The JN Small Business Loans (JNSBL) “Start Up – Kick Start”
competition, a social media promoted initiative for start-up businesses to
receive funding for their operations is now in its judging phase, having received
more than 100 entries via social media in the opening stages.
The Kick Start competition started in January, when applicants were invited to
submit their business ideas for a start-up venture; and have a chance to win
$100,000. Businesses operating less than six months were also permitted to make
submissions.
That phase of the competition began on January 2; and ended on the 29th.
“We were impressed with the interesting
mix of business submissions and the number of entries we received,” explained
Mrs. Jacqueline Shaw-Nicholson, communications and client services manager,
JNSBL. “We had numerous queries from persons who were interested in entering;
and, ultimately received more than 100 entries.”
Mrs. Shaw-Nicholson stated that after submitting their business ideas, each
entrant was required to do a business model canvass; and a “question and answer
sheet” with specific questions about the operations and its potential market.
“We requested the business model canvas, because it’s a good way to capture in summary how a business creates and delivers value to its customers.
It also allows the entrepreneur to test potential strategies, about the business
model,”
she noted. “From the business model canvass, they can also determine what is
required for their business to succeed.”It also forms an excellent basis on
which to build out the business plan, she added.
She explained that
during the judging phase, the number of applicants will be reduced to a top 10;
followed by a top three applicants.
The top three persons will “pitch” their business idea before a panel of
external judges, for the chance to win $100,000. “The top three finalists will also
benefit from business development coaching; In addition, there will be monetary
prizes for second and third place,” she explained.
Mrs. Thelma Yong, Deputy General Manager, JNSBL, said that JNSBL decided to
mount the competition as part of its ongoing mission to assist micro small and
medium entrepreneurs, and further boost the country’s entrepreneurial
potential.
“The Global Entrepreneurship Monitor 2017/2018 revealed that 85 per cent
of Jamaicans in the age group 18 to 64 agreed that: most persons consider
starting a business as being a good career choice,” she stated.
“However, from our experience,” Mrs.
Yong noted, “we are aware that many start ups struggle to navigate the initial
phase of business development; therefore, JNSBL is seeking to stimulate
structured ‘Start up initiatives,’ as one way in which we are assisting
entrepreneurs to get their business started and funded.”
