Overview and Details: Innovation and Technology Challenge  

Objective:

To highlight innovative ideas and/or new technology developed in the Caribbean energy sector and bring them to the attention of a wide audience.

Description:

The competition is designed to allow people to showcase innovative ideas and new technology before an audience of industry leaders.   Applications will be assessed by a review panel of experts and the best five submissions will be presented at the Trinidad & Tobago Energy Conference 2024 on January 23rd, 2024.  After the presentations, the review panel will provide comments on each submission and the Conference audience (in-person and virtual) will then be invited to vote on the best submission.  The winning submission will receive an award and be specially highlighted in Energy Chamber publications, on our website and via our social media platforms.

The Innovation and Technology Challenge has been developed in response to requests from smaller member companies about the difficulty that they sometimes face in presenting innovative ideas or concepts to the leadership of potential customers.  The Energy Chamber has decided to open the Challenge to teams from the Caribbean to promote regional integration within the energy services sector. 

Criteria for entry:

The competition is open to any individual, project or team in any Caribbean country. 

The innovation must relate to the energy sector but could relate to oil or gas, renewable energy projects, petrochemicals, fuels (including biofuels) electricity generation and distribution or energy efficiency.   Innovations could include changes to business or management processes used within energy sector companies, but also applied elsewhere.

Submissions could be either proposed changes to physical energy systems or innovative changes to management, business, or operational systems.  The innovation does not need to involve the development of a physical product or tool and could include a change to management systems, or the use of digital technologies to improve management, problem solving or ways of working.

The technology or innovation does not yet have to be commercially implemented, but there must be at least an experimental proof of concept or preferably a pilot application of the innovative system or new technology in a relevant environment.

Submissions can come from any sector, including from teams working on technology development within small, medium, and large companies, including multi-national or foreign-owned companies operating in the region.  Applications from teams working within academic institutions would also be welcomed.

Submissions should be innovations and not simply the application of technologies developed in another part of the world and then implemented in the Caribbean. Submissions could, however, include an innovative application of an established technology or the enhancement of an existing practice or system.

The technology or innovation must have been developed within the past 24 months and shown significant progress towards application during this timeframe.

Criteria for judging:

• - Does the technology or innovation solve a clearly defined problem?

• - Can the technology or innovation be commercially implemented? Have the developers worked out costs of development and the commercial returns that could be generated?

• - Does the technology or innovation have a clear potential market, and can it be scaled-up?

• - Has the technology or innovation been validated in a relevant environment?

• - What is the potential impact of the technology or innovation, including:

• - Efficiency gains or cost savings

• - Revenue generation potential and export earning

• - Safety and environmental performance

• - Does the technology or innovation reduce carbon emissions, and can these be quantified?

Application and judging process:

Before midnight on December 1st, 2023, applicants should complete the online application form and submit a one-page concept note and supporting documents.  

Submission will be judged by a panel of experts.  Teams may be asked to provide additional information or clarifications and to attend a virtual interview.

A maximum of five submissions will be shortlisted and invited to present at the T&T Energy Conference on January 23rd, 2024.

Shortlisted teams will be assigned a reviewer who will provide feedback, advice and coaching on the presentation to the Conference delegates.

Live voting will take place at the event after the presentations and the winner will be announced at the T&T Energy Conference.

Potential applicants are invited to complete the application form below and submit to innovation@energy.tt

Note:

Two individuals from each (shortlisted) team will be provided with complimentary registration for the T&T Energy Conference 2024 (all-access pass).  Unfortunately, we are not able to cover travel or accommodation costs.