Business

NCU group wins business model competition

Monday, April 21, 2014    

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MANDEVILLE, Manchester — A group of five young entrepreneurs from Northern Caribbean University (NCU) last month won the inaugural National Business Model Competition and $2 million in prize money, according to a news release.

Under the business name Herboo Enterprises, the students successfully commercialised an all-natural shampoo-conditioner made from a blend of local herbs and spices, the release said.

In addition to the cash prize, the team won an all-expense-paid trip to participate in the International Business Model Competition in Utah, USA.

The finals took place at the Jamaica Conference Centre in Kingston in early March and saw four teams pitching their business models to a panel of judges made up of some of Jamaica's finest business persons, donor agencies and a member of the Alta Ventures Group from the USA .

The National Business Model Competition is an initiative of the Jamaican universities and reportedly came out of a recommendation from Paul Ahlstrom from Alta Ventures Group in Utah, who was keynote speaker at the Jamaica Venture Capital Conference in September 2013.

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