The Mona School of Business and Management (MSBM) through its Vincent Hosang Entrepreneurship Programme (VHEP) launched the 2022 Vincent Hosang UWI Venture Competition (UWIVC) on Wednesday (October 5) during an event attended by students, faculty members and members of the business community.

This year’s competition is especially significant as the MSBM celebrates the 10th anniversary of the historic merger in 2012 of two formidable institutions – the  then 25-year-old Mona School of Business and the 42-year-old Department of Management Studies – giants in business management education at the Masters and Undergraduate levels, respectively.

Established in 2002, the Venture Competition provides a platform for students and faculty of the University of the West Indies Mona who are budding entrepreneurs to bring their ideas to life through a structured programme of mentorship and pitch opportunities.

APPLICATIONS CLOSED ON OCTOBER 16

Participants in the 2022 competition will have the opportunity to win over J$1 million in cash and prizes to be used to invest in their businesses to help them scale and grow. 

Applications closed on October 16 and the applicants will now be paired with mentors drawn from industry who will help them to prepare for the semi finals and finals later this year.

Through the programme and the competition, MSBM leverages its strategic partnerships to realise the potential of student-led business opportunities from the idea stage to becoming small and medium size business success stories. In that regard, this year’s partners include The Vincent Hosang Family Foundation and Caribbean Food Delights, representing the benefactors, Jamaica Civil Aviation Authority, JMMB Joan Duncan Foundation, Development Bank of Jamaica, Mona Entrepreneurial and Commercialization Centre (MECC) and Baymac. 

The partners provide cash and other awards as well as mentorship and other resources to the tertiary level entrepreneur prospects.

In his remarks, Dr David McBean, executive director, MSBM, highlighted the importance of entrepreneurship to Jamaica and the role that the Vincent Hosang UWI Venture Competition plays in contributing to this, as he stated: “The UWIVC is instrumental in encouraging budding entrepreneurs and in keeping with the MSBM’s mandate of contributing to national development.”

Representatives of partner institutions echoed the sentiments about the role of the student entrepreneur programme in making a positive contribution to the country.

In her remarks, Ava-Marie Ingram, corporate communications manager of the Jamaica Civil Aviation Authority, stated: “We are supporting and giving strength to the things that are right about Jamaica that will be able to fix the things that are wrong about Jamaica.”

PAST PARTICIPANTS PROVIDE TESTIMONIALS

Representing long standing partner, JMMB Joan Duncan Foundation, Kim Mair, chief executive officer, was effusive in her praise for the programme as she stated that “this partnership is another testament to mission accomplished for the greater good of Jamaica in building entrepreneurs who will contribute to employment, innovation, productivity and economic development”.

Two outstanding past participants of the programme, Joshua Anderson and Dr Leighton Ellis, who placed in the top three in last year’s competition, provided testimonials about the impact of the programme.

They both gave accounts of how the programme provided them with mentors, resources and guidance in developing their business ideas as well as other life skills.

Both participants agreed that the competition gave them lifelong lessons in entrepreneurship.

Ellis highlighted some benefits of the programme, stating: “Hard work does pay off. You need some assistance at some point and fortunately this competition provides you with that.”

Anderson, in his testimonial, stated that he does not regret the decision to enter the competition.

“UWIVC gave me skillsets that I never knew I needed,” he said.

“It made me a better public speaker and storyteller and helped me find my passion.”

In her remarks – read by UWIVC Chairman Douglas Lindo – Sabrina Hosang Jordan, chief executive officer of Caribbean Delights, charged the 2022 prospective participants to see themselves as winners.

“You are already winners if you believe in yourself,” Hosang Jordan said.

“Play hard and work hard and remember that you gain strength through adversity. Failure is not an option. Be your best self and give us the best business venture competition for this year.”

The VHEP was first launched in 2002 and, through the competition, provides coaching support for business plan development, mentorship, technical assistance, market research and investor matching. 

Lindo, chairman of the programme, indicated that, despite the pandemic, there has been a growth in the number of participants in the programme and competition.