Issuu on Google+


tents

8

7 App-titude

Apps acquired by larger firms Mobile developers are churning out apps by the minute, some with hopes of being acquired by larger firms, here are some success stories.

Our vibrant culture has international appeal in every corner of the globe, and Jamaica has grown to be one of the most sophisticated Caribbean nations.

8 Business Lounge

Rebranding Brand Jamaica For years rum, sun, sand and sea has been the cornerstone of Jamaica’s brand but is that brand the same in 2014?

Good 12 Do Sacgior Sweet 16, Sigma Run The 16th staging of what

is now the largest road race in the region and its tremendous contribution to Jamaican charities.

4 | YOURMONEY 2014 | WWW.EZINESREADER.COM


con-

16

His name is synonymous with winning, which made the former Bull a perfect fit for Nike, who made the unprecedented move in 1985 to develop a subbrand of their basketball shoe line as part of their endorsement contract with Jordan.

14 Your Money on the Edge

Candy Craze The business of bulk candy is popular in first world countries but the bold Melanie Levy is introducing the concept to Jamaica.

16 Insights

The Jordan Brand - Built on Greatness Arguably one of the most popular sporting figures of all-time, Michael Jordan still manages to sell the most sneakers today even after a decade of retirement.

20 10 Things

Editorial Note

Almost 29 years since he first entered the NBA and 11 years since his departure, Michael Jordan still has the number one selling shoe, we explore the evolution of Brand Jamaica, and the exponential effect of Facebook on other social media networks, all in this month’s issue.

The Facebook Effect The rapid ascent of facebook has left a wave of other social networks following in its footsteps. 5


YOURMONEY APP.TITUDE

3 small apps acquired by larger companies Acquisition, an app developer’s dream? With the volume of applications being pumped into app stores it’s hard for company to rise above the noise and make money selling directly to their users. As a result some app developers have started to focus on being acquired by larger companies. But what would compel a company to buy your app? In this issue’s app.titude we look at three apps acquired by larger companies and why. Google: That’s cute but your talent could be put to better use. BitSpin, a Zurich based company created an extremely well designed alarm clock for android called Timely. Switzerland is known for its famous timepieces and Timely was just as elaborately elegant. The app’s audio bites were hand crafted by Sunyo a German composer and producer. As far as functionality goes Timely features cross device syncing so an alarm could be set on one device and go off on the users other devices. For an undisclosed sum google bought the clearly talented BitSpin team, gave them some real work and made the android swiss watch completely free for users. Apple: Forget 99c, people should pay for this. SnappyLabs consisted of one man, John Papandriopoulos an Electrical Engineering Phd, he created SnappyCam an app which could capture “that impossible, perfect shot. Every time. On your iPhone.” He packaged his work with a few extra tricks like the ability to zoom 6x, change the aspect ratio of shots and geo-tag your photos and then sold it to iPhone customers for 99c. In the race towards DSLR shooting experience on smartphones, the acquisition of Papandriopoulos puts Apple and the iPhone way ahead of the game. Yahoo: We need one of those, you take cash? Marissa Mayer announced at the recently held Consumer Electronics Show (CES) in Las Vegas that Yahoo had acquired Aviate. The contextual search and Android launcher app organizes your device’s applications intelligently without prompting, and conducts automatic searches and surfaces information based on your location. “Imagine if your phone can deliver the right experience to you at the right time instead of you having to search for it” said Mayer. The concept is very Google Now’ish except that it attempts to replace (not remove) your regular android home screen and Yahoo found it good enough to paid out 50 million dollars.

7


Rebr “Brand

8 | YOURMONEY 2014 | WWW.EZINESREADER.COM


randing Jamaica”

It’s the 1890s. British colonists travel almost 5000 miles to dock their vessels on the sunny shores of Jamaica. They’re escaping harsh English winters, leveraging the climate to recover from health problems. This is how plantation owners and their friends initiated Jamaica’s Tourism Industry and the health tourism sub industry . They used the excess capacity from the United Fruit Company to transport visitors to Jamaica. This would later become Jamaica’s Cruise Ship industry. These season trips gave way to the first hotels in Montego-Bay and Port Antonio and subsequently the Jamaica Tourist Association, established in 1910. Fast forward to 2014. Jamaica is still known internationally for sun, sand and sea, and not much else. We’ve received recognition for Reggae Music predominantly through the life and musical legacy of Bob Marley. Our vibrant culture has international appeal in every corner of the globe, and Jamaica has grown to be one of the most sophisticated Caribbean nations. The je ne sais quoi of Jamaica’s people married to our artistic landscape have brought visitors from far and wide to enjoy all that our island has to offer, but it’s time we rebrand the way we sell Jamaica. The world has changed since the 19th century. The reality today is that the Asian market has gotten more wealthy and sophisticated. The rise in wealth in the middle class in China is shifting global consumption. Dubai has risen as an attraction for Chinese consumers by exploiting its shopping experience - a strategy also used to target visitors from other continents. Dubai’s economy has benefitted from a redefinition of how Dubai wanted to the world to see it - brand Dubai saw 25% of sales from tourism originating from the wealthy Chinese.

9


YOURMONEY BUSINESS LOUNGE

10 | YOURMONEY 2014 | WWW.EZINESREADER.COM


11


YOURMONEY DO GOOD

S

AGICOR IGMA RUN WEET

12 | YOURMONEY 2014 | WWW.EZINESREADER.COM

16


What started sixteen years ago as a local effort to raise funds within corporate Jamaica towards the health and welfare of Jamaican children has become an annual event garnering international recognition and contribution. The Sagicor Sigma Corporate Run again welcomed approximately 22,368 walkers, joggers, runners and wheelchair participants this year on February 16 in the Caribbean’s largest charity road race. As one of Jamaica’s traditionalised events, the run’s primary goal is to meet a specified target adequate to support the year’s selected beneficiaries. This year, the Sagicor Sigma Fund surpassed their target of JMD$17 million, and rose over JMD$21 million through participant registration and individual and company donation. The run, which journeyed through New Kingston, will make donations to the Sickle Cell Unit and the Special Care Nursery at the University Hospital of the West Indies, the Sickle Cell Trust in Mandeville, and the Jamaica Kidney Kids Foundation. In the spirit of charity, Lady Patricia Allen, wife of the Governor-General, and Jamaican Reggae songstress Tessanne Chin-Cuffe joined the effort as the two celebrity patrons to participate in the 16th annual Sigma Run, which culminated in a post-run concert and awards ceremony inside Emancipation Park. According to the Assistant Vice President of the Sigma Marketing Group Ingrid Card, the run was a huge success and the overall atmosphere of the race was “electrifying”. “I was overwhelmed to see the support from Corporate Jamaica. The race was very successful as it was safe, fun and we were able to achieve our target.” The Sagicor Sigma Corporate Run was first held in 1999 with 500 participants and the hope of raising JMD$500,000. Since then, over JMD$118 million have been raised and donated to various charities and hospitals in need of essential equipment and facilities. The run’s beneficiaries over the past sixteen years have included the University Hospital of the West Indies, Kingston Public Hospital, Jamaica AIDS Support for Life, Sophie’s Place and the Mustard Seed Communities. Get ready for next year’s run on January 15, where Sagicor promises participants something new and exciting.

13


YOURMONEY ON THE EDGE

Melanie Levy The local food industry has welcomed an increasing emergence of new sectors, introducing the Jamaican population to global flavours that encourage a broader palette. With a steep increment in the demand for foreign cuisine, entrepreneurs in the foodservice industry are more willing and required to pull from the worldwide recipe book to satisfy the salivating taste buds of the Kingston clientele. Melanie Levy, owner and manager of Candy Craze Candy Bar and Creamery, has carved deeper into the local niche of candy and novelty retail, providing Jamaicans with a different food service experience. Globally, the confectionery industry has seen lower revenues than those recorded in previous years. The reduction is partially attributed to a spike in the price of sugar, which increases production costs, and the spurt of health conscious campaigns and societies. Subsequently, economists have urged retailers of candy and assorted confectionaries to strategically plan future product creation and distribution around the retail trends prevalent in developed countries. These trends reflect effective product placement and promotion, as well as customer preference of the industry’s clientele. In neighbouring country Dominican Republic, the confectionery industry has equally benefited from significantly prioritizing the diversity and reinvention of brands, flavours, package sizes and package types. In Jamaica, the niche for confectionery retail is ankle deep with initial carvings by the sale of novelty candy and chocolates and the introduction of frozen yogurt. Pioneering its own sector within this niche, Candy Craze is an innovative food establishment specializing in the retail of bulk candy, ice-cream and party supplies. “Universally people love sweets, whether that’s candy, chocolates or ice cream, and Jamaica is no exception. There is also a trend for candy at weddings, bridal showers, baby

14 | YOURMONEY 2014 | WWW.EZINESREADER.COM


“Candy Craze is a unique concept that’s new and different.” – Melanie Levy.

showers, birthday parties and corporate events.” – Melanie Levy, owner and manager of Candy Craze Describing herself as a true child at heart, Melanie’s inspiration for a candy bar stems from her love and passion for candy, and her dream of providing Jamaicans with what she calls a “unique experience for both children and adults alike”. In an effort not to chew herself in a corner, Melanie broadens the scope of her venture by including the sale of inedible but much related party supplies. Although Candy Craze serves a dynamic and culturally-rooted clientele, Melanie asserts that it benefits largely from both local and international markets on the basis that there is a demand for sweets. Ultimately, with a great appeal to both adults and kids with an array of colours that makes them unforgettable and living up to the name Candy Craze. Also with with foundation of simple yet effective promotion and thorough, strategic marketing, such as discounted promotion and tentpoling holidays like Valentines Day among others including gift cards she hopes to develop a relatable brand, and an ideal establishment for the whole family. “Candy Craze is a unique concept that’s new and different.” – Melanie Levy. Heading the modern curve of candy retail, it’s inevitable to meet challenges especially when Building an industry where none exists, in a time where many consumer lifestyles are focused on avoiding your product is a great challenge for the young confectionary retailer.. Holding on to her dream, accompanied with utmost positivity and determination, Melanie made Candy Craze the new local obsession. Her reward, she describes, has been the initial success of the business and adequate customer reception. With aspirations of also delving into manufacturing, Melanie plans to strategically expand Candy Craze nationally and regionally. Living on the edge of globalization, her biggest goal is to elevate Candy Craze Candy Bar and Creamery to a global brand.

15


YOURMONEY INSIGHT

J

The

ordan Brand: Built on Greatness Just need to fly. For just one day. If I could be that way. I dream, I dream I groove. Like Mike, If I could be like Mike. I wanna be, I wanna be like Mike. Oh, if I could be like Mike! Words that meant so much to so many optimistic boys and girls who grew to be well adjusted men and women. None meeting that pinnacle of greatness. Some would never see the polished maple of a basketball court competitively after high school. Yet the lyrics of Gatorade’s 1992 television commercial resonate: Sometimes I dream that he is me. A dream comparison that is an unthinkable career achievement for most, only allstars Lebron James and Kobe Bryant are infamously compared to Jordan. His name is synonymous with winning, which made the former Bull a perfect fit for Nike, who made the unprecedented move in 1985 to develop a sub-brand of their basketball shoe line as part of their endorsement contract with Jordan. Now simply referred to as The Jordan Brand, the division captured a reported 58% of the American basketball shoe market in 2012 a SportsOneSource study found and released its 28th shoe February 2014.

16 | YOURMONEY 2014 | WWW.EZINESREADER.COM


STILL HIS WORLD

The Jordon Brand earned US$ 90M in 2013 JORDAN

GATORADE

HANES

UPPER DECK

2K SPORTS

PRESBYTERAN HEALTH CARE

5 STAR FRAGRANCES

25 Million ‘LIKES’

There doesn’t seem to be a brake on the spokes of the Air Jordan marketing machine, which analyst Christopher Svezia of Susquehanna Financial estimates to bring in a global total of$1.75 billion annually. That’s 7 million units sold at the recommended retail price of $250 per pair. 7 million - bought by the trend adhering teen, the courtworshipping athlete, the avid shoe collector, the hip hop star and any shopper in between. It is the collector and trend monger however, who The Jordan Brand can safely hang its revenue hat on. The fifteen to twenty-something year olds who own a pair of Air Jordans to colour match each item of clothing in their wardrobe, whose room is more like a Footlocker than a place of rest. They can auspiciously report Air Jordan release dates before the mainstream media and are present in mile-long lines to have it first. They attend specialty events like SneakerCon, SoleCon, and the All-Star Sneaker Summit to buy, trade, sell, and seek out Air Jordans. Then there are the few like Boston native Rick Kosow who turned his love for sneakers into a museum boasting a reported 800 pairs of Air Jordans (Oct 16, 2013), most of which he claims have never been worn. How does The Jordan Brand keep loyal followers enthused? Focus on Family. You visit the Jordan Brand subdomain on Nike. com and you see the faces of the top athletes that make up the Jordan Team with a caption “Jordan Brand is first and foremeost about family”. Click through the link and meet the 36 athletes from basketball, football, racing, boxing and baseball signed to The Jordan Brand, captained of course by MJ himself. Nike disrupted endorsements in 1985 with the signature line of sneakers with a unique logo and name, but it wasn’t easy. Prior to Nike’s courtship, Michael Jordan was loyal to Adidas. An endorsement deal with the then family run business would never happen because of inter-company restructuring. In his college years Jordan wore Converse on the court as part of coach Dean Smith’s obligation by contract with the brand. He later met with Converse out of respect for his coach, but the North Carolina star player still had his hopes set on Adidas. Nike came into the picture after the 1984 Summer Olympics. They had reported their first quarterly loss in February of that year and set their sights on Jordan. Sports agent David Falk, who would become instrumental in marketing Michael Jordan to the likes of Coca-Cola, Gatorade and Hanes, was on the case. Falk reached out to Jordan after the Games, Michael wasn’t 17


YOURMONEY INSIGHT

interested. In desperation Falk called Jordan’s parents who packed their bags and brought their son to the presentation in Beaverton, Oregon where Nike executive Rob Strasser, designer Peter Moore and eventually Nike co-founder and president Phil Knight pulled out all the stops in a multimedia presentation. After reviewing Nike’s terms, Jordan went back to Adidas with a plea to come close to matching the Nike offer. It was still a no for Adidas. Falk was ready to close the Nike deal, but he would first have to handle one last player in the bidding war for Michael Jordan’s endorsement, Spot-Bilt, who was the highest bidder in dollar terms. Falk knew Nike would be better able to handle the marketing support needed to handle the rising star. In 1985 Michael Jordan entered the NBA a 3rd overall draft pick by the Chicago Bulls, an Olympic Gold Medallist, and an unprecedented endorsement deal that saw him wearing a custom designed basketball shoe with his name and likeness. Nike and Peter Moore took the features Jordan liked with Adidas and molded the Air Jordan 1, which retailed for $65 as of March 1985, to his satisfaction. The NBA banned the red and black shoe for breaking regulation, Jordan continued to wear them, the

league fined him, and Nike picked up that bill with a smile and used the fines as a marketing opportunity. [watch the commercial] At the end of that year the Air Jordan brought in $100 million in revenue, Michael was Rookie of the Year and the rest, as they say, is history. The Jordan Brand made its debut as a subsidiary of Nike in 1997 and continued to materialize Phil Knight’s 70s proclamation that Nike is in the entertainment business. The Jordan Brand and Nike have grown on the power to harness sports fans’ need to associate with and celebrate the performance of top athletes to their revenue advantage. Today, with focus on performance and lifestyle, the Jordan brand retails apparel and accessories from socks, bags, head gear, basketballs, and apparel along with its iconic basketball shoes tagged with names of All-Stars

1998 AIR JORDON XIII

1992 AIR JORDON VII

1984 AIR JORDON I

1989 AIR JORDON IV

18 | YOURMONEY 2014 | WWW.EZINESREADER.COM

1995 AIR JORDON X


Carmelo Anthony, Blake Griffin, and Chris Paul. The Jordan Brand model hasn’t been replicated with such success by any other shoe brand. Nike’s Mission is to bring inspiration and innovation to every athlete in the world with the witty annotation that ‘if you have a body, you’re an athlete’. They’ve reached that vision through the Jordan Brand by keeping their family filled with winners - 13-time All-Star, five-time Gold Glove Award, five-time Silver Slugger Derek Jeter; 10-time NBA All-Star Ray Allen; and five-time All-Pro NFL wideout Andre Johnson top that list. They all have that ‘Jordan-esque’ quality that drives success in their sport of choice. Michael Jordan’s networth is estimated at $650 million in large part thanks to his strategically signed endorsement deals that all began with taking a shot on Nike.

SHOE GAME

2006 AIR JORDON XXI

2013 AIR JORDON XX8 2010 AIR JORDON 2010

2001 AIR JORDON XVI

19


YOURMONEY 10 THINGS

10 YEARS OF FACEBOOK

You thought Social Media was a phase? Well surprise, surprise because I’m sure by now you’ve realized that it’s here to stay. Since the mother of all social networking sites, Facebook cracked the glass ceiling several years ago others have rose to prominence. This month “10 Things” focuses on The Facebook Effect in light of their 10th Birthday.

KEY PEOPLE Born Mark Elliot Zuckerberg May 24, 1984 (age 29) White Plains, New York, U.S.A Alma mater Harvard University (dropped out) Occupation Chairman & CEO of Facebook Net worth U$31.6 billion (February 2014) World’s 2nd youngest self-made billionaire Years active 2004–present Awards Time Person of the Year 2010 Mark Zuckerberg

Sheryl Kara Sandberg

20 | YOURMONEY 2014 | WWW.EZINESREADER.COM

Born Sheryl Kara Sandberg August 28, 1969 (age 44) Washington, D.C., U.S. Alma mater Harvard College (A.B.) Harvard Business School (M.B.A.) Occupation COO of Facebook Net worth Increase $1.0 billion (Jan 2014) Board member of The Walt Disney Company Women for Women International Center for Global Development V-Day Responsibilities at Facebook: Sales, marketing, business development, human resources, public policy and communications.


THE FACEBOOK EFFECT Vine - 40 million registered users

Linkedin - 277 million active users

Instagram 150 million active users Twitter - 560 million users Keek - 60 million users ask.fm / 100 million users

Pinterest - 70 million active users

Tumblr - 174.2 million blogs

Google+ 400 million users

Foursquare - 45 million users

21


Credits President and CEO

Publisher

Tyrone Wilson

Assistant Vice President - Sales Kendra Morales Technology Innovation Centre Suites 11-13, 237 Old Hope Road Kingston 6 | Jamaica, W.I. Tel: (876) 970-5657

Editor in Chief

Meisha-Gay Mattis

Creative Director/Designer Tyrone Wilson

Graphic Designer Oneil Banton

Creative Writer/s Latoya Collins Rachel Osbourne

Read Your Money today, save the world tomorrow ! Your Money eZine is a product of eMedia Interactive, and is distributed via e-mail and other online sources. To subscribe for FREE, log on to ezinesreader.com today or email us at info@joinemedia.com.


Your Money eZine