THERE was excitement, drama, and some anxious moments as 10 creative participants vied for prizes and bragging rights in the Project e-Drive Innovation Challenge, held this year. Powered by the JPS Foundation and the Inter-American Development Bank (IDB) Lab, the young entrepreneurs were pushed through six stages of grueling competition, before they eagerly awaited the naming of the top five, who were recognized for their innovations.
The stages of the competition were: Pitch Deck Presentation; Focus Group presentation; Business Immersion; Prototype Presentation; delivering a ‘Ted Talk’ and Prototype Demonstration, where only the top five remained in the battle for supremacy; and on to the Final Pitch, where the top three innovators made their final presentations and left it there in the hands of the judges.
Matthew Ferguson of Gizmo’s Computer Support and Services, who came out on top and won for himself a cash prize of $300,000 was humble as he reflected on the competition. “I was very excited; I never knew there would ever be a forum for people like me who love all things about electric mobility,” said Ferguson. The second challenge, he said, was the most difficult as it was around that time that he started working on an additional stream of revenue for the business, to present in further challenges.
“I didn’t expect to get this far, I’m quite happy with what I did and wish to thank everyone who made it possible! Darryl, Dmitri, Nikkolai, Roshell, Coleen, and everyone else at the Branson Entrepreneurship Centre, JPS Foundation; and IDB Lab. Big up the judges,” said Ferguson, who did not expect that his product, which focuses on light electric vehicles such as bicycles or motorcycles, was competitive with what other innovators had.
Like Ferguson, Nakeme Elliston, (whose company, El-Tech Company Limited placed second), was humble in his accomplishment. “I was excited, yet surprised. Excited that finally I was going to be given the opportunity to have my innovation out there, and my idea now has been brought to light.”
His innovation is a derivative of the Axial Flux Motor, the “Axi-Thrust” — a substitution to the conventional motors used today. It seeks to solve the problem of motors being weighty, bulky, and only 80 per cent efficient at best, and overheating quite easily. “Axi-Thrust is over 96 per cent efficient. It is very lightweight, has a very high power-to-weight ratio, doesn’t overheat, and has a very high torque-to-density ratio: same torque as a radial flux motor that is four times its size. It’s a game changer!” Elliston enthused.
When asked what his thoughts were when approached to enter the challenge, fourth place finisher, Alexis Russell of OnDiGo Auto Repairs, said he was excited. “We were elated to be part of ‘the push to a greener, more sustainable future’; this is one of the core reasons we started our business,” he said, adding, “[we will be the] pioneering company in Jamaica that works on electric cars.” Russell plans to convert to an LLC, pay intellectual property fees and complete the storeroom to house equipment.
Elliston, recalled, “I did learn a lot of new things, especially during Challenge Three when the innovators met with their mentors, which for me was the JAMECO Management Team led by Mr Brian Pengelley, and Mr Mark Hanlan. I was steered exactly in the direction where my company needed to go. Before I could say that my company was without a compass, and this was one of my most profound admittances to myself during the first two challenges. I needed the business know-how. I could innovate and invent but was lacking in how to make my business profitable. “I want to be biased because of my love and affection towards the said team, and the knowledge they imparted to me, I would say “I’ve learned from the best!”
James Porteous of Electric Classic Car Jamaica was placed third, and fifth was Dennis Eccleston of iPower, while the People’s Choice Award went to Princess Thompson.
The cash and prizes amounting to over $2 million, including the project prize of a 12–week course from the Branson Centre for Entrepreneurship – Caribbean Training Programme for the top three innovators were presented at the final presentation and closing ceremony. The project also provided certificates and plaques to each innovator.