Five of the teams that participated in this year’s renewal of the Development Bank of Jamaica’s (DBJ) National Business Model Competition (NBMC) for tertiary institutions will represent the country in the 2018 International Business Model Competition (IBMC) in Utah, USA, from May 10 to 11.
Heading the record list of entrants is University of the West Indies (UWI) Mona Campus-based market research entity, Queritel, which topped the six teams participating in the recent NBMC finals at The Knutsford Court Hotel, New Kingston, to emerge as Jamaica’s official representative at the IBMC.
Queritel will be joined by first and second runners-up, Eco-Structures and Pneulyfe, representing the UWI and Northern Caribbean University (NCU), respectively.
The UWI’s Skolastik Oasis and NCU’s Beasc Technology were also invited to participate.
This year’s record number of NBMC entrants results from Jamaica securing four of the 12 coveted spaces offered in the IBMC’s highly competitive ‘At Large Round’, a feat never before accomplished.
The DBJ’s Jamaica Venture Capital Programme Project Coordinator, Audrey Richards, who coordinates the NBMC, describes this as a “tremendous achievement”.
“It endorses the work our universities are doing in building future business leaders. It is an endorsement of the quality of the judges at our competition, and it sends a signal that the work we, the Development Bank of Jamaica though the Jamaica Venture Capital Programme, are doing with our universities and, indeed (towards) the development of a robust entrepreneurial ecosystem, is on the right path,” she says.
There is great anticipation of Jamaica doing well again in the upcoming IBMC, to replicate and even surpass impressive performances recorded by teams entering since 2014, when the country sent its first representative.