UTech students shine in business model competition
ELEVEN teams comprising budding student entrepreneurs impressed the judging panel with their innovative business ideas during the semi-final rounds of the University of Technology Business Model Competition (UTechBMC) hosted by the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL) last week Thursday at the institution’s Papine campus.
Dubbed ‘the Elevator Pitch’, competing teams were given an eight-minute window to impress the panel of judges with their business model canvas and saw students presenting innovations from a range of areas, including information technology, health and wellness, aquaculture, alternative and renewable energy and mobile innovations and applications.
In his opening remarks, JDSEEL head Michael Steele noted that entrepreneurship is recognised as a “tool for major economic development in any country”.
“UTech has a unique role to play in channelling the high passion of student entrepreneurs into viable business entrepreneurship,” Steele added as he expressed confidence that the Business Model Competition will serve as a platform in this regard.
Meanwhile, Dionne Palmer, incubator manager at the Technology Innovation Centre (TIC) and lead organiser of the 2014/15 UTechBMC, noted that the competition is being held for the second time and the focus remains to develop the entrepreneurial culture at the University and to prepare the best possible teams for the national competition.
She thanked the judges drawn from corporate Jamaica for giving of their time and expertise. The judging panel comprised Roy Reid, manager of client portfolios and investment strategist and Jamaica Money Market Brokers; Nathaniel Peat, London-based social entrepreneur, engineer and founder of GeNNex Elite that supports economic growth and development in regions of low-income and poverty through solar and renewable energy sources; Lisandra Rickards, entrepreneurship programme manager at Branson Centre of Entrepreneurship – Caribbean; and Leon Mitchell, assistant general manager at Jamaica National Building Society.
Orville Reid, programme director and lecturer at JDSEEL, said that the three categories of judging criteria covered validation of hypothesis, product development and presentation skills and were weighted 50, 30 and 20 per cent respectively. The entrants were required to use a business model canvas demonstrating their key partners and activities, value propositions, customer relationships, as well as cost structure and revenue streams.
Six teams were selected to move on to the final round of the UTechBMC at which the final three teams will emerge to compete at February’s National Business Model Competition which is being organised by a local committee of representatives from tertiary institutions, corporate Jamaica and the Private Sector Organisation of Jamaica.
The six selected teams were:
* Tropical Exotics — a fish farming proposal to rear and distribute Jamaican tilapia fish, bred in brackish water to improve taste.
* Culture Cards — a concept utilising Jamaican dialect, proverbs and iconic images for production of greeting cards.
* Feever — an innovative idea for use of an armband with a special sensor to determine a baby’s or an adult’s temperature.
* MSEC — a novel immunometer that will help the user to determine the status of his/her immune system.
* Digital Farm — an innovative irrigation system using mobile technology and SMS text messaging to assist small farmers in monitoring the irrigation of their crops.
* Keera Cosmetics — a team which produces cosmetics from indigenous Jamaican herbs, flora and fauna for sensitive skin.
Five sectional cash prizes were copped by the most outstanding teams. The sectional prize for best international and marketing potential was awarded to Feever and Digital Farm; best group presentation, most innovative prototype, and best utilisation of the business model canvas were all copped by the impressive Feever team. Digital Farm, whose farm irrigation system prototype generated the most interest from the audience, won the sectional prize for most innovative prototype.
Tropical Exotics, Karibaz and Keera Cosmetics were also specially mentioned as the teams with the best use of authentic Jamaican products.
The competition was keenly watched by the large audience of business mentors, sponsors and students. Sponsors included Sagicor Investments, Development Bank of Jamaica, JMMB, Joan Duncan Foundation, NCB Foundation, CANCO, Mayberry Investments, C-Tech Limited and Power 106FM.