Office of Business Development

Innovate! The Cave Hill Campus New Venture Challenge, sponsored by The Office of Business Development at The University of the West Indies (UWI) Cave Hill Campus and CIBC FirstCaribbean International Bank is a challenge that rewards staff for impactful and innovative ideas that lead to generation of income for their unit/department and the Campus. The competition aims to inspire the entrepreneurial spirit of the Campus and provides a unique opportunity for staff at all levels and in all categories to become intentional about revenue generation. The challenge will be held every two years.   

Members of staff, individually or as a group, are invited to develop a creative and professional outline business plan for an income-generating business or activity (product or service). There are two rounds. In the first round, written outline business cases will be considered by a panel of experts with entrepreneurial knowledge and experience. Five submissions will be selected based on stated criteria for a face to face presentation to the final panel. A total of BDS$60,000 will be up for grabs as three monetary prizes will be offered to the top three winners, who will have the opportunity to work with the OBD to start the business activity within the guidelines of the University’s policies and ordinances.

Support will be provided to all participants at various stages.  In Round One, each team will be appointed an advisor to assist in the development of the outline business case. In addition, an online forum will be held where questions you have will be answered by a team of experts, who will review all the final submissions and determine which five move on to Round Two.  After the competition, the Office of Business Development will provide assistance in getting the business up and running.


ELIGIBILITY 

• The competition is open to all full-time staff of the Cave Hill Campus both academic and non- academic.
• Staff may enter individually or as a team of five (maximum). Each group member must be a full-time employee of the Cave Hill Campus. Teams need not be members of the same department/unit/Faculty.
• Each named participant must be available to participate in the presentation of the business plan.
• The business must be one that can be implemented for the benefit of the Campus and/or your unit/department.
• Participants in the recent OBD Workshop Income Generation in a University Context may enter but may not submit business cases already presented as a part of this training activity.

HOW TO ENTER THE COMPETITION – YOUR EXPRESSION OF INTEREST
 
All persons interested in participating must register by completing an online registration form, which will include:

• Basic information on each team member (name, department, job title, contact information). A maximum of five (5) persons per team.
• A written note describing in 100 words or less: your business idea in general terms, including identification of the problem/need your idea will be addressing; your potential market; and how your idea is different from others in the market.
• Signature of all team members on the form provided to indicate that the business is your idea and sign off from the heads of department of each team member confirming their approval to participate in the challenge.  
• A 30–45 second video clip highlighting why you and your team wish to participate in the competition. 

 
PRIZES
Winners are required to use at least 75% of the winnings towards the startup of the business in their unit/department. The remainder may be divided among the team members at their discretion.

• 1^st prize BDS$30,000
• 2^nd prize BDS$20,000
• 3^rd prize BDS$10,000

 
The deadline for submission of Expressions of Interest is September 30, 2021.  Click here to receive a full package of information, including full details of judging criteria, please contact us at 826-0594 or 417-4541 or email us at businessdevelopment@cavehill.uwi.edu