News

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.

1. CayMall – Shop Local, Pickup Smart by Ron Reid and Traci Reid
2. Cayman Bytes – Converting user graphics into digital paint-by-numbers by Lance Mason and Kas Mason
3. Cool Couture – A thermoregulating undergarment to offer instant cooling and moisture-wicking relief for menopausal hot flashes by Taryn Stein
4. EcoBloxx – Building a greener future by transforming plastic waste into construction materials by Anthony Wambua and Peter Kigotho
5. E-Waste Recycling – A sustainable electronic waste recycling project by May Douglas, Xavier Suico and Melody Protacio
6. FoundationFoundry – A corporate secretary platform by John Gracey and Stephanie Small
7. Hunted Offshore – The marketplace for offshore professional and legal services recruitment by Kayleigh Wright
8. Las Gummitas – Locally flavored alcoholic gummies by Mya Grant
9. Music Mate – An app for music learners and educators serving our music community by Kailasa HimaBindu Peyyeti and Kranthi Kumar Chamarthi
10. Volunteerism – Understanding and managing how volunteers connect in our Islands by Taura Ebanks

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:

• Rich Dyer – Competition Instructor, Market Research Workshop, Co-founder of Massive Media
• Qamar Zaman – Competition Instructor, Lunch & Learn on Storytelling, Personal Branding Consultant at Storytellers, INC SEZC
• Dylan Jackson – Competition Instructor, User Experience Design Workshop, Founder of Hyperlocal, and Launch Labs Incubator Alumni
• Rudolph Johnson – Competition Instructor, Business Innovation Workshop, Agile Transformation Coach, Agile Project Manager at Morgan Stanley
• Althea West Myers – Competition Instructor, Presentation from the Cayman Islands Centre for Business Development, Director at Cayman Islands Centre for Business Development
• Ty Thomas – Competition Instructor, A MuscleWiki Start-up Case Study, Chief Media Officer at MuscleWiki SEZC
• David Strucke – Competition Instructor, Perfecting your Submission Packs and Perfecting your Pitch Deck & Slides, CEO at Datastreamer SEZC
• Rodney Alison – Competition Instructor, Perfecting your Submission Packs and Perfecting your Pitch Deck & Slides, Founder of Nurturely SEZC
• Zorina McCoon – Competition Instructor, Public Speaking Workshop, Communications Executive Coordinator at Cayman Islands Government

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).