Business: This Year's "Models" line up for biz recognition

The 2nd annual Jamaica Business Model Competition, competed for amongst university-based entrepreneurial teams, officially got underway Thursday last, following a launch at the Development Bank of Jamaica offices n Kingston. In addition to the DBJ, the competition is presented by Sponsors  IDB, National Commercial Bank, Pan-Jam Investments and GK Capital

 The winner, to be chosen from some 12 teams representing 3 tertiary institutions, the UWI, UTech and Northern Caribbean University (NCU), will again be taken to Provo, Utah yo compete in the IBMC at the famed Brigham Young University. Jamaica’s National Business Model Competition 2014 winner – Herboo Enterprises - placed 8th, out of a total of 42 teams in the finals of the International Business Model Competition that took place in Salt Lake City, Utah from May 1 - 3.  The local team was also awarded the International Business Model Award. They won a total of US$ 6,000.00. The principals, along with runner-up NCR Lamb, were present at the launch

The IBMC is currently co-hosted by Brigham Young University, Harvard University, and Stanford University.  This year’s event was held at Brigham Young University in Utah, and teams from universities worldwide, competed for the prestigious award of IBMC trophy and cash prize of US$25,000.

This was the first time that Jamaica has participated in the International Business Model Competition and is the culmination of six months of intense work.

Business Modelling is a relatively new phenomenon that is geared at reducing the failure rate of start-up businesses.  It focuses on identifying and precisely defining the assumptions of the new venture, testing those assumptions in the field, and then pivoting (changing) based on the lessons learned.