Fourteen teams of student entrepreneurs at the tertiary level will compete for cash prizes of up to $4 million and an all-expense paid trip for the winner to represent Jamaica at the International Business Model Competition (IBMC).
The announcement was made at a Press Briefing held Monday, February 12 to give details of the 5th Staging of the annual National Business Model Competition (NBMC) to be held on March 22 and 23.
The student teams that will be competing are from Jamaica’s major local universities: Edna Manley College of the Visual & Performing Arts (EMC); Northern Caribbean University (NCU); University of Technology (UTECH); and University of the West Indies (UWI).
The Development Bank of Jamaica (DBJ) through its Jamaica Venture Capital Programme (JVCP) and the Private Sector Organization of Jamaica (PSOJ) provide technical support and leadership for the National Business Model Competition.
The NBMC gets strong financial support from corporate Jamaica including; GK Capital Management, Musson Foundation, NCB Foundation, Pan Jam Investment, PetroCaribe Development Fund, Restaurants Associates (Burger King), Sagicor Group, and Scotiabank Jamaica.
The Multilateral Investment Fund (MIF) at the Inter-American Development Bank (IDB) has been a strong proponent of the competition since inception.
Judges from the private sector will select the winner over two days of competition (March 22-23), which will be held at the Knutsford Hotel.
Business modeling is a management tool that is geared at reducing the failure of startups it differs from the static business plan and focuses on interacting with potential customers to gain their feedback, then pivoting and reassessing their original concepts based on lessons learnt and customer feedback.
The Business Model Canvas is universally accepted as an excellent tool to be used, not just startups, but businesses wishing to scale.
Last year’s NBMC winner, Natsima, representing NCU, place 4th at the IBMC at the Computer Museum in Silicon, USA. Two other teams, Genesis Way and SOTARE, also from NCU place 7th and 10th respectively.