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WHO IS IT FOR?

The Challenge is inclusive in its base of possible participants, such as scientists or entrepreneurs who have made discoveries from
Barbados’ plants or have the capacity to make discoveries.

The

Challenge

The Phyto-Innovation Challenge is an initiative to encourage the creation of innovative products from Barbados’ plants. It is intended to foster the development of solutions that can promote health and wellness. Particular focus is being given to healthy aging or well-aging, treating non-communicable diseases (NCDs) and elderly care and concerns, as local and global needs for solutions and alternatives in these areas increase.

Our solution is to develop products, commercialize solutions, develop capacity and expand Barbados’ basket of export goods. The focus is on identifying compounds and groups of compounds (existing and new) within extracts (e.g., essential oils), simple solutions (e.g., powders) or products (e.g., a product that has a specific effect).

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Deadline for entries: February 17th, 2023

Why

Phyto-Innovation?

Historically, local plants such as aloe vera, bay leaf, ginger and turmeric, have been used to remedy ailments and diseases. Globally, sustainable and scalable opportunities from plants continue to be explored.

Plant-derived solutions for health and wellness have potential economic value for our country. The global wellness economy was valued at US$4.4 trillion in 2020. Additionally, the International Trade Centre (ITC) ranks “Medicaments mixed or unmixed for retail sale” as #12 in export potential for Barbados and #1 in strongest demand potential for Barbados.

The

RESEARCH & ANalysis

Research indicates that some locally grown plants have beneficial, therapeutic and medicinal properties. It has also emerged that not enough effort has been extended to explore plant-derived solutions and products, commercialize benefits or develop effective value chains.

The Phyto-Innovation Challenge is where business meets nature. Export Barbados (BIDC) will support the development of these plant-derived solutions to solve problems related to health and wellness.