Business Model Competition Widens Network: Deadline Extended for Select Countries

Daymond John

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

From left: Les Brown, Daymond John, Melanie Harwood, Marlene Street Forrest Chinedu Echeruo and Dr Didacus Jules

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

Daymond John

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.