$4 Million Up For Grabs in National Business Model Competition

Entrepreneurial teams from four tertiary institutions will compete for $4 million in cash prize in the National Business Model Competition (NBMC).

The fourth staging of the competition, aimed at promoting the development of innovative enterprises in Jamaica, will take place at the Knutsford Court Hotel, New Kingston from March 23-24.

The participating tertiary institutions are the Northern Caribbean University (NCU), University of the West Indies (UWI), Edna Manley College of the Visual and Performing Arts and the University of Technology (UTech).

In addition to creating an entrepreneurial venture, the winning team will have the opportunity to represent Jamaica at the International Business Model Competition (IBMC) in California in May.

The NBMC is organised by the Development Bank of Jamaica (DBJ, through its Jamaica Venture Capital Programme and the Private Sector Organization of Jamaica (PSOJ).

Managing Director of the DBJ, Milverton Reynolds, in his remarks at the launch held at the entity’s Oxford Road offices on January 19, said the competition has become a highly anticipated event for the participating institutions.

He said the collaboration between the universities in the training of student entrepreneurs has been integral in the successful execution of the competition.

For her part, Coordinator of the Jamaica Venture Capital Programme, Audrey Richards, noted that the competition promotes the innovative thinking of students and hones their entrepreneurial skills.

“Students and the wider community are all exposed to innovative ideas and the universities have the opportunity to showcase their entrepreneurial activities and attract support,” Ms. Richards said.

The prize for the NBMC is sponsored by Chairman of the ICD Group of Companies, Joseph Matalon; and Paul Ahlstrom of Alta Ventures Group, located in Utah, United States.

The IBMC will be held on May 11 and 12 at the Computer History Museum in Mountain View, California, which is the heart of Silicon Valley.

At the international competition, teams from universities and business schools across the globe will compete for a cash prize of US$30,000 and the prestigious IBMC Trophy.