by Marlon Madden
The University of the West Indies (UWI), Cave Hill Campus, with support from CIBC FirstCaribbean International Bank, is putting what it preaches into practice.
The Office of Business Development at the Cave Hill Campus recently held its inaugural Innovate Cave Hill Campus New Venture Challenge, as it embarks on a mission to encourage more innovative thinking and create more entrepreneurial activities at the learning institution.
The challenge, which was conceptualised over a year ago, came about as a result of the campus’ Entrepreneurship Committee seeking new ways to get staff more involved in the generation of ideas and creation of new entrepreneurial ventures.
The Innovate Cave Hill Campus New Venture Challenge, which aims to promote entrepreneurialism and develop some basic skills including business planning, was open to all full-time staff members as individuals or teams of up to five people.
In all, there were 11 teams and 23 staff members participating in the five-month competition, with participation coming from all level of staff. In the end there were five finalists who submitted their business plan and made their presentation early last month.
During a recent awards ceremony at the 3Ws Pavilion, Deputy Principal of the Cave Hill Campus Professor Winston Moore highlighted the need for more innovative businesses and jobs to help the region meet its developmental needs.
“It is really important that we acknowledge that as the premier university within the Caribbean we have an important role to play in relation to addressing that issue. Through our education we help communities to build capacity and nurture the values and attitudes needed to support more sustainable pathways,” he said.
Pointing out that entrepreneurship is very new for the Cave Hill Campus, Moore said he would like to see the Innovate challenge replicated throughout the island and the rest of the region. Sponsor of the competition CIBC FirstCaribbean International Bank provided some $120,000, which officials have split between this year
and next year.
Mourad Arnouk, Senior Manager of Advisory Service Business and Platinum Banking, said the challenge was key to helping the learning institution to become more self-sufficient.
“We see the innovate challenge as a key driver of self-sustainability and financial independence at this campus. As we have clearly seen demonstrated by all the participants and the finalists, there is a wealth of ideas across this campus just waiting to be nudged and nurtured into fruition,” said Arnouk.
He said the bank was committed to providing the necessary financial support as it continued to champion entrepreneurship at the UWI, Cave Hill Campus.M The winning team walked away with prize money of $30,000 for their idea of a Virtual Innovation Sandbox. The second-place team received $20,000 for their Virtual Nursing Education and Research Academy while third place received $10,000 for their idea of an International Foundation English Language programme.
A number of teams that did not make it to the final round but stood out during various rounds of the competition were also celebrated and presented with awards. In addition, a special innovation award of $8,000, went to one team so they could develop a prototype to provide a proof of concept.
marlonmadden@barbadostoday.bb
