IF YOU are a big fan of the American television show, ‘Shark Tank’, then you will definitely be excited about Scotiabank’s Vision Achiever Live Pitch Competition, now running for the third consecutive year.

Once an existing or new entrepreneur is able to sell their business idea to the competition, Scotia Bank, in collaboration with the Guyana Chamber of Commerce and Industry (GCCI) and Action Coach Guyana will offer them the opportunity to promote and expand their companies, with the help of professional training and guidance, free of cost.
During the launch of this year’s race at GCCI’s Waterloo Street office on Monday, Scotia’s Marketing Manager, Ms Jennifer Cipriani explained that the competition is open to Guyanese residents 18 years and older.
The rules require participants to create a one-minute video pitch, detailing their business idea to be sent via email to: Jennifer.cipriani@scotiabank.com. The video will then be uploaded to Scotia’s Facebook page, and participants will have to get the most ‘Likes’ and ‘Comments’ to be picked within the top five presenters.
The business training segment of the competition was previously provided after the winners were chosen, but the competition now provides training for all finalists, even if they do not place in the competition.
Following Action Coach’s seven-month training, the participants will then create their own business plan and present it to the judges for the win.
Cipriani said that the winner of the competition will get $500,000 as a startup business account, while the second runner up will receive $250,000.
TRAINING’S IMPORTANT
She insisted, however, that the action training is “far more valuable than the prize money,” since the training will help in preparing the business plan and provide help regarding promotion and expansion of their operation.
Action Coach’s Vishnu Doerga said their agency has been in operation for some 23 years, and has been in Guyana for about two years. He said Action Coach has partnered with Scotia in other Caribbean territories, and has contributed to finding best practices to help develop businesses faster. “In this economy,” Doerga said, “we know that growing a business is not the easiest thing to do.
“We are looking for businesses that are diversifying,that are adding value.” Doerga further said that there are many entrepreneurs out there with fantastic ideas, and the training will allow them to focus on a specific method for the best results.
GCCI’s President,Deodat Indar said that GCCI is making sure it continues with its sustainable programmes which benefit micro and small businesses. That agency, he said, advocates and assists via training and different forms of development for small and micro businesses.
Scotia’s programme last year saw 27 participants. Twenty-three-year-old Ria Bryan and 27-year-old Dennon Lewis won the competition for the promotion of their company, Prestige Clothing Brand. The Georgetown residents told the Guyana Chronicle that their business started ahead of the Jubilee Celebrations when they wanted to make a contribution. Bryan said after noticing that it was merely the 50th logo making the rounds on tee-shirts and other souvenirs, they decided to create their own logos, and promoted it on Facebook before receiving some 200 orders and generating half the capital needed.
They said that after winning the competition, their business has grown significantly. So much so that the duo is already preparing to diversify and expand;by now importing materials for local designers through established foreign-based suppliers.