Supporting Innovative Business Ventures
There are a number of potential sources of public financial support from the Government that is available for successful proposals. We are fostering an innovative attitude that encourages new development and fresh thinking in the Cook Islands. The following initiatives provide a blueprint for realistic, achievable growth and economic development in our community.
SMART Economy Initiative
Supporting Innovative ICT Commercial Ventures
The Government, through the Ministry of Finance and Economic Management has developed a policy on supporting businesses to move into the digital economy by encouraging the use of technology to increase productivity and efficiency. This support comes in the form of grant funding of a minimum of $25,000 and a maximum of $100,000 or tax credits.
Application for this funding started from 1 July 2020. The application process has a two stage approach. The first is a Concept Note where ideas will be expressed in no less than two pages. Applicants may be given an opportunity to present their ideas to the Panel in person after submission of the concept note in writing.
If the Panel approves your concept note, you will then be invited to proceed to the second stage. The second stage is a Full proposal where ideas need to be expanded out in full with activities, financial implications, social and economic impacts and many other factors are further articulated. If you are successful with your application, you will be required to sign a Grant Funding Agreement (GFA) before funds are dispersed. Funding for this initiative will be drawn from a funding pool of $2m with an additional cost of $25,000 for administrative costs.
Smart Initiative Grant Approved
The Ministry of Finance and Economic Management (MFEM) is pleased to announce that the Government’s SMART Economy Scheme has funded a new ‘virtual marketplace’ for Cook Islands black pearl and contemporary art. The launch of Bergman & Sons’ Cook Islands Black Pearl and Contemporary Art Virtual Initiative was celebrated in the month of October 2020 at the Bergman Gallery’s first fully online exhibition.
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SMART AgriTech Scheme
A smarter, more efficient and profitable agricultural sector
Utilising technology as a tool to transform the agriculture sector to improve agriculture production and sustainability, as well as processing capabilities is more important now than ever. Through this initiative, government aims to foster innovation by encouraging the development and adoption of more innovative and productive technologies across the agricultural supply chain. Transforming mindsets to achieve this also requires complex investments in human and technological capacities to realise sustainable benefits.
This initiative will provide grant funding to support investment in smart, productivity-enhancing agritech and equipment to improve the commercial viability of agricultural businesses and the economic sustainability of the agricultural sector.
Transforming mindsets to achieve this also requires complex investments in human and technological capacities to realise sustainable benefits. This initiative will provide grant funding to support investment in smart, productivity-enhancing Agritech and equipment to improve the commercial viability of agricultural businesses and the economic sustainability of the agricultural sector. The Government is introducing the SMART AgriTech Scheme (AgriTech) that will provide grant funding to commercial farmers and/or agribusiness ventures to encourage investment in technology and smart processes to improve yield, efficiency and profitability across the agricultural value chain.