Young entrepeneurs compete for place at world forum

| 25/04/2011

(CNS): A group of young entrepreneurs were offering their support for the free market recently as they competed for a place to represent the Cayman Islands at the Canadian Junior Achievement International Youth Business Conference, known as next Generation Leaders. The finalists made presentations on minimum wage, diversifying the economy, e-business, and Cayman’s work-permit limit, known as rollover to a panel of judges who critiqued the presentation and put questions to the presenters. President of Junior Achievement Pat Randall explained that students in the Junior Achievement programme were divided into 14 companies and each one nominated its top five students from the group. The advisors selected the top two from the five who were interviewed by a panel of judges which will select the finalist who will be announced next month.

“The fourteen finalists had an opportunity to present at the Annual Oral Presentation where a panel of independent judges decided the fate of the eight winners who would go on to represent at the Canadian business conference.”

The judges who will choose the final eight were Alison Dunkley, the Director – Compliance & Risk Management at Deloitte & Touch, Douglas Harrell, Tax Partner at KPMG and Partner at the law firm Ogier, Giorgio Subiotto.
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Gabriela Roberts a year 13 student at St-Ignatius Catholic School spoke about Diversifying the Economy. She said there were few disadvantages to a free market economy but a planned economy cannot detect consumer preferences accurately. Gabriela also said there was no profit motive and a lack of competition in the planned economy.

Year 11 student at Cayman Prep & High School, Julian Solomon, is also President of his JA Company. He discussed the idea of a minimum wage for the islands workers, which he was very much against. He told the panel of judges that if you increase the minimum wage that would in turn increase the cost of doing business for an employer. He says that has the knock on effect of increasing the cost of a business’s products or services, which would in turn increase the cost of living. He argued that cycle would defeat putting in the minimum wage in the first place. Julian argued that the government needed to educate and train the people that would be earning that minimum wage.

Lydia McField, (pictured above) who is President of her JA Company and a first year student at UCCI, spoke about the Roll over policy and in favour of a reduction in the time an expatriate should be required to leave the country to break residency. The islands could benefit economically, by keeping good teachers and employees and stabilize the relationship between Caymanians and expats.

The next Generation Leaders Forum is recognized globally by JA Worldwide as the premier international conference for Junior Achievement Youth. Participants face real business challenges and develop strategies in collaboration with their global peers, University faculty and Industry volunteers. This year next Generation Leaders will be held in Kingston Ontario, at Queen’s University from August 7th through the 11th.

JA Cayman will send 8 students to the conference free of cost. The winners will be announced at the annual JA Awards Banquet to be held on Saturday 21st May at the Grand Cayman Marriott Beach Resort. Businesses that would like to donate to the cost of sending the students on the trip should contact the JA Programme Director, Tara McField on 949-4306 or jacayman@candw.ky
 

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  1. Concerned Caymanian says:

    I think this is such an excellent programme for our young people, giving them positive avenues to explore! Well done all.