Competition Rules and Conditions
The judges may require verification of any information supplied by entrants. The entrant must allow reasonable access to his or her business, if so required by the administrators and/or judges.
All financial information included in the entry form will remain confidential and will only be used by the independent judging panel for the purpose intended.
Finalists will be required to attend the Young Entrepreneurs Awards Gala in November 2007 and must be prepared to be photographed and interviewed by the media, and to be available for media publicity.
The decision of the judges is final.
The organizers reserve the right to disqualify entrants in the event of any form of misrepresentation.
The panel will be looking to identify winners as well as positive role models for young people in society. As well as assessing track record, viability and business potential, the judges will also consider personal qualities and will be looking for entrepreneurial spirit, tenacity, creativity and innovation. Winners will emerge from the group not necessarily for their company size or turnover, but for their ability to demonstrate that they possess the entrepreneurial fire
The Judges throughout this competition are expected to use their independent and unbiased judgement to evaluate the application forms presented to them by the aspiring entrepreneurs. They are also expected to ensure that they follow the guidelines presented to them on the evaluation sheet when judging proposals and business plans.
The criteria for selection will be as follows:
Entrepreneurial spirit: The standards you set for yourself and your unwavering determination to succeed; you should demonstrate determination in the face of difficulty, the ability to prevail over obstacles and the courage to take risks.
Personal integrity/influence: You should display that living your own personal values has earned you the respect of your staff, competitors, advisors and the wider community; you should be able to communicate ideas and influence others.
Financial performance: You should be able to reflect your organisation’s financial performance, its track record in raising finance, the quality of previous investments and provisions for long-term sustainability.
Strategic direction: Your ability to turn vision into reality, harness team commitment towards common goals, build strategic alliances and surround yourself with talented people.
Innovation: You should demonstrate the ability to anticipate and embrace change in a competitive environment before it occurs, thereby nurturing a culture of innovation.
Community/Global impact: You should be able to demonstrate community impact whereby the business creates an impact in terms of job creation and improved quality of life for employees and others. You should also demonstrate global impact or, if you not currently doing business overseas, a strategy model should be in place which demonstrates your ability to expand internationally with a high degree of success.
The awards will be grouped into nine categories as follows;
The Digicel Young Entrepreneur of the Year Award: This will be the premiere award of the event and will salute that entrepreneur that stands out from the rest. This entrepreneur’s success should be a beacon for others to follow.
The Jamaica Observer Emerging Entrepreneur Award: This recipient has been in business for a maximum of one year. This business should be profitable, and well on the way in executing its business plan and is ready for the second stage of growth.
The JEF Vanguard Award: This entrepreneur is a trendsetter his/her industry. This entrepreneur has identified a new market, product or service or opportunity and has taken the step to lead the way. This entrepreneur has demonstrated outstanding leadership within his/ her company.
The 3M Innovation Award: This entrepreneur would have put into operation new ideas using innovation to create a competitive advantage for their company. This recipient must provide an overview of innovation, and detail how this innovation has created this competitive advantage for his/her business. This Award recognizes a business that has designed and/or implemented a significant innovation that has or can have a positive impact on fostering business development in Jamaica.
The YEA Youngest Entrepreneur Award: This recipient must be under 25 and have captured the entrepreneurial spirit by creating opportunities for others. The business must be profitable and has great potential for growth.
The PCJ Student Entrepreneur of the Year Award: This recipient must be a student attending a tertiary institution who has created a flexible and responsive business that is able to adapt to changing market environments and exploit opportunities for continued growth.
The JBDC Best Business Plan Award: This entrepreneur will have submitted the most comprehensive business plan that seeks to propel his/her business forward.
The ScotiaBank Technology Award: This recipient must have harnessed technology, or new business methods or models to reach new markets with their new idea.He/She should have capitalized on opportunities created through technology to deliver profitable growth
The Governor General’s Award for Excellence in Youth Entrepreneurship: This entrepreneur will be selected by the Governor General of Jamaica and should represent the best that Jamaica has to offer.
Prizes To Be Won
*Minimum of $500,000 in cash for winner of Premier Award
*National recognition as Awardee Young Entrepreneur Awards Gala
*Digicel Business Telecom Products and Services
*Major publicity in the Print and Electronic Media
*Jamaica Business Development Centre (JBDC)
Business Development Services
- General Business Development Training
- Business Plan Writing
- Product costing and Pricing
- Creating Standard Operational Procedures
- Record keeping
- Operations Management
- Monitoring and Hand holding