TELECOMMUNICATIONS giant, Digicel, has committed $20 million to the Jamaica Employers' Federation (JEF) and the Young Entrepreneurs' Association's (YEA) Young Entrepreneurs' Challenge - a competition that seeks to reward young Jamaicans who own businesses.

Digicel's business marketing manager,
Caron Chung, in explaining the rationale for
the company's multi-million-dollar commitment, said that the competition will benefit Jamaica by increasing the country's
long-term competitiveness.

Digicel business marketing manager, Caron Chung (left), greets Aldain Reid (second right), president of the Young Entrepreneurs' Association at yesterday's Young Entrepreneurs' Challenge launch at the Jamaica Employers' Federation headquarters on Ruthven Road in Kingston. Also in the picture are Vincent Gordon, second vice-president of the JEF, and Jaqueline Coke-Lloyd, executive director. (Photo: Lionel Rookwood)

"With the increasing competitiveness of the global marketplace, equipping our youth in this manner will help to put them in better stead to progress as individuals and to contribute to the advancement of Jamaica," Chung said at yesterday's competition launch at the JEF's headquarters on Ruthven Road in Kingston.

The funds are to be disbursed over a three-year period and will enable the YEA to start and maintain its projects.
"The competition was born out of the realisation that in an effort to stimulate growth in Jamaica. it is critical that young, bright, ingenious Jamaicans wrap their minds around the issue of entrepreneurship," said executive director of the JEF, Jacqueline Coke-Lloyd.

She said that through the competition, many "young entrepreneurs will be unearthed and existing ones will be given recognition".

Coke-Lloyd views the competition as a vehicle for rewarding the young entrepreneurs for their contribution to national development by means of their business endeavours.
The winner of the competition, she said, will not necessarily be determined based on the size of the business or the turnover, but on the ability of the winner to demonstrate that they possess the 'entrepreneurial fire'.

Aldain Reid, president of the YEA, said the competition aims to identify persons who exemplify the entrepreneurial spirit and to cultivate a spirit of innovation within Jamaica.
Personal integrity and financial performance are also of utmost importance to the creators of the competition.

"We want to identify persons who are, and can become, role models for Jamaica," said Reid, adding, "We are looking for people who have direction and are serious about business."
He said competitors should be able to "demonstrate that they have the ability to expand into the international market with some degree of success".

The competition is open to young entrepreneurs between the ages of 18 and 35, with an existing business between one and five years old, who have achieved success in spite of difficulties. Businesses should have an annual turnover in excess of $1 million per annum.
The competition culminates with The Young Entrepreneurs Awards Gala on November 29, 2007, where several awards will be made.

Prizes include national recognition as Young Entrepreneur of the Year, a minimum of $500,000 for the winner, Digicel Business Telecom products and services, and Jamaica Business Development Centre's (JBDC) business development services.

Other sponsors of the competition include Scotiabank, the Observer, Communications and Business Solutions Limited, The JBDC, the Petroleum Corporation of Jamaica and 3M.

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