The AMBER UTECH Launchpad, the Amber Group’s (Amber) startup incubator-esque initiative that promises to support 100 startups in 1000 days is now officially open to accepting applications.

The initiative, launched in partnership with the University of Technology Jamaica, (UTech), aims to further develop Jamaica’s technological and entrepreneurial ecosystem.

Amber Group CEO Dushyant Savadia says he remembers the challenges he personally faced in the early days of Amber in 2015 and the general difficulty of starting a business in Jamaica.

“I don’t want others to suffer what I went through; how hard it was to start a business in Jamaica. It is difficult. If you go to a bank they might almost ask for your blood sample too before you get a penny,” said Savadia.

The World Bank says success and prosperity in developing nations rests on supporting small businesses financially with technology-based business solutions.

Speaking at the launch event at UTech on Wednesday, March 6, Sagicor Group President and CEO Christoper Zacca lauded the initiative as being in line with Sagicor’s wish to modernise and digitally transform Jamaica and provide financing for startups and SMEs.

“The Amber Utech Launchpad is important for us at Sagicor as we know and appreciate the fact that the development of small and medium enterprise businesses plays an integral role in our economy and generates thousands and thousands of jobs for Jamaicans,” said Zacca.

The Sagicor CEO explained that since 2019, the company has invested close to $400 million in creating customised small and medium enterprise (SME) plans, products, grants, the Sagicor Innovation Lab, and training sessions island-wide.

The Sagicor Innovation Lab at UTech employs cloud computing and other technologies to foster student teams working on projects in extended reality, artificial intelligence, digital payments, and biometrics.

“Modernising our education system with technology is paramount to preparing our youth for the opportunities and challenges of the future. I commend you for following us in terms of supporting Utech and the young people of Jamaica, and I urge other businesses and visionary leaders such as yourself to join us to further invest in our youth and to support Utech and other universities in Jamaica.”

Applications for the launchpad are open until April 6.

For further information visit: https://myambergroup.com/