CMIP), to be held at the University of the West Indies Regional Headquarters, Mona, Jamaica on June 10, 2014.

Grow Your Business Workshops Show New Way for Caribbean Women Entrepreneurs to Innovate and Succeed

18 April 2014

A total of 49 women entrepreneurs took part in the three-day workshops, representing growth-oriented and innovative businesses. They underwent intensive training in grow-your-business methodology aimed at strengthening their skill sets, networking acumen and access to mentoring, markets and finance. So far, 100 innovative growth entrepreneurs have been trained since 2013.

Digital Jamming to the Tune of a Tech-Biz Future

6 March 2014

Caribbean students and techies descended on the headquarters of the University of the West Indies at Mona for Digital Jam 3.0 “Get Up, Start Up” on March 1-2. The juried Mobile Apps competition was the culmination of months of preparation by more than 50 teams of young programmers competing for an assortment of prizes, including a top prize of USD10,000.

Caribbean Climate Innovation Center Launches in Trinidad

28 January 2014

The Caribbean Climate Innovation Center (CCIC) – a hub designed to help clean technology ventures transform the region to a low-carbon economy and create green jobs – has launched in Freeport, Trinidad & Tobago. The business hub is now accepting applications for grants of up to $50,000.

Diaspora Investing: The Business and Investment Interests of the Caribbean Diaspora

12 December 2013

A new report by infoDev finds that the Caribbean diaspora is a sizeable, well-educated, and affluent demographic whose large majority is interested in investing in its countries of origin. Supported by the right incentives and policies, diaspora members could play an even larger role in contributing to the region’s development.