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SCIENCE AND ENGINEERING ENTREPRENEURSHIP DEVELOPMENT (SEED) FUND
Prof. Cardinal Warde (MIT)Interim Executive Director
of the
Caribbean Science Foundationhttp://caribbeanscience.org
II INTER‐AMERICAN DIALOGUE OF HIGH‐LEVEL MSME AUTHORITIES Public Policies to Enhance the Competitiveness, Innovation and Internationalization of MSMEs
New Orleans, September 10, 2012
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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
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)
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Areas of Need
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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
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.
Creation of the CSF
http://caribbeanscience.org5
FundingTechnical Expertise
Business ExpertiseCollaborations
UniversitiesEntrepreneurs Schools Other Ed. Inst. Gov.’s of Region
Funding& Advice
AdvisoryRole Only
NGOs & Found.’s Individuals Gov.’s of Region Diaspora Gov.’s
Future CADSTIInitiatives
CADSTI–City A
CADSTI–City B
CADSTI–City C
CADSTI–City D
SCIENCE
FOUNDAT ION
CARI
BEAN
B
SCIENCE
SCIENCE
FOUNDAT IONFOUNDAT ION
CARI
BEAN
BCA
RI
BEAN
B
CaribbeanDiaspora
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
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CSF Representatives
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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 populaceMobilize youth in the country, and carry out activities related to Science, Technology and InnovationOrganize CSF sponsored events in their countryMake linkages for the CSF to the political, educational and business communities in the countryAssist with fund‐raising in their countryReport on the science, technology and innovation initiatives in their country to the CSF Board
Technology Search
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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.
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 proof‐of‐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 corporate capital in the Diaspora 10
Service to Entrepreneurs
SCIENCE AND ENGINEERING ENTREPRENEURSHIP DEVELOPMENT (SEED) FUND
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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
Project Funding Model
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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
Who Can Apply
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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
Project Funding Decisions
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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.
Building the SEED Fund
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CSF looking primarily outside the Region for proposal and partnership opportunities with: DiasporaWorld BankIDBOASEU; EU‐ACPUNESCODFID (UK Dept. for Intl. Development)CIDA (Canada)CSIR (Canada)US State Department
Donor Year 1 Year 2 Year 3 Year 10
International Agencies/Organizations
50% 50% 50% 30%
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%
Anticipated Funding Breakdown
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Sustainability Model
Dias. Orgs.
Dias. Govs.
Other Orgs.
NGO’setc.
Indiv. (Angels)
Carib. Govs.
Carib. P‐Sect.
CSF
Co. A Co. B Co. C Co. D Co. E Co. F Co. G
Successful Company B
Successful Company F
Return on Investment
Return on Investment
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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)
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SPISE Students
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Students (ages 15 ‐17) from Barbados, Belize, Jamaica, St. Kitts and Nevis, St. Lucia, Trinidad & Tobago
2012 SPISE Student Project Demonstrations
2012 CSF Workshop
“Stimulating Innovation and entrepreneurship inScience and Engineering within the Caribbean”
Second Annual Workshop of the
The Caribbean Science FoundationOctober 5 ‐ 6, 2012
Grenada Grand Beach Resort, St. George’s, GrenadaRegister at http://caribbeanscience.org or http://cadsti.org
warde@mit.edu
Caribbean Science Foundationhttp://caribbeanscience.org
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Caribbean Diaspora for Science, Technology and Innovation
http://cadsti.org
Next “Google” could start in the Caribbean!!
Summary