Creative individuals, businesses, and entrepreneurs are invited to take part in the inaugural Cayman Islands Business Design Competition competition to help jump-start their next business idea.
The competition is an initiative by Enterprise Cayman, which aims to provide Caymanians with opportunities within the Cayman Enterprise City special economic zones.
The competition will support individuals and teams in kick-starting new business products, services and ideas quickly and provides entrepreneurs and innovators with access to professional support networks.
It is open to residents of the Cayman Islands over 18, and, due to support from Cayman Enterprise City free for all entrants. “Our hope is that the Business Design Competition will help to further develop Cayman’s supportive ecosystem for new business ventures,” said Charlie Kirkconnell, CEO of Cayman Enterprise City, in a press release.
“The competition has been designed to foster knowledge-sharing amongst professionals and to help drive business innovation. We’re really looking forward to showcasing the creativity and entrepreneurial talent that exists in abundance here in Cayman.”
Participants are invited to compete in teams or individually and ten finalists will be selected in early February 2021 to take part in a ‘Design Weekend’ and compete in the ‘Pitch and Test Day’ with the help of professional advisors and network of entrepreneurs.
Finalists will participate in a series of business workshops and work towards prototyping and testing their idea. The competition uses design thinking, a five-phase process to help reduce the risk of bringing new products, services or features to market.
“Design Thinking is extremely useful in tackling difficult problems that are unknown, by re-framing the problem in human-centric ways, by developing ideas in brainstorming sessions, and by adopting a hands-on approach in prototyping and testing,” said Paul Keane, UX Designer and Business Design Competition Project Advisor. “We can’t wait to work with creative individuals and ideas and look forward to seeing new business projects evolve, right here in Cayman.”
After a series of workshops, finalists will then have a month to prepare a five-minute demo and pitch deck which will be presented to competition judges during the ‘Pitch and Test Day’ at the end of March 2021.
Judging criteria include creativity, potential, feasibility, maintainability, desirability and impact. Competitors will compete for cash prizes and three competition awards including Community Impact, Creativity, and Project of the Year.
Members of the public are invited to attend an online information session which is set to take place Thursday, 17 December 2020 at 12:00 pm to RSVP email [email protected]. For all competition details and to apply online visit www.designsprintcayman.com.