PAYAVETA — a mobile application that functions as a digital wallet and remittance platform — was the pitch that took the top spot at the third annual staging of the UTech/ Sagicor Innovation Challenge.

The final pitch competition was held on August 17 at the University of Technology (UTech), Jamaica campus in Papine, St Andrew.

The four-member team that conceptualised the winning app walked away with half-million dollars for their winning idea. The first runners-up, Team InveStars, walked away with $250,000 for their idea to create a single platform through which individuals can gain investment advice and make investments, while the second runners-up, Team Tech Mavericks, won $100,000 for their pitch to use blockchain technology to secure electronic health-care information (dockets) to a select, decentralised network, making it available across providers.

Fourth-place finishers Team Techvice won the social media prize for the most engagement with their idea on digital media platforms. At the same time, the Faculty of Engineering and Computing was the top faculty. Both awards carry a prize of $100,000.

Team captain of team PayAveta, Kashlon Palmer said his team had consistently refined their idea and business model. “Last year we entered UTech’s business model competition with this idea and we placed third,” Palmer shared. “We then developed PayAveta and refined it based on the feedback we received, then we went on to enter the National Business Model Competition. The director of the UTech business model competition suggested that we enter this one, and we’re happy we did,” Palmer added that his team would use the $500,000 cash prize to develop their platform further.

Held each year by the Sagicor Innovation Lab, based at UTech, the competition saw students across the campus submitting ideas expected to reimagine and solve issues across industries using technology disruptively.

The spirited pitches from the four final teams included a question-and-answer segment after each presentation. The panel of expert judges allowed contestants to clarify points in their presentations and respond to questions on their pitches. The panel – comprising members of Sagicor Group Jamaica’s leadership team and UTech faculty members — also offered valuable feedback to help teams further develop their inventions.

Speaking at the final pitch competition, Sagicor Group Jamaica President and CEO Christopher Zacca commended the participants for coming forward with their innovative ideas and lauded the university for fostering an environment that empowers students to transform lives with their creativity.

“As a forward-thinking company with innovation as a core part of our strategic growth, Sagicor is always pleased to be a part of events such as this one, where young, bright Jamaicans utilise their talent and skills to bring fresh new ideas to the fore,” Zacca said. “We are also happy to support them in moving their ideas and solutions from concept to reality,” Zacca added.

Fully backed by Sagicor, the annual competition challenges the students at UTech, Jamaica, to come up with ideas that can benefit the Jamaican society, particularly in the areas of health and wellness, financial services, and insurance technology.