Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) Mobile Innovation Project under EPIC (P132570) LATIN AMERICA AND CARIBBEAN | Caribbean | Finance, Competitiveness and Innovation Global Practice | Recipient Executed Activities | Investment Project Financing | FY 2015 | Seq No: 2 | ARCHIVED on 05-Apr-2018 | ISR31512 | Implementing Agencies: Key Dates Key Project Dates Bank Approval Date:10-Jul-2014 Effectiveness Date:17-Jul-2014 Original Closing Date:30-Nov-2017 Revised Closing Date:30-Nov-2018 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Caribbean Mobile Innovation Project (CMIP) aims (1) to strengthen the Caribbean mobile innovation ecosystem and (2) to enable sustainable and competitive mobile enterprises to grow. Has the Project Development Objective been changed since Board Approval of the Project Objective? No PHRPDODEL Components Name Overall Ratings Name Previous Rating Current Rating Progress towards achievement of PDO  Moderately Unsatisfactory  Moderately Satisfactory Overall Implementation Progress (IP)  Moderately Unsatisfactory  Moderately Satisfactory Implementation Status and Key Decisions There have been positive improvements towards achieving the project targets, including disbursement ones, which is the basis of upgrading project ratings to 'Moderately Satisfactory'. The Caribbean Mobile Innovation Project entrepreneurs have commercialized over 50 products and have achieved a cumulative total of USD 669,166 amount of investments raised and USD 526,478 of additional sales revenue. In addition, 92% of the entrepreneurs have been satisfied to extremely satisfied with the project services, according to a satisfaction survey conducted by UWI Consortium to three cohorts of the mobile app competition entrepreneurs. Currently the project is focusing on ensuring the sustainability of the services, and UWI Consortium is taking steps to incorporate several project activities and assets into a highly strategic innovation and entrepreneurship initiative 4/5/2018 Page 1 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) for the University of West Indies, which will mobilize both internal and external resources.. Risks Overall Risk Rating Risk Category Rating at Approval Previous Rating Current Rating Overall  --  Substantial  Substantial Comments Although the likelihood of being able to achieve most, if not all, of the targets, the long term sustainability of the activities is a substantial risk, which is the main reason why overall risk rating was changed from the initial 'Moderate' to 'Substantial', and is also been maintained at this stage. The sustainability is highly dependent on the capacity of the implementing agency to secure the political and financial backing of UWI senior management, after completing the integration of the project into the UWI Innovative Ventures structure. Actions to mitigate this risk have been explained in the Key Issues section. Results Project Development Objective Indicators PHINDPDOTBL IT/ITES Revenue (US$) (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 387,023.00 526,874.00 750,000.00 Date 17-Jul-2014 30-Sep-2017 28-Feb-2018 30-Nov-2018 Comments There has been a positive trend with IT/ITES Revenue by project beneficiaries. Given the trend continues, there is a good likelihood that the project will achieve the end target. PHINDPDOTBL IT/ITES Employment (number of people) (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 80.00 466.00 416.00 4/5/2018 Page 2 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments The project has exceeded the end target to IT/ITES employment. PHINDPDOTBL Investment Raised (Amount(USD), Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 523,666.00 669,166.00 500,000.00 Date 17-Jul-2014 30-Sep-2017 28-Feb-2018 30-Nov-2018 Comments The project has exceeded the Investments Raised end target. PHINDPDOTBL Sustainable startups created (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 62.00 24.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments The project has exceeded the sustainable startups created end target. Overall Comments There is a positive trend with achieving the PDO-results by the end of the program. Out of four indicators, three have achieved the end target, and the last one (IT/ITES Revenue) is likely to be achieved given the beneficiary firms are able to maintain the positive momentum on sales. Intermediate Results Indicators 4/5/2018 Page 3 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) PHINDIRITBL Startup teams receiving services (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 266.00 283.00 100.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments The project has significantly exceeded the end target of servicing 100 startup teams. At this stage the actual result is likely to remain the same, given the focus on completing current activities and then integrating the services under UWI Innovative Ventures structure. PHINDIRITBL Level of satisfaction by startups of CMIP services (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.00 92.00 75.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments Current measure is based on the satisfaction survey done at the start of the FY18. Final survey will be conducted in Q1 FY19, which will determine the final result. PHINDIRITBL Applications received through mobile competitions (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 513.00 732.00 400.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments The project has exceeded the end target of receiving 400 applications through mobile competitions. 4/5/2018 Page 4 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) PHINDIRITBL CMIP Reaching financial sustainability targets (Percentage, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 0.05 0.05 25.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments The grantee is mainstreaming several project assets into a broader framework within the university. The final rating will be based on the results of the project mainstreaming, and as this is atypical solution, the Task Team will work closely with M&E specialists to determine how best report the actual result. This will be done when the integration has been completed. PHINDIRITBL mHubs established by CMIP (Number, Custom) Baseline Actual (Previous) Actual (Current) End Target Value 0.00 4.00 4.00 4.00 Date 17-Jul-2014 30-Jun-2017 28-Feb-2018 30-Nov-2018 Comments mHubs established during the project are located in Barbados, Dominica, St. Kitts & Nevis, and Trinidad. Overall Comments All but one intermediate-level results targets have been achieved and the team expects the satisfaction level by startups of CMIP services to remain over the target. The financial sustainability result is also achievable if the integration of activities is completed successfully. Data on Financial Performance Disbursements (by loan) Project Loan/Credit/TF Status Currency Original Revised Cancelled Disbursed Undisbursed Disbursed P132570 TF-17431 Effective USD 1.50 1.50 0.00 1.42 0.08 95% Key Dates (by loan) 4/5/2018 Page 5 of 6 Public Disclosure Copy Public Disclosure Copy The World Bank Implementation Status & Results Report Mobile Innovation Project under EPIC (P132570) Project Loan/Credit/TF Status Approval Date Signing Date Effectiveness Date Orig. Closing Date Rev. Closing Date P132570 TF-17431 Effective 17-Jul-2014 17-Jul-2014 17-Jul-2014 30-Nov-2017 30-Nov-2018 Cumulative Disbursements Restructuring History Level 2 Approved on 30-Nov-2017 Related Project(s) There are no related projects. 4/5/2018 Page 6 of 6 Public Disclosure Copy