$3M up for grabs in Total’s startupper challenge
Total Jamaica has joined the list of local players looking to provide financial assistance to young entrepreneurs across Jamaica.
Last Friday the company launched its Startupper of the Year by Total challenge, which seeks to reward and support the best start-ups on the island.
It’s an initiative that has had success in more than 30 African countries during 2015. In bringing the concept back, the energy producer and provider will make financial assistance available in almost 60 countries worldwide.
The challenge is open to Jamaican entrepreneurs — no older than 35 years old — who have been operating a business in any sector for less than two years. The three winners will receive cash prizes valued at € 12,500 ($1.93 million); €7,500 ($1.1 million) and €5,000 ($775,000) as well as six months of business mentorship from the Jamaica Business Development Corporation.
Registration runs from October 9 to November 13.
According to Total, the projects will be assessed based on innovative nature, social and community impact, feasibility, and development potential. As a sweetener to women entrepreneurs, Total will designate a top female entrepreneur in each country this year.
“This special award, in addition to the other awards, is Total’s way of encouraging more women to take part in the challenge. A grand jury will meet subsequently to select six overall grand winners from among the first-prize winners in each country,” the company said.
It added that the 2018-2019 Startupper of the Year by Total challenge also reaffirms Total’s commitment to capacity building in the countries where it operates worldwide.
“By helping innovative young entrepreneurs to realise their projects, the challenge strengthens the local, social fabric,” it said. “We will mentor them, incubate them, make sure that they succeed — because you may have a good idea but if you are not good at checking your finances, your business might fail.”
Keynote speaker at the launch, Minister of Industry, Commerce, Agriculture and Fisheries (MICAF) Audley Shaw commended the French energy company for the initiative, which he said will help to create a future cadre of entrepreneurs.
Shaw also reiterated the Government’s commitment to prioritising and enabling a business environment for entrepreneurship and start-ups. He noted that among the Government’s initiative is the creation of a new division within MICAF to focus on MSME entrepreneurship-related activities a revised and MSME and Entrepreneurship Policy.
The Minister is also pushing for more young people to look to farming as a business, and has since drafted a youth in agriculture policy and implementation plan.