The CARIRI Idea Advisory Service, inspired by the Danish Technological Institute’s model, aims to bridge the gap between innovative ideas and market demands in Trinidad and Tobago, with plans to expand throughout the Caribbean. This service helps innovators validate their ideas and navigate the journey to market, offering two main commercialization pathways: through business startups, supported by CARIRI’s Business Hatchery Programme, or via licensing, where innovators partner with established companies to bring their ideas to market in exchange for royalty payments.
The service helps innovators align their ideas with market demands and establish a solid business foundation.
It offers two commercialization routes: an entrepreneurial training program and a licensing option to collaborate with established firms.
Aids entrepreneurs in Trinidad and Tobago and the wider Caribbean to market their innovations.
CARIRI’s Idea Advisory Service is an initiative to encourage innovation and to assist persons with taking their idea to market. The Danish Technological Institute who has been providing this service in Denmark for the past forty-three years has trained a team from CARIRI with varying backgrounds and capabilities to execute this service in Trinidad and Tobago. CARIRI’s IAS has tailored their model to suit the needs of our economy and eventually the rest of the Caribbean.
Many great ideas are not commercialised because of a disconnect between the idea, what the market wants and how the market evaluates the product or service. The Idea Advisory Service seeks to close this gap by working with innovators to assess the facts and assumptions surrounding their ideas. Once proof of business has been established, there are two pathways to commercialisation either via business start-ups or licensing.
Business Startups: At CARIRI, our Business Hatchery Programme is an intensive three (3) month programme that focuses on training entrepreneurs on the fundamentals of running their own business. For further information on this programme, please visit <a href=”http://www.cedcariri.com/hatchery#thehatchery”>our cedcariri website for more information</a>
Licensing: The second option of licensing enables anyone who is willing to be creative, dynamic and daring to exploit the expertise of an existing company, regarding market experience, distribution channels and manufacturing to commercialise your ideas. You, the innovator, trade the risk associated with starting a company for a royalty payment.