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IDB seeking to boost creative industries

The Inter-American Development Bank (IDB) is inviting Bahamians and citizens of its other 47 member countries to engage in a new challenge to boost the cultural and creative industries, called “Orange Innovation”.

IDB Lab, the bank’s innovation and creativity division, will “select and finance proposals of up to $500,000 from entities with the best and most innovative business models using cutting-edge technologies in some sectors of the orange economy”.

Bahamian technology company PO8 won the Creative Business Cup Award at the Inter-American Development Bank’s (IDB) Demand Solutions event in Chile in December. The company is led by Bahamian Matthew Arnett and co-founder Raul Vasquez.

IDB Lab will use the winning business model to support implementation in nine countries: Belize, Costa Rica, El Salvador,

Guatemala, Haiti, Honduras, Nicaragua, Panama and the Dominican Republic.

“The challenge is open to entities in the 48 member countries of the IDB, and the proposals must have proven economic and social impact in the subsectors of the orange economy such as audiovisual, digital arts, animation, video games, multimedia applied to the publishing industry, support services for digital content, film, music industry, fashion, design, tourism, cultural heritage and gastronomy, as long as the solution is a technological one,” a release on the matter stated.

“The entities eligible to participate include entrepreneurs, startups, NGOs (non-governmental organizations), businesses, academic institutions, research institutes, social enterprises, public innovation institutions or similar entitles that specialize in and have knowledge of developing business models based on cutting-edge technologies for the creative industries.”

Specialized leader at the IDB Alejandra Luzardo said while the challenge is open to all member countries, the proposals should “originate in or be implemented with a local partner of the nine countries”.

The release notes that the proposals must be submitted by July 31 in either the grants or innovation prototypes categories.

“The selected proposals will be considered by IDB Lab for project implementation with donations of to $500,000,” states the release.

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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