THE pressure is building in the Pioneers of Prosperity Caribbean Competition, as 44 business owners, of an original 580 contestants, proceed to round three of the contest.

A release from the sponsors said less than 10 per cent of all applicants have made it this far and the group vying to win is nothing short of impressive.

Pioneers of Prosperity is a programme to award dynamic Caribbean businesses and was introduced to Guyana in February, seeking to inspire a new generation of entrepreneurs in emerging economies, by identifying, rewarding and promoting truly outstanding businesses which would serve as role models to their peers.

It is sponsored by the Multilateral Investment Fund of the Inter-American Development Bank (IDB), John Templeton Foundation and Social Equity Venture Fund (S.E.VEN Fund), having been conceived and initiated by Mr. Michael Fairbanks of the last sponsor.

“We have been very impressed by the number of innovative and dynamic business models our applicants have presented, making our job more challenging as we move into the final stages of the competition,” said Ms. Julie Kennedy, Director of Pioneers of Prosperity Caribbean.

“The businesses that have been invited to the third round have shown a clear track record of success and immense promise for the future creation of value for four distinct groups – Customers, Owners, Workers and Future Generations.

“…there will be at least one winner and, possibly, up to three from Barbados and Guyana,” said Mr. Nick Buckley, who is the representative for both those countries.

Round Three consists of phone interviews, which Pioneers of Prosperity team members will conduct personally with each finalist.

For Round Four, staff of Pioneers of Prosperity and colleagues from S.E. VEN will do onsite visits to meet with business owners, managers and employees in every facility.

“These visits help us to understand the heart of a business, what makes it competitive, innovative, a true pioneer of prosperity,” said Kennedy.

Finalists will be filmed by a documentary filmmaking crew who will also accompany the interviewers, the release indicated. (Priya Nauth)