Five teams from the Vincent HoSang UWI Venture Competition (UWI VC) went on to represent UWI Mona in the National Business Model Competition (NBMC) in March 2019. For the second consecutive year, a UWI team placed first and in addition, this year, a UWI team placed third, represented respectively by Ja Bio Plastics, and Pree Labs who had placed first and second in the UWIVC finals.
The winning team in the NBMC, JA Bio Plastics, earned an automatic placement in the International Business Model Competition (IBMC), while Pree Labs secured a place in the “At Large” category. Both teams will now proceed to participate in the International Business Model Competition (IBMC) which is scheduled to be held in Provo, Utah, USA May 9-10, 2019. The IBMC is a unique student startup competition focused on the inputs, not the outputs, of the entrepreneurial process. This unique student competition requires active identification and validation of crucial business model hypotheses rather than the writing of a static business plan, talking to customers outside the building rather than gathering secondary data inside the building, applying customer development rather than relying on product development, and “pivoting” or changing course rather than executing on the plan. The IBMC’s primary aim is to educate and inspire smarter and more successful entrepreneurs. This is also the first and largest lean startup competition in the world.
The UWI teams have been undergoing intense preparation by the UWIVC team and will be accompanied to the IBMC by Ashli Rose Davis and Dawn Morgan.