Buy Jamaican > Nicola Gordon-Rowe Schools Entrepreneurship Competition
Promoting Entrepreneurship Among Our Youths
The Jamaica Manufacturers’ Association Ltd. (JMA), in honour of its late Executive Director ignited the entrepreneurial fire with the launch of the Nicola Gordon-Rowe’s Schools’ Entrepreneurship Competition on April 3, 2008, as a part of its ‘Buy Jamaican…Build Jamaica’ initiative. The object of the competition is to encourage creative, sustainable and profit-generating manufacturing business ideas. Students are encouraged to utilize local raw materials for their Jamaican product in keeping with the ongoing “Buy Jamaican” motif.
The aim of the JMA is to inspire youths to think big and inculcate the idea that they are at the stage of their lives where they should be thinking of lucrative, legitimate ways of making money. Students can choose to work individually or as a team.
Who Should Enter:
The competition is open to students from grade 10-13 in Schools island-wide or High School Business Clubs (any club member allowed). The Company can be newly established or already in existence. Manufacturing businesses will be provided with up to a maximum capital injection of J$50, 000 for the purchasing of raw materials, equipment etc.
Length of Competition:
Nine (9) months after notification of participation in the final round of the competition
SIX (6) CANDIDATES WILL BE SELECTED TO PARTICIPATE IN THE FINAL ROUND OF THE COMPETITION
Prizes:
Cash Prizes will be awarded to the first, second and third place winners.
First Place: Cash Prize J$ 150, 000.00
Second Place: Cash Prize J$ 100,000.00
Third Place: Cash Prize J$ 50,000.00
In addition, the teacher of the first place winner will receive a BOSS Bed
Competition Rules:
Students must be enrolled at a secondary institution in Jamaica
Font: Times New Roman (12)
Layout: Pages should be numbered and include a title page, a table of contents and executive summary. The business plan should not be in excess of 10 pages. All pages must be double spaced. Supplementary material such as graphs, charts and appendices are allowed and should comprise not more than 3 additional pages. Business plan MUST include the following:
- Market Analysis/ Market Need: The problem or demand that the company’s product will solve/ address
- Product description: What is the product
- Competitor analysis: Evaluation of the competitor and their strengths and weaknesses
- Marketing and sales plan: The target market for the product and the strategies for distribution, sales, pricing and promotion
- Financial Projections: Sources and uses of Capital. Projected revenues and expenses. (Cash flow projection should show payback plan and feasibility)
- Production team, including a breakdown of the management team, their experience and expertise.
- Outline of organizational structure
- An executive summary which summarizes the general content of the business plan
Business plans must be submitted with a completed entry form. - School Principals must sign and affix the school stamp to each business plan submitted.
- The JMA reserves the right to withhold prizes where entries do not meet the minimum requirements.
Entry forms can be collected at the JMA Office, 85A Duke Street, Kingston.
Submission Deadline: October 27, 2008
Announcement of Selected participants: November 17, 2008.
Hard copy of the business plan is to be submitted to:The Nicola Gordon-Rowe’s Schools’ Entrepreneurship Competition, C/o The Jamaica Manufacturers’ Association Ltd., 85a Duke Street, Kingston
Sponsored in part by the Jamaica Public Service Company Limited (JPSCo).