Vincent Hosang Backs Business Competition
The 2015 staging of the Vincent Hosang University of the West Indies Venture Competition (UWIVC) was launched at the Mona School of Business and Management (MSBM) last Wednesday.
The competition was introduced in November 2002 with the objective of encouraging students of the university to use their talents and skills to harness ideas and opportunities that can bloom into full-fledged operating businesses.
Since 2003, the winner of the competition has gone on to participate in the Opportunity Funding Corporation Innovation and Entrepreneurship (OFCIE) Thurgood Marshall College Fund business plan competition held in Atlanta each year among historically black colleges and universities.
Douglas Lindo, advisor of the competition, noted that the team from UWI is the only non-United States team that participates in that competition and has won the top prize three times over the past four years.
Professor Densil Williams, executive director at MSBM said, "This competition is quite important and very timely as the only way we are going to overcome the risk is to generate growth in micro and medium enterprises."
The aim of the competition is to facilitate an environment where students' entrepreneurial spirit can flourish. Members of last year's winning team spoke to the personal growth they had achieved as well as the opportunities that came their way as a result of entering and winning the competition.
A clear inspiration to young Jamaicans, New York-based Caribbean Food Delight, Vincent Hosang, the programme's benefactor, has made an example of his life through hard work and dedication. Coming from humble beginnings in Springfield, Westmoreland, Hosang while speaking at the launch placed emphasis on the importance of technology and urged students to, "look into technological developments as that is where the world is heading." Hosang also encouraged young entrepreneurs to be generous and focused on diligence in the pursuit of business - "always give 110 per cent at whatever job you do."
Sponsors of the competition are the Joan Duncan Foundation, JN Small Business Loans Ltd, Development Bank of Jamaica, Jamaica Yellow Pages, UHY Dawgen, Jamaica Observer, Mona Business Support Services (MBSS) and MSBM.