The Development Bank of Jamaica (DBJ) has partnered with Swiss based-company, Seedstars World, to assist in identifying the best start-up to represent Jamaica in a regional competition.

Seedstars World, which organises worldwide competitions for start-ups, will conduct two workshops for entrepreneurs, each of which is expected to attract a minimum of 15 individuals.

The first workshop is to be held in Montego Bay on October 23, while the second is scheduled for Kingston on October 24.

At the end of the two workshops, the top ten start-ups from both workshops will participate in a final event to be held in Kingston on October 26, where the entrepreneurs will pitch business ventures to investors.

According to the DBJ, the winner of the event will be awarded an all-expense-paid trip to participate in a week-long Regional Summit for Latin America and the Caribbean to be held in Mexico. The winner of the regional competition will be invited to Switzerland to participate in the Global Summit and a chance to win US$1 million in investment.

The DBJ, a wholly owned Government institution, is now encouraging entrepreneurs to apply online at www.seedstarsworld by October 20.

“The records will show that start-ups are growing at a phenomenal rate in Jamaica. As the organisation that is focused on facilitating economic growth and development, the DBJ is proud of this partnership that we have forged with Seedstars World,” DBJ Managing Director Milverton Reynolds was quoted in a company news release.

“Both Seedstars and the DBJ have a shared vision — to impact lives and build sustainable businesses through entrepreneurship. This initiative is part of our wider programme to build and grow an entrepreneurial culture in Jamaica,” he continued.

Seedstars’ Associate for Latin America Mat Ganter reasoned that the decision to come to Jamaica was strategic and was led by the work that the DBJ has been doing in establishing a venture capital and private equity industry.

“It was a natural fit for us to come to Jamaica; add to that, the strength of Brand Jamaica in the international arena. We want to take the best start-up in Jamaica and showcase him/her to the world,” Ganter said.

The DBJ, through the Jamaica Venture Capital Programme (JVCP), has been mandated to establish a sustainable venture capital and private equity industry in Jamaica. In 2016, the DBJ-JVCP signed a second technical cooperation agreement with the Multilateral Investment Fund, a division of the Inter-American Development Bank, for supporting the development of an early stage and entrepreneurial ecosystem for Jamaica.