Jacqueline Coke-Lloyd, executive director of the Jamaica Employers' Federation, says the winners of the new business awards are likely to be those who demonstrate 'entrepreneurial fire'.- FileDigicel backs award scheme for young businesses

With $20 million of backing from Digicel over three years, the youth affiliate of the Jamaica Employers' Federation (JEF) has launched a new project aimed at recognising nascent but growth-oriented businesses and the entrepreneurs who sustain them.

The base qualification will be measured on company turnover, or gross revenue earned per year, which must exceed $1 million.

Launched Thursday, the Young Entrepreneur's Challenge - a project of Digicel, the Youth Entrepreneur's Association (YEA) and the JEF - targets companies which are run by 18 to 35-year-olds, and which have been operating for three months to five years.

achieve robust growth

The mission, said JEF executive director Jacqueline Lloyd-Coke, is "to achieve robust growth in the critical micro-, small- and medium- enterprises sector by identifying young entrepreneurs and helping them grow their businesses while rewarding them for contributing to national development through their spirit of enterprise."

The YEC will have nine award components, headlined by the 'Digicel Youth Entrepreneur of the Year' award.

Other sponsoring companies include Scotiabank, 3M, the Petroleum Corporation of Jamaica, Jamaica Observer and Power106/ Music 99 FM, a subsidiary of The Gleaner Company.

Application forms for awards are available online at www.yeajamaica.com/challenge, and at the JEF Ruthven Road, St. Andrew offices.

The submissions will be assessed by a panel, taking into consideration the viability of the business, its track record, and entrepreneurial hallmarks of creativity and innovation.

"Winners will emerge from the group," said Coke-Lloyd, "not necessarily for their company size or turnover, but for their ability to demonstrate that they possess the entrepreneurial fire."

The nominations for awards, the first of which will be presented November 29 at a gala dinner, will emerge from those assessments.

business@gleanerjm.com