Susan Smith, Staff Reporter
Recipients of the Opportunity Funding Corporation Venture Challenge competition display their trophy at Mona School of Business, University of the West Indies. From left are Natalia Fong Kong, Cecil Bailey, Shellion Dillion-Burrell, and Michael Martin.- CONTRIBUTED
GRADUATE STUDENTS of the Mona School of Business (MSB) Master of Business Administration programme have taken home the 2005 second-place trophy for developing a viable business plan in the Opportunity Funding Corporation Venture Challenge competition.
They competed against representatives from predominantly African American universities such as Howard University and Jackson State University. The annual competition was held in April 2005 at Clark Atlanta University in Atlanta and is designed to help black American students transform ideas into viable businesses.
COMPETITION
This year 21 universities participated, with the University of the West Indies being the only non-American university in the competition. The Jamaican entry, Jamaica Ornamental Fish Farms, was prepared by Cecil Bailey, Shellion Dillion-Burrell, Natalia Fong-Kong, and Michael Martin. It outlines a business plan to establish and run a company that aims "to become the most efficient local exporter of ornamental fish."
"I chose ornamental fish because it seemed viable and could give investors a high rate of return on their money," said Mr. Bailey.
Anthony Barnes, senior lecturer in the MBA programme at MSB, told the Financial Gleaner that the Jamaican team got the edge in the competition based on its method of delivery and the viability of the project. However, Mrs. Fong Kong added that the confidence the team exuded during its presentation added richly to the success.
"All of us in the Mona School of Business are extremely proud of the achievement of our students, which was a tribute both to the technical soundness of their business plan and the high quality of the presentation for which they were well prepared by faculty and staff," commented Prof. Neville Ying, acting executive director of the MSB.
STARTING A BUSINESS
The group members are now exploring the possibilities of implementing the project in the near future. "We are looking to start the business on a large scale of, say, $30 million," said Mr. Martin.
The successful group is already assigned to the Vincent Hosang Entrepreneurship Pro-gramme which will provide some financial aid to plans for developing the project, but the members intend to solicit other sponsors from the private sector.
