National Business Model Competition Returns In April

Following a two-year break due to the coronavirus (COVID-19) pandemic, the National Business Model Competition (NBMC) for tertiary institutions will return for the seventh staging in April.

The annual competition, jointly staged by the Development Bank of Jamaica (DBJ) and Private Sector Organisation of Jamaica (PSOJ), seeks to encourage entrepreneurial activity among tertiary students and increase collaboration between the private sector and academic institutions.

The 2021/22 renewal was formally launched during a semi-virtual ceremony on Monday (March 14).

Fifteen teams representing five institutions, including the campus competition winners, will vie for cash prizes totalling approximately $4 million in the semi-finals and final on April 7 and 8, respectively.

The institutions are University of the West Indies (UWI) and University of Technology (UTech) Jamaica, which have entered four teams each; Edna Manley College for the Visual and Performing Arts (EMCVPA) – two teams; and newcomers – the University of the Commonwealth Caribbean (UCC) – three teams; and the College of Agriculture, Science and Education (CASE) – two teams.

Their entries are largely technology-focused or enabled, covering areas such as mobile services, agri-tech, and financial technology (fintech).

Long-standing participant, Northern Caribbean University (NCU) opted out of this year’s competition due to exigencies arising.

The winning team will cop $2 million, with $1 million going to the first runner-up, $500,000 to the second runner-up, and $200,000 to the third runner-up, while the winning university will pick up $300,000.

A series of activities and events will also be held for the participants over the next three weeks, in preparation for the semi-finals and final.

In his remarks, DBJ Managing Director, Milverton Reynolds, said the last two years have been challenging, consequent on COVID-19, noting that “they have stretched our resolve [and] tried our patience”.

“It has been rough. But we are a strong people, and we are committed to work on the students we have been entrusted with moulding. We have emerged resilient and spirited… more than ever,” he added.

Mr. Reynolds said the NBMC is intended to bring together “the great minds of the students enrolled in these institutions, so that they may conceptualise business ideas and designs and then test these using the business model canvas”.

He emphasised that all the DBJ’s partner stakeholders deserve “full credit” in the quest to prepare Jamaica’s future leaders and entrepreneurs.

These, he pointed out, include the campus coordinators and sponsors of this year’s renewal.

The sponsors are PanJam Investments/CB Facey Foundation; Musson Foundation; Scotiabank Jamaica; Burger King; Sagicor Jamaica; GK Capital Management; Delta Capital Partners; and Blueprint Consulting.

“We thank you for your continued support and involvement in all our endeavours. [By your] continued support [of] this initiative over the years, you also support our budding entrepreneurs and the development of the Jamaica economy,” Mr. Reynolds said.

Congratulating the participating teams, he expressed the hope that this year’s competition “will be as or even more exciting than the ones we have had in the past.”

For her part, PSOJ Executive Director, Imega Breese McNab, said the organisation is “truly excited” to play its part in cultivating the establishment of more creative local enterprises.

This, she noted, by providing technical assistance in the competition’s execution this year.

“We are also committed to the relationships being forged between corporate Jamaica and the universities through this seminal initiative,” the Executive Director added.

Mrs. Breese McNab also acknowledged the institutions’ tireless preparations for the competition over the past year, noting that “it has been rough, very unusual and unprecedented conditions”.

“But we Jamaicans are resilient and always find creative ways to get the job done. [So] we are looking forward to this year’s staging, and we can’t wait to see our universities’ brilliant minds on display,” she added.