Dare to Dream with First Citizens and SCHSBM

WHAT IS THE FIRST CITIZENS’ DARE TO DREAM BUSINESS IDEA COMPETITION?

The First Citizens’ Dare to Dream Business Idea Competition provides a platform where Barbadian students and young people between the ages of 16 – 21 years can share their most innovative ideas. The competition is sponsored by First Citizens’ Group and managed by The Sagicor Cave Hill School of Business and Management/The University of the West Indies (SCHSBM/UWI).

The First Citizens’ Dare to Dream Business Idea Competition was initially conceptualized from the premise that many young people have ideas and dreams, but are unaware of the channels to encourage development of them. This competition seeks to promote an entrepreneurial mind-set among the youth of Barbados. It enables the participants to share some of their most creative ideas while benefitting from the guidance, valuable feedback and mentorship provided from experts in the field of business, entrepreneurship and innovation.

 

HOW DO I ENTER?

To enter, the registration form which can be found at the end of this document must be completed and submitted to the SCHSBM/UWI, considering the following criteria:

  1. The deadline for submission of completed registration forms is 2nd February, 2018.
  2. Entries must be in PDF format and emailed to either shade.richardson@cavehill.uwi.edu or egbert.irving@cavehill.uwi.edu.

SUBMISSION CONTENT GUIDELINES

Participants will be required to submit aconcept document which outlines their idea, the intended target market, and how the idea will support a viable and sustainable business.

The concept document should, at a minimum, cover the following areas:

  • A short description of the idea.
  • The purpose of the business.
  • Goals the idea is trying to achieve.
  • The key differentiating features of this idea.

All Submitted Concept Documents MUST: 

  1. Be written in English.
  2. Describe a business idea that would take place and/or benefit persons within Barbados, the region or globally.
  3. Contain written permission from all individuals identifiable in any written or video material.
  4. Be between 3 and 5 pages in length, single-spaced, in size 12 point Times New Roman font, minimum ½ inch margins (vertical and horizontal), on Standard 8.5” x 11” paper.
  5. Be submitted to SCHSBM/UWI via email, in PDF Format to either shade.richardson@cavehill.uwi.edu or egbert.irving@cavehill.uwi.edu by 28th February, 2018 at 11:59pm

JUDGING CRITERIA

Each submission will be judged by a panel of experts on the following criteria:

  1. Idea/Concept – clearly and concisely explained; rationale.
  2. Viability and Sustainability – A significant existing market; feasibility of business idea, differentiating features.
  3. Innovation – Breakthrough in thinking or design; demonstrated creativity and originality of the idea; does it represent a truly original concept or is it a refinement of an existing product, service or process.
  4. Presentation of Business Idea – Is the concept written and or presented in a clear, convincing, interesting and well organised manner.
  5. Impact – what impact would this idea, if implemented, have on the economy and society at large.

Finalists will be selected and informed of their advancement to the final stage of the competition by 23rd March, 2018.

COMPETITION STRUCTURE

This competition runs from 2nd February, 2018 until 16th March, 2018 at midnight. Winners will be announced at the end of the final presentations on 19th April, 2018.

ELIGIBILITY

  • All Registrants for the First Citizens’ Dare to Dream Business Idea Competition must be between the ages of 16 and 21 and must reside in Barbados.
  • Employees of First Citizens Bank Limited, SCHSBM/UWI and other corporate partners of this initiative and their immediate relatives are not eligible to enter. In addition, colleagues, friends or immediate relatives of the members of the judging panel are also barred from entering.
  • Previous prize winners of this competition are ineligible.

PRIZES

1st prize: $5,000.00 Cash Prize.

2nd prize: $3,000.00 Cash Prize.

3rd prize: $2,000.00 Cash Prize.

TERMS AND CONDITIONS

  1. All information submitted is considered confidential.
  2. All information submitted is the property of SCHSBM/UWI.

Usage of Team Profiles and Pictures of Team Members

  1. By submitting a project, the Team acknowledges that the Team Profile and pictures of Team Members that are submitted by the Teams will be collected and saved in the SCHSBM/UWI database. SCHSBM/UWI reserves the rights of free use, reproduction, and dissemination of the Team Profile and Pictures for the purposes of the competition.
  2. Personal information, such as email, phone, gender, address, age, and education level collected at the time of registration will be added to the SCHSBM's database, and Teams will receive communications regarding new programs, competitions, events, promotions, new products, etc. unless the Team opts out at registration. If at any point, the Team wants to cancel the subscription to any of the two databases, the Team can request this in writing.
  3. It is understood and agreed that this condition of use of the Profile, personal information, and pictures of the Teams does not violate the Principle of Confidentiality nor does it at any time generate an obligation of payment or other remuneration as a lucrative activity in favour of the Team for such usage.

Selection of the Judges

  1. The Sagicor Cave Hill School of Business and Management will appoint judges for the competition. The judges will be professionals from the academic and business world and able to analyze different areas of the project plan such as innovation, marketing, technology, human resources, and finance.

Decisions of the Evaluation Committee

  1. The decisions of the Evaluation Committee will be final and not subject to appeal. The Evaluation Committee will only make Awards if the projects presented reach an adequate level of quality at its sole discretion.

Acceptance of the Terms and Conditions

  1. Registration for the First Citizens’ Dare to Dream Business Ideas Competition constitutes acceptance, on behalf of all the persons registering as the Team of all the Terms and Conditions included in this document. It is the responsibility of the competitors to keep themselves up to date with publications and notices made by SCHSBM/UWI.
  2. Furthermore, by registering a Team, all competitors agree that:
    1. They release and indemnify and hold harmless SCHSBM/UWI and the Judges from any and all claims that any commercial, advertising, presentation, web content or any other material subsequently produced, presented, and/or prepared by or on behalf of SCHSBM/UWI infringes on any of the rights of the Team's work as contained in the Project.

Modifications of the Terms and Conditions of the Competition

  1. SCHSBM/UWI can modify the Terms and Conditions of the Competition and Awards, including increasing or decreasing prizes according to sponsor contributions. SCHSBM/UWI may also modify the dates of the Competition or suspend temporarily or definitively the execution of the Competition as considered appropriate. All the modifications to the actual Terms and Conditions will be published with a prior notification to the competitors.

 

This competition is made possible by the support of the First Citizens Group