Government, through Export Barbados (BIDC), is currently ‘building out’ an Ocean Economy portfolio which will see the development of a sea moss industry and a wave energy project.
Speaking at the closing ceremony for the Ocean Innovation Challenge 2022 recently, Minister of Industry, Innovation, Science and Technology, Davidson Ishmael, explained that both initiatives were significant pilot projects which were being executed “as we speak”.
“[In terms of the sea moss industry], we anticipate that we can create value-added products beyond the traditional sea moss drinks; exploring such products as nutraceuticals and health and wellness products. [There is also] a wave energy project in conjunction with a firm from the Netherlands with expertise in wave energy. This project is aimed at exploring a new clean source of energy in keeping with the government’s vision for significantly reducing dependency on fossil fuel by 2030,” Mr. Ishmael stated.
He further added that Government was advancing plans to explore opportunities in ocean energy and was looking at areas such as the production of hydrogen, ocean thermal energy conversion and the conversion of Sargassum seaweed into biofuel.
In addition to energy, the Industry and Innovation Minister emphasised the need to support businesses interested in areas such as mariculture development, sustainable fisheries, marine biotechnology, waste management and data collection.
He noted this was why the Ocean Innovation Challenge 2022 was important. The challenge was staged by Export Barbados (BIDC) and Compete Caribbean. It was one in a series of National Innovation Challenges which encouraged and facilitated innovative solutions to meet real market challenges that can be converted into commercially viable products and services.
Three businesses were selected for financing during the challenge for their innovative projects, “Digifish” of Blue Shell Productions Ltd., “The Blue Bot Project” of Bajan Digital Creations Inc. and “Skeete’s Bay Market” of West Point Culinary Inc.
They focused on artificial intelligence software for data capture and analytics of marine data; as well as a cross-sectoral project linking agriculture, mariculture and tourism.
The companies will receive up to US $100,000 in technical assistance grants to cover a maximum 75 per cent of the total budget necessary to implement the projects successfully. The firms will finance the remaining 25 per cent of the project budget through cash and in-kind contributions.
Technical assistance will include, but is not limited to, research and development support, product development, marketing, and the technical interventions required to bring commercially sound, sustainable, and innovative products and services to the market.
In congratulating the winners, Minister Ishmael said Government would continue its efforts to support and assist Barbadian-owned or led businesses (in the case of partnerships), in their efforts to provide products and services that capture the imagination and attention of buyers and consumers at home and internationally.
He implored the winning companies to take their “innovative and creative thinking” to the next level of product development and testing.
“…Now more than ever, in these formidable times, there is a critical need to pool resources and energies towards common goals, and in this case particularly, towards the achievement of the United Nations Sustainable Development Goals No.14, to ‘conserve and sustainably use the oceans, seas and marine resources for sustainable development,’” Mr. Ishmael underscored.