Wed | Jan 16, 2019

Ja university teams win big at international business model competition

Published:Sunday | May 20, 2018 | 12:00 AM
Paul Ahlstrom CEO Alta Ventures (left) wirh Lance Riley, Founder, BEASC Technologies the 2018 IBMC winmer.

Two student entrepreneur teams from Northern Caribbean University and the University of the West Indies have won the top two spots in the prestigious International Business Model Competition (IBMC) held in Provo, Utah, from May 10 11, 2018.

Beasc Technologies from the mid-island-based Northern Caribbean University (NCU) was awarded the coveted prize of 2018 IBMC Winner and walked away with the 'travelling trophy' and a cash prize of US$30,000.

Eco-Structures, representing the University of the West Indies (UWI), was awarded second place and received a cash prize of US$20,000.

"It is a feat never before accomplished. We are overjoyed. Imagine first and second in our fifth year of entering this world-class event. This is amazing" stated Douglas Lindo, national coach of the National Business Model Competition (NBMC), who travelled with the teams to the competition.

Five teams from Jamaica's NBMC competing against 38 other universities worldwide at the IBMC.

Beasc Tech and Eco-Structure made their award-winning presentation to a high-level team of judges, including Ash Maurya, author of two best-selling books, Running Lean and Scaling Lean; Aaron Eden, co-founder and CEO of Start-up Tuscon; and David Bland, founder and CEO of Precoil.

The NBMC is an initiative that is anchored and supported financially by the Development Bank of Jamaica and partners to include IDB-MIF, PSOJ, PanJam Investment, the Musson Foundation, Restaurants Associates (Burger King), Scotiabank Jamaica, Sagicor Group, GK Capital Management, PetroCaribe Development Fund, and the NCB Foundation.