Wed | May 22, 2019

More than 100 entries received for JNSBL Kick Start competition

Published:Friday | April 26, 2019 | 12:19 AM
Thelma Young, deputy general manager, JN Small Business Loans
Thelma Young, deputy general manager, JN Small Business Loans

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 for 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. We had numerous queries from persons who were interested in entering and, ultimately, received more than 100 entries,” said Jacqueline Shaw-Nicholson, communications and client services manager, JNSBL.

Shaw-Nicholson said 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 business’ operations and its potential market.

“We requested the business-model canvass 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 said. “From the business model canvass, they can also determine what is required for their business to succeed,” she said.

Shaw-Nicholson explained that during the judging phase, the number of applicants will be reduced to a top 10, followed by a top three.

“The top three persons will present their business ideas 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 said.

GIVING ASSISTANCE

Thelma Young, deputy general manager, JNSBL, said they decided to mount the competition as part of their 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 said.

“However, from our experience, 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,” Young added.