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Challenge Works have been appointed to design the criteria for distributing a £20m cash pot for start-up technologies.
The 'Technology Accelerator Programme' aims to help the island make faster progress on its environmental and social goals and close existing technology gaps.
The cash pot comes from a ring-fenced share of the proceeds of JT's Internet of Things (IoT) Division sale to a private equity investor.
While the concept, which was not wholly welcomed by the Government's economic advisers, somewhat mirrors that of the ill-fated Innovation Fund, Ministers pointed out earlier this year that it would have an improved model of governance.
Deputy Alex Curtis, the new Assistant Minister with responsibility for digital technology, said the programme has the potential to be a "hugely important enabler to diversifying Jersey's economy, reducing our dependence on a single sector and solving Island challenges through digital approaches."
He added that it was "crucial that the Technology Accelerator Programme is designed appropriately with robust governance, and in line with strategic aims to ensure it delivers the benefits Islanders expect it to for Jersey.”
Challenge Works, a not-for-profit social enterprise formerly known as Nesta Challenges, was appointed by Digital Jersey to design the 'Technology Accelerator Programme' following what was described as a "competitive" procurement process.
They said they would work alongside Digital Jersey, Government and Scrutiny to ensure the project meets the aims of the wider community.
The Challenge Works team are in Jersey this week visiting the Digital Jersey team and other stakeholders to start the programme design.
Challenge Works Director Chris Gorst pledged that, through, "working closely with Digital Jersey and the local community, we will design a programme that delivers real, tangible value for Jersey’s businesses, residents, and the wider economy.”
Digital Jersey CEO Tony Moretta said the programme will "open the doors to a more prosperous and productive future."
"Jersey is abundant in entrepreneurial ambition, and Challenge Works will help us to design a programme that understands and utilises all this potential, putting our island on the map as the talented, diverse and ambitious community we are," he added.
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