Sargassum crisis has caught Caribbean governments on the wrong foot. After struggling with it for 13 years now, only cosmetic solutions have been provided.
Authorities have become efficient at collecting algae in the open sea and quickly removing them from beaches so tourists don’t see their perfect Instagram pictures ruined. But it’s about time to take a step further.
The innovation laboratory of the Inter-American Development Bank Group (IDB Group) has joined other agencies to finance entrepreneurs, start-ups, corporations, academic institutions and non-profit organizations that can create innovative tech solutions to get rid of the sargassum problem for good.
The initiative, which seeks to make the most of the biomass, has been named “the Sargassum Innovation Quest” and is ready to provide successful candidates with $300,00 to $500,000.
Proposals must reflect innovative tech solutions to collect and transform sargassum into an asset that has the potential to benefit ecosystems and become a profitable business.
“Innovation and technology can provide real solutions for the collection, treatment and transformation of sargassum into raw material and turn this environmental challenge into opportunities for industries in the Caribbean and Mexico,” said César Buenadicha, head of IDB Lab’s Discovery unit.
“With this initiative, we seek not only to mitigate the environmental and economic impact of sargassum but also to boost the economic development and resilience of our region.”
How to Participate in This Program
If this sounds like an interesting business opportunity for you or your company, here are two important elements you’ll need to consider.
- Your tech proposal must be “already proven at an experimental level.” It must also be able to demonstrate capacity to create a major impact in economic and social sectors, as well as being scalable.
- Your business idea may “range from efficient collection to the transformation of sargassum into value-added products.” It should also include sargassum arrival predictably models to streamline its collection and transformation into commercial products.
Eligible Candidates
Not everyone’s invited. Only candidates from these 17 countries are eligible to participate. Exceptions apply.
Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Dominican Republic, Grenada, Guyana, Jamaica, St. Lucia, St. Kitts and Nevis, St Vincent and the Grenadines, Suriname, Trinidad and Tobago, Haiti, Honduras and Mexico.
Organizations or individuals located in other countries can be considered if they are affiliated with the IDB and can legally carry out business in the above-mentioned nations.
Deadline
Interested start-up owners, entrepreneurs and institutions can submit their proposals from July 16 to August 31. Winners will be announced in October 2024.
Why is It So Important to Fix the Sargassum Issue?
According to a report by The Guardian, in 2023 sargassum in the Caribbean forced schools to shut down due to the presence of toxic gas; some countries underwent power outages; and even diver Elías Poling drowned while trying to fix a sargassum-related problem in the Dominican Republic.
Large sargassum influx has negatively impacted the tourism and fishing economies. Countless beaches across the Caribbean have been “out of business” due to the constant algae arrival and removal increasing operational costs, not to mention the environmental impact on marine ecosystems.