The Organisation of Eastern Caribbean States (OECS) Commission invites growth-oriented, innovative and opportunity focused entrepreneurs from the Eastern Caribbean to participate in the inaugural Sustainable Development Movement (SDM) Business Model Competition 2020.
The Business Model Competition forms part of the OECS Commission’s SDM Conference, a two-day event expected to attract over 700 delegates from across the Caribbean Region and internationally to meet and exchange thoughts, best practices, untold stories and strategies concerning sustainable growth and development.
Selected entrepreneurs will have the opportunity to pitch their business ideas to a panel of investors led by Mr Daymond John (Shark Tank Investor).
OECS Director General, Dr. Didacus Jules, noted the importance of the Commission’s role in facilitating access to investment opportunities, especially given the difficulties faced by the business community in light of the COVID-19 pandemic.
“One of the most significant challenges facing entrepreneurs is access to experienced investors, coaches and mentors to guide them in scaling their operations. This situation has been further exacerbated by the devastating effect of the COVID-19 pandemic on the business sector, particularly micro, small and medium-sized enterprises (MSMEs).”
“The SDM Business Model Competition is not only relevant but timely as it forms part of the Commission’s response to strengthen the capacity of MSMEs as we assist with the recalibration of business models connected to a strengthened entrepreneurship support ecosystem,” Dr. Jules asserted.
Objectives of the SDM Business Model Competition
The Competition seeks to:
- Strengthen the capacity of 30 high growth potential entrepreneurs in the Caribbean via integration into a Virtual Accelerator;
- Facilitate the connection of high growth potential entrepreneurs to investors and mentors;
- Facilitate business match-making; and
- Connect entrepreneurs to an ecosystem of business development support.
Who Should Apply?
Interested applicants must submit a completed application form via the online portal. All required documents must be provided in English and the following criteria/requirements:
Eligibility criteria
Business must be in operation 1-10 years.
Businesses must have less than 25 employees; capital/assets less than USD$350,000; and annual sales less than USD$750,000. (Proof is required upon shortlisting)
Businesses must be registered in Anguilla, Antigua and Barbuda, British Virgin Islands, Grenada, Guadeloupe, Commonwealth of Dominica, Martinique, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Jamaica, Trinidad and Tobago, Barbados. Businesses must submit a verified copy of their registration certificate (verification can be done by a Notary Public, Justice of the Peace or the affiliated Business Support Organisation).
Businesses must fall within one of the following targeted sectors:
- Agribusiness & Manufacturing: e.g. agriculture (fresh produce producer/suppliers), production of high valued agro products such as; sauces, spices, teas, confectionary, condiments, spa, and personal care products;
- Creative Industries: e.g. Music – writing, production, recording and performing from various genres of music; Fashion – design, and production of clothing and accessories; film production and animation – feature films, documentaries, television programs;
- Green Industries: e.g. renewable energy, recycling, waste and water management, sustainable eco-projects;
- Information Communication Technology: e.g.: agri-technology, mobile, and web application development, software solutions, multimedia solutions; and
- Health & Wellness: e.g. medical care products, technology, and services, nutraceuticals.
Business should have an innovative and unique business idea/model. (Proprietary innovation and Intellectual Property (IP) will be an asset).
The most recent year’s financial statement is required upon selection.
How to Apply?
Interested entrepreneurs may apply by completing the online application form by Friday, May 1, 2020 at 11:59 pm.
Click Here to access the Application Portal
Things to Note before you Submit the Application
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Read through the application form and TOR thoroughly before submitting the application; resubmissions will not be accepted after the deadline date. In the event that resubmissions are being made, the applicant must notify the Commission by email (first) directed to bizmodelcompetition@oecs.int outlining that a resubmission is being made.
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Each entrepreneur is only allowed to make 1 application.
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Entrepreneurs who make a submission cannot appear as a partner to a firm making another submission. If this is done and the Commission discovers this during the process after the entrepreneur has been shortlisted, there will be immediate disqualification.
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Immediate family members of persons working at the OECS Commission are not allowed to participate in this programme.
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OECS Commission staff are not eligible to participate in this programme.
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Please honour the date and time deadline, applications received after this will be disqualified.
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Complete all sections in the application form and submit all required documentation. Partially completed application forms will be disregarded without notification.
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Applications are being received via a competitive process therefore all entrepreneurs are required to complete the application form.
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All applicants are required to demonstrate participation in an incubator, accelerator or capacity building training with or through a Business Support Organisation.
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Submitting an application does not mean automatic selection.
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The Commission will only respond to shortlisted applicants.
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The Commission has the right to abort or discontinue the programme at any time without prior notice.
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All applications are subject to an administrative review. Applications that do not pass the administrative review process will be automatically disqualified. For example, the submission of certificates of incorporation or business registration documents is an administrative matter. If applications are not accompanied by this, they are automatically disqualified.
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A copy of the business’ most recent year’s financial statement will be required if the application is selected. Only successful applicants will be contacted.
About Daymond John:
Star of ABC’s Shark Tank & CEO of the Shark Group, Daymond John has come a long way from turning a $40 budget into FUBU, a $6 billion fashion game-changer. Throughout his career, Daymond has continued to be an entrepreneur in every sense of the word. He is not only a pioneer in the fashion industry but a Shark on the 4-time Emmy Award winning Shark Tank, a New York Times best-selling author, branding guru, and highly sought-after motivational speaker.
About the Sustainable Development Movement Conference:
The inaugural Sustainable Development Movement (SDM 2020), hosted by the Organisation of Eastern Caribbean States (OECS), is expected to attract over 700 delegates from across the Caribbean Region and internationally to the island of Saint Lucia for a life-changing two-day event on September 23-24, 2020.
The event, scheduled to be held at the Royalton Resort and Spa, will create a common space where International Development Partners, the Private Sector, Academia, Caribbean Governments and the Common Person meet to exchange thoughts, best practices, untold stories and strategies concerning sustainable growth and development.
Targeted attendees include International development partners, private sector, Heads of Government, Academia, Investors, Entrepreneurs from all sectors, Professionals working in the sustainable development space, and persons who want to be great!
