Million Dollar Showdown: Sagicor Challenges UTech, Jamaica Student Innovators

Million Dollar Showdown: Sagicor Challenges UTech, Jamaica Student Innovators

File Photo: Prof. Sean Thrope (right), Dean of the Faculty of Engineering and Computing, University of Technology, Jamaica joins President and CEO of Sagicor Group Jamaica (left) in presenting the winning cheque of $500,000 to winners of the 2023 Sagicor Innovation Challenge Grey Matter Technologies at the final round of the pitch competition at UTech, Jamaica on June 20, 2023.  Students of the winning team (from left) Percival Roberts, Justin Brown and Shawn Grant proudly display their trophies: Absent team member is Kevaughn Pryce.

The 5th staging of the Sagicor Innovation Challenge is officially underway, with students of the University of Technology, Jamaica (UTech, Ja.) competing for over one million dollars in prize money. This year’s challenge, which launched on March 3, 2025, has attracted over twenty teams embarking on an intense journey of workshops, prototype development, and business validation as they work towards their Final Pitch event on April 22, 2025. This year's competition showcases a diverse range of ideas aimed at solving real-world challenges spanning various sectors, including healthcare, finance, education, agriculture, and public safety within technology themes ranging from AI and Blockchain to the Internet of Things (IoT). 

With Sagicor Group Jamaica as sponsor, the challenge highlights the impact of corporate-academic partnerships in fostering Jamaica’s next generation of innovators, giving students exposure to critical business skills, industry networks, and financial support.

During the official launch, Andrew Burke, Vice President - Innovation, Data, IT & Data Security at Sagicor Group Jamaica, emphasized that the challenge is not simply about having a great idea, but about execution and articulation. “It makes no sense that your idea is the one that could win, but you fail to articulate it in a way that allows people to understand exactly what the challenge is and what your solution is,” Burke stated. He also encouraged cross-disciplinary collaboration, noting that true innovation occurs at the intersection of diverse ideas and expertise.

Also addressing participants was Lu’Shana Cheddesingh, Technical Coordinator for the BIGEE Programme at the Development Bank of Jamaica (DBJ), who reinforced DBJ’s commitment to supporting entrepreneurs. “One of the major challenges that startups face is their inability to access funding, create partnerships, and to scale. This is why we are here today, to assist the teams in getting more information on what is available from the DBJ,” Cheddesingh revealed.

Explaining how students can win the top prize of JMD $1 million, Ray-St. Michael Williams, Research Fellow and Director of the Sagicor Innovation Lab at UTech, Ja., detailed “the winning team gets $500,000 and another $500,000 is contributed towards supporting the formation of your company through the Technology Innovation Centre at Utech, Ja.”. He also added that there is additional prize money of JMD $100,000 for the faculty of the winning team to engage in an innovation project. Williams believes the university’s emphasis on practical, high-impact learning makes it the ideal breeding ground for innovation, with competitions like Sagicor Innovation Challenge reinforcing its standing as a regional leader in STEM education and entrepreneurship.

Students were also remined about the Technology Innovation Centre (TIC) at UTech, Ja., which provides them with the tools and support to transform their ideas into successful businesses. Andrea Bolton-Fyffe, Manager of TIC, highlighted the Centre’s customized mentorship, capacity-building workshops, and access to tools that refine and test business concepts. “We don’t want copycats. We want game changers and disruptors who can impact the ecosystem,” Bolton-Fyffe encouraged, as she urged the students to push beyond conventional thinking. More than just a workspace, she shared that the TIC provides free office space, expert business guidance, and networking opportunities, ensuring that students can navigate the complexities of launching and scaling a startup.

Sagicor’s commitment to innovation goes beyond sponsorship, as Burke made clear when discussing the company’s openness to adopting or investing in standout projects.

“Sagicor is always looking for another idea. Business cannot remain static. The only way your stakeholders and shareholders are happy with you is if you continue to grow,” Burke said.

With corporate support, cutting-edge technology, and high-stakes competition, the Sagicor Innovation Challenge continues to set the stage for Jamaica’s next wave of tech-driven entrepreneurs.

End.


Contact:
Michelle Beckford (Mrs.)
Corporate Communications Manager
University of Technology, Jamaica
Telephone: (876) 970-5299
Email: mbeckford@utech.edu.jm