The Business Design Competition is helping residents of the Cayman Islands launch new products, services, and business ideas faster.
George Town, Grand Cayman, Cayman Islands (26 February 2024) – The 2024 Cayman Islands Business Design Competition, produced by the NPO Enterprise Cayman and sponsored by Cayman Enterprise City, aims to accelerate the development of innovative concepts and assist budding entrepreneurs in launching new Cayman-born business ventures. The competition offers valuable professional support networks to facilitate the efficient realisation of new business ideas.
“The Cayman Islands Business Design Competition plays a pivotal role in supporting a vibrant innovation ecosystem for Cayman’s entrepreneurs,” said Charlie Kirkconnell, CEO of Cayman Enterprise City and Chairman of Enterprise Cayman. “By promoting knowledge-sharing between new projects, subject matter experts, and experienced founders, the competition actively fuels business innovation.”
Creative individuals, businesses, and entrepreneurs throughout the Cayman Islands have been invited to apply to the high-impact competition to help launch their next business idea. Residents of the Cayman Islands over 18 had until 31 January 2024 to submit their business design proposals.
The 2024 Finalists...
The following top 10 business ideas and entrepreneurs are now a step closer to winning the “Project of the Year”, a cash prize of USD $10,000, and sponsored business services packages valued up to USD $10,000.
Although the submission pool was remarkable, the finalists underwent a thorough evaluation and selection process, considering their business ideas holistically. Criteria such as the team’s understanding of the problem, the project’s feasibility, impact, and desirability were used to select the top 10 finalists.
With the help of instructors and seasoned entrepreneurs, competitors will now take part in two intensive “Design Days” on Saturday, 9 March and Saturday, 23 March where they will prepare to present their new business ideas to a panel of judges at the competition’s “Pitch Day” – a highly anticipated event that is open to members of the public.
"The programme has been crafted to offer a dynamic platform, connecting innovators and providing access to professional support networks. It also creates a welcoming business environment that nurtures novel and creative business ideas," expressed Alyssa Manderson, Senior Programme & Events Coordinator at Enterprise Cayman. "We eagerly anticipate witnessing the evolution of these projects and observing participants present their final projects to the judges. Imagine a Cayman-style “Shark Tank” – attending will undoubtedly be an exciting experience."
The design weekend will include an array of activities and workshops on evaluating start-up ideas, market research, pitching your idea and more, to help competitors refine and improve their business ideas with the help of some of Cayman’s top entrepreneurs, innovators, and business professionals, including:
Following the “Design Days”, finalists will have three weeks to prepare for the “Pitch Day” where competitors will present head-to-head for chance to win “Project of the Year” and take-home USD $10,000. Other coveted prizes available include the “Innovation Award” for an innovative business design that is inspiring, new and/or unconventional sponsored by JB Advisory Services, the “Community Impact Award” for a business design that makes a difference in the community sponsored by eShore, and the “People’s Choice Award” for a business that takes home the honor of being the community’s favourite, and that stands out to individuals, sponsored by Cayman National Bank (CNB).
Members of the public are invited to attend the "Pitch Day" where teams will compete by presenting their projects to a panel of judges. The event is set to take place Saturday, 20 April 2024 10:00 AM - 12:00 PM at The Vault, located at the Compass Centre. For more information email innovate@enterprisecayman.ky or visit the Pitch Day event page.