Business Model Competition Widens Network: Deadline Extended for Select Countries
Applications now open for the Cayman Islands, Suriname and Guyana!
The Organisation of Eastern Caribbean States (OECS) Commission, in partnership with Republic Bank, extends the call for applications from growth-oriented, innovative and opportunity focused entrepreneurs from THE CAYMAN ISLANDS, SURINAME AND GUYANA.
Entrepreneurs who have already submitted applications from the OECS Members States, Jamaica, Trinidad and Tobago and Barbados do not need to reapply. The competition will not be accepting additional applications from entrepreneurs in these countries during the extended period.
About the OECS Republic Bank Business Model Competition
The Business Model Competition forms part of the OECS Commission’s Sustainable Development Movement (SDM) Conference – a two-day event expected to attract over 3000 delegates from across the Caribbean Region and internationally to meet and exchange thoughts, best practices, untold stories and strategies concerning sustainable growth and development.
Selected entrepreneurs will have the opportunity to pitch their business ideas to a panel of investors led by Mr Daymond John (Shark Tank Investor).
Objectives of the SDM Business Model Competition
The Competition seeks to:
- Strengthen the capacity of 30 high growth potential entrepreneurs in the Caribbean via integration into a virtual network of support;
- Facilitate the connection of high growth potential entrepreneurs to investors and mentors;
- Facilitate business match-making; and
- Connect entrepreneurs to an ecosystem of business development support.
Provisions for Entrepreneurs & Sectional Prizes
This programme is being delivered via a virtual platform that will culminate with the Pitch Competition that will be held on September 24, 2020 at the Royalton Hotel, Saint Lucia. The overall programme caters to 30 entrepreneurs who will be shortlisted to participate. Participating entrepreneurs based on performance will be provided with varied levels of support to include the following:
- SDM 2020 Regular Tickets to all 30 selected MSMEs (admit 1)
- Selected MSMEs who do not advance to the semi-finals (who reside outside of Saint Lucia) will be responsible for their travel related expenses to participate in SDM 2020
- Finalists will be provided with the following resources to participate in the Pitchroom on September 24, 2020:
- Return economy class airline ticket (as applicable);
- Hotel accommodation (as applicable); and
- Meals associated with the SDM 2020 regular ticket package (all other meals and associated expenses will be funded by the entrepreneur).
The 1st to 3rd place winners will get an opportunity to benefit from exciting sectional prizes:
- 1st Place – USD $20,000
- 2nd Place – USD $10,000
- 3rd Place – USD $5,000
Who Should Apply?
Interested applicants must submit a completed application form via the online portal. All required documents must be provided in English and the following criteria/requirements must be met:
- Eligibility criteria
- Business must be in operation 1-10 years
- Businesses must meet the following criteria: employ fewer than 25 persons, capital / assets less than USD 350,000 and annual sales less than USD 750,000. (Proof is required upon shortlisting)
- Businesses must be registered in the Cayman Islands, Suriname and Guyana. Businesses must submit a copy of their registration certificate.
- Businesses must fall within one of the following targeted sectors:
- Agribusiness & Manufacturing: e.g. agriculture (fresh produce producer/suppliers), production of high valued agro products such as; sauces, spices, teas, confectionary, condiments, spa, and personal care products;
- Creative Industries: e.g. Music - writing, production, recording and performing from various genres of music; Fashion - design, and production of clothing and accessories; film production and animation - feature films, documentaries, television programs;
- Green Industries: e.g. renewable energy, recycling, waste and water management, sustainable eco-projects;
- Information Communication Technology: e.g.: agri-technology, mobile, and web application development, software solutions, multimedia solutions; and
- Health & Wellness: e.g. medical care products, technology, and services, nutraceuticals.
- Business should have an innovative and unique business idea/model. (Proprietary innovation and Intellectual Property (IP) will be an asset)
- Businesses must be willing to participate in all capacity building initiatives that will be delivered under this programme
- Businesses must be open to discussing the nature of the business and business plans.
Programme Process Flow
How to Apply?
Interested entrepreneurs may apply by completing the online application form by Friday, May 29, 2020 at 11:59 pm.
Click Here to access the Application Portal
Things to Note before you Submit the Application
- Read through the application form and TOR thoroughly before submitting the application; resubmissions will not be accepted after the deadline date. In the event that resubmissions are being made, the applicant must notify the Commission by email (first) directed to bizmodelcompetition@oecs.int outlining that a resubmission is being made.
- Each entrepreneur is only allowed to make 1 application.
- Entrepreneurs who make a submission cannot appear as a partner to a firm making another submission. If this is done and the Commission discovers this during the process after the entrepreneur has been shortlisted, there will be immediate disqualification.
- Immediate family members of persons working at the OECS Commission are not allowed to participate in this programme.
- OECS Commission staff are not eligible to participate in this programme.
- Please honour the date and time deadline, applications received after this will be disqualified.
- Complete all sections in the application form and submit all required documentation. Partially completed application forms will be disregarded without notification.
- Applications are being received via a competitive process therefore all entrepreneurs are required to complete the application form.
- All applicants are required to demonstrate participation in an incubator, accelerator or capacity building training with or through a Business Support Organisation.
- Submitting an application does not mean automatic selection.
- The Commission will only respond to shortlisted applicants.
- The Commission has the right to abort or discontinue the programme at any time without prior notice.
- All applications are subject to an administrative review. Applications that do not pass the administrative review process will be automatically disqualified. For example, the submission of certificates of incorporation or business registration documents is an administrative matter. If applications are not accompanied by this, they are automatically disqualified.
- A copy of the business' most recent year's financial statement will be required if the application is selected. Only successful applicants will be contacted.
Contact Us
For further information on the application and programme details please contact:
OECS Commission, Morne Fortune, Saint Lucia | Email: bizmodelcompetition@oecs.int | Tel: 758-455-6382 / 758-455-6370 / 758-455-6389
- Kwesi Roberts | Technical Specialist – Entrepreneurship | Tel: 758-455-6382
- Ricardo James | Technical Specialist – Export Development | Tel: 767-255-8800
- Nadege Jn Baptiste | Programme Officer – DCRM Unit | Tel: 758-455-6370
- Patricia-Ann Wardrope | Programme Assistant – DCRM Unit | Tel: 758-455-6389
About Daymond John:
Star of ABC's Shark Tank & CEO of the Shark Group, Daymond John has come a long way from turning a $40 budget into FUBU, a $6 billion fashion game-changer. Throughout his career, Daymond has continued to be an entrepreneur in every sense of the word. He is not only a pioneer in the fashion industry but a Shark on the 4-time Emmy Award winning Shark Tank, a New York Times best-selling author, branding guru, and highly sought-after motivational speaker.
About the Sustainable Development Movement Conference:
The inaugural Sustainable Development Movement (SDM 2020), hosted by the Organisation of Eastern Caribbean States (OECS), is expected to attract over 700 delegates from across the Caribbean Region and internationally to the island of Saint Lucia for a life-changing two-day event on September 23-24, 2020.
The event, scheduled to be held at the Royalton Resort and Spa, will create a common space where International Development Partners, the Private Sector, Academia, Caribbean Governments and the Common Person meet to exchange thoughts, best practices, untold stories and strategies concerning sustainable growth and development.
Targeted attendees include International development partners, private sector, Heads of Government, Academia, Investors, Entrepreneurs from all sectors, Professionals working in the sustainable development space, and persons who want to be great!
Related Links:
SDM Secretariat | OECS Commission