JMMB Group Announces Top 3 SMEs in Pitch Competition
To mark the one-year anniversary of its SME Accelerator programme, JMMB Group announced the top three small and medium-sized enterprises (SMEs) in its pitch competition, during a recent CEO Mingle held at the AC Hotel. Water Drops, a Mandeville-based water refill store, supplying high quality purified drinking water and water drinking accessories, copped the top prize of J$500K.
The husband and wife duo, Richard and Sandra McLeish of Sankhard Company Ltd., trading under the brand name Springvale, walked away with the second prize of J$300K. Sankhard is a leading condiments company producing and distributing Jamaican fruit-based salad dressings, vinaigrette and pumpkin ketchup. While, Kavelle Hylton of STEM Builders Learning Hub, was awarded the third place prize of J$200K. STEM Builders is an online science-based learning institution that provides hands on authentic laboratory experience customized for students 3-18 years.
The SMEs were selected based on two-part criteria, consisting of the pitch competition where participants had the opportunity to showcase their businesses to a panel of judges and the ongoing assessment of their businesses growth based on the key performance indicators set out by the entrepreneurs at the start of the accelerator programme.
Fourteen entrepreneurs from the pool of 23 SMEs in the JMMB Group SME Accelerator programme opted in for the competition and the opportunity to win the prize money.
Speaking at the event, Shani Duncan-Falconer, senior corporate manager, JMMB Group SME Resource Centre commended the members of the first cohort for their determination and commitment to the 2-year long programme as demonstrated by their active participation in the range of mandatory assignments, attendance at a range of workshops and sessions led by the JMMB Group SME Resource Centre.
Kim Mair, CEO of the JMMB Joan Duncan Foundation, which provided the financial backing to the tune if J$1M for the pitch competition shared that part of the Foundation’s mandate is to invest in entrepreneurs so that they can take their ideas and business models to the next level; by providing the financial support these businesses need to further build out the strategic plans and the growth of Jamaican’s economy.
The top three SMEs are already on their way with plans in place to reinvest the prize money into the growth of their businesses. Harris shared that with the prize money, he will be able to bolster his inventory from supply chain issues, which is critical to maintaining consistency and managing expenses and pricing. Principals of Sankhard – the McLeish’s look forward to ploughing the prize money into the roll out of its new line of products set to come on stream shortly. CEO of STEM Builders, Hylton revealed, “I plan to invest the prize money into our Likkle Einsteins Club. This is the first privately funded programme in Jamaica to support STEM learning in early childhood institutions, because believe that building critical thinking and problem-solving skills in the students at (an early age) will improve their readiness and performance in science and maths at the primary level.”
Support and Partnership Makes a Difference
In his remarks Harris, noted that although a veteran entrepreneur with decades of experience as a visual artist, he has been happy with the support from JMMB Group through the programme as he stepped into uncharted territory in opening a water store in Mandeville, “a place where he knew no one.” Admitting that along the journey with this new venture he was close to quitting based on the challenges experienced, but is happy with the outcome, in fact he decided to enter the pitch competition, on the recommendation of his mentor and SME resource centre officer, Vincent Auld and was pleasantly surprised to be the winner.
Hylton, who is no newcomer to the scene of such programmes, underscored the added valued provided by the JMMB Group’s programme stating, “this accelerator programme helped me to focus directly on our strategic objectives through the Growth Wheel exercise. (It) also holds me accountable and helps me to track my progress, (in addition to) assigning an active and accessible mentor. (In fact) my mentor hosts regular mentorship meetings that allow us to support each other and she is also a member of my board of advisors.”
The 2-year long programme, is offered in collaboration with the Technology Innovation Centre (TIC) under the Joan Duncan School of Ethics, Entrepreneurship and Leadership at University of Technology, (Jamaica).