AMMAN — The Jordan Enterprise Development Corporation (JEDCO) on Wednesday accepted 10 Jordanian inventors into the "Transforming Invention Models into Commercial Projects — Commercialisation” Programme, which was launched earlier this year.
Minister of Industry, Trade and Supply Tareq Hammouri said in his speech during the online meeting that this programme aims to encourage pioneers and entrepreneurs to invent by converting their invention models into production projects that are economically feasible, according to a JEDCO statement.
It is geared to help participants register the intellectual property of their inventions at the Ministry of Industry and Trade and Supply, offer new creative products with high added value and high growth opportunities that meet the needs of the local market, establish new economically feasible projects with high growth opportunities and create new jobs.
"The programme also aims to encourage pioneers on national linkages and integration with value chains such as the use of production lines of other companies, the production of complementary products that solve sectorial problems, and motivate inventors to invent commercial products and focus on the commercial side before the production side," the minister said according to the statement.
JEDCO CEO Bashar Al Zu’bi said that the corporations received 33 applications to benefit from the programme by providing financial grants on a competitive basis targeting 10 projects, up to JD40,000, of which JEDCO’s contribution is 90 per cent, with a total budget of JD400,000 for the programme.
Zu’bi added that the applications were evaluated administratively and technically. Seventeen projects were selected to participate in a training programme virtually, which was implemented in two phases.
The first phase aimed at enabling participants to prepare action plans for their projects based on international best practices and using the Kauffman FastTrac programme. During the 30 training hours, participants were provided with a detailed guide and models to prepare realistic and applicable action plans, the statement said.
The second phase focused on training the participants and guiding them on how to prepare for presenting their projects to investors over 12 training hours. The technical guidance service was provided by local expertise and a review of the work plans prepared by the projects' owners separately for privacy purposes.
JEDCO received the work plans from the projects' owners, and evaluated these plans through a specialised technical committee, which had conducted personal interviews with them, a physical examination of the inventions, and made a comparison between the projects and then selected the best 10 projects to be granted JD40,000.
Zu’bi added that it is expected that these inventors will be able to transform their inventions from models into commercial projects with economic feasibility, and create 80 jobs for the 10 projects within three years, and achieve sales of JD12.8 million.
He pointed out that the projects were from several sectors, including electricity generation from wind energy and solar energy, the production of organic fertilisers, manufacture of auto parts, recycled plastics, industrial machinery, engineering industries, electronic waste processing in addition home vertical farms.
Zu’bi appreciated the efforts of JEDCO's strategic partners in implementing this programme in Innovative Startups and SMEs Fund and the Commercialisation Office at the Royal Scientific Society "IPark" and Impact MENA.
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