KINGSTON, Jamaica — The 5th staging of the Sagicor Innovation Challenge has been officially launched with students of the University of Technology (UTech) competing for over $1 million in prize money.

Over 20 teams are set to participate in an intense journey of workshops, prototype development and business validation as they work towards their final pitch event on April 22, 2025.

This year’s competition showcases a diverse range of ideas aimed at solving real-world challenges spanning various sectors including healthcare, finance, education, agriculture, and public safety within technology themes ranging from artificial intelligence (AI) and blockchain to the Internet of Things (IoT).

Andrew Burke, vice president of innovation, data, information technology and data security at Sagicor Group Jamaica, emphasised that the challenge is not simply about having a great idea but about execution and articulation.

“It makes no sense that your idea is the one that could win, but you fail to articulate it in a way that allows people to understand exactly what the challenge is and what your solution is,” Burke stated.

He also encouraged cross-disciplinary collaboration, noting that true innovation occurs at the intersection of diverse ideas and expertise.

Lu’Shana Cheddesingh, technical coordinator for the BIGEE Programme at the Development Bank of Jamaica (DBJ), reinforced DBJ’s commitment to supporting entrepreneurs.

“One of the major challenges that start-ups face is their inability to access funding, create partnerships and scale. This is why we are here today, to assist the teams in getting more information on what is available from the DBJ,” Cheddesingh revealed.

Explaining how students can win the top prize of $1 million, Ray-St Michael Williams, research fellow and director of the Sagicor Innovation Lab at UTech said, “The winning team gets $500,000, and another $500,000 is contributed towards supporting the formation of your company through the Technology Innovation Centre at UTech, Jamaica.”

He also added that there is additional prize money of $100,000 for the faculty of the winning team to engage in an innovation project.

Williams believes the university’s emphasis on practical, high-impact learning makes it the ideal breeding ground for innovation, with competitions like the Sagicor Innovation Challenge reinforcing its standing as a regional leader in science, technology, engineering, and mathematics (STEM) education and entrepreneurship.

Students were also reminded about the Technology Innovation Centre (TIC) at UTech, which provides them with the tools and support to transform their ideas into successful businesses.

Andrea Bolton-Fyffe, manager of TIC, highlighted the Centre’s customised mentorship, capacity-building workshops and access to tools that refine and test business concepts.

“We don’t want copycats. We want game changers and disruptors who can impact the ecosystem,” Bolton-Fyffe encouraged, as she urged the students to push beyond conventional thinking.

She shared that the TIC provides free office space, expert business guidance, and networking opportunities, ensuring that students can navigate the complexities of launching and scaling a startup.