INSIGHTS TO LIVE WORK PLAY INVEST SUMMER 2018
CAN $9.99
HOT SPOTS TO STAY EAT RELAX TO STAY EAT RELAX
HIDDEN IN PLAIN SIGHT PRIME AREAS TO DEVELOP MICRO STOCK EXCHANGE COMING THE PEOPLE WHO STAY
TAKING A CHANCE
ON JAMAICA
Date of Issue : June 2018
PUBLISHER
CO-PUBLISHER
FOUNDER & EDITOR IN CHIEF ARTISTIC DIRECTOR MSME ALLIANCE EDITORIAL COORDINATOR COPY EDITOR PROOF READERS
ADVERTISING SALES SUBSCRIPTIONS
CONTRIBUTORS
PHOTOGRAPHY & ICONS
Global Media & Communications Corporation 10 Utopia Way, Brampton, ON L6P 4A6 Canada 416.543.2513 | www.caribbeaninsidermag.com | info@gmccorp.ca MSME Alliance (Jamaica) www.themsmealliance.org
Keisha Johnson Francine Grey Carmen Richards Sharon Johnson Shawn Cornwal Althaema Johnson
sales@gmccorp.ca 416.543.2513 subscribe@gmccorp.ca
Donovan Wignal Jerrold Johnson Frances Ross Glen McLeish Wayne Lewis Alex Tveit Amitabh Sharma Jamaica Mortgage Bank (JMB) Jamaica Promotions Corporation (JAMPRO) National Environment & Planning Agency (NEPA)
Warren Brown Brian Lundy Jamaica Tourist Board Dunshire Development Michael Condran Jamaica Mortgage Bank Starbucks Media Moorland Development Company Ltd. House of Clay Paul Aking Studio Freepik from www.flaticon.com
Caribbean Insider Jamaica is produced quarterly. It provides insights to live, work, play and invest in Jamaica with ease. Copyright © 2018 Caribbean Insider Jamaica All rights reserved. No part of this publication may be reproduced, displayed, modified, reprinted or distributed without the written consent of Global Media & Communications Corporation. The views expressed by contributors to Caribbean Insider Jamaica are independent and are not necessarily the views of Caribbean Insider Jamaica or the publishers Global Media & Communications Corporation or our co-publishers the MSME Alliance.
EDITORIAL
Welcome to the Inaugural Issue of Caribbean Insider Jamaica! The buzz is that Jamaica is on the cusp of an economic boom. Internally, the wheels of government are synchronizing to strengthen the policy framework to create an enabling environment for investment. The private sector is robust and growing; there is significant infrastructural development across the island and real estate investment once centralized in the major cities is expanding across the country side. Quietly growing also is a pool of overseas investors doing business in or with the island, all while the diaspora is being diligently courted to invest more in Jamaica. Clues are everywhere. Jamaica is being primed for growth. Caribbean Insider Jamaica has created a central information hub connecting you with the essentials to live, work, play and invest on the island. Each issue provides insights to navigate doing business in and with Jamaica—with ease. We’ve partnered with the Micro Small and Medium-Sized Enterprise Alliance as co-publishers to keep you abreast of new opportunities on the ground and highlight information essential to advancing this critical sector that employs over 80 percent of the island’s labour force. Symbolic to this partnership, the magazine debuts on June 27, recognized globally as World MSME day. We congratulate the MSME Alliance on its 10 years of advocating for the growth of the sector and applaud Jamaica’s minister of finance for promoting the launch of a Micro Stock Exchange for small enterprises. We hope you’ll grasp the big picture of the growth agenda and trajectory for Jamaica explained in the article Hidden in Plain Sight. On page 32, JAMPRO indicates five growth sectors for investment. The National Environment and Planning Agency (NEPA) also outlines the priority areas on the island primed for development. Tips to establish a corporation in Jamaica from overseas, securing financing for real estate purchases on the island and pitching to investors are also detailed in this issue. We hope you’ll be inspired by the stories of: forerunner, Canadian financier David Morrison who has backed major real estate developments in Jamaica; homegrown entrepreneur, Derrick Cottrell whose company is steadily mastering the art of vertical integration and British research fellow Dr. David Picking whose work on medicinal plant use in Jamaican households could help formalize their use in primary healthcare. Island-wide, there are endless hotspots to stay, play, eat, relax and rejuvenate. To generate an authentic list, we asked our friends who frequent the island to share some of their top pics. Shall I say, you’re in for a treat! Keep on reading!
Kes Jon Editor in Chief
JUNE 2018
5
Contents 5 8 9 62
EDITORIAL CONTRIBUTORS PARTNERING FOR PROGRESS RESOURCES
LIVE 10 TAKING A CHANCE ON JAMAICA by Keisha Johnson
21
SUMMER 2018
10
PRIME AREAS TO DEVELOP IN JAMAICA
26 WHITE GLOVE SERVICE FOR
CONSTRUCTION DEVELOPERS To eliminate inefficiencies and boost ROI
29 DO YOU KNOW THE STEPS TO ACQUIRE A MORTGAGE IN JAMAICA by Frances Ross
WORK
21
34 DERRICK COTTERELL
Success Through Integrity and Hard Work
38 THE BUSINESS OF COMEDY
Corporate director turned comedian shares insights on monetizing your talent
43 DR. DAVID PICKING
Trades a Career in the UK for a Legacy in Jamaica by Amitabh Sharma & Keisha Johnson
46 MSMEs JAMAICA’S ENGINE FOR GROWTH
38
CONTENTS
PLAY 56 HOT SPOTS
Eat – Negril and Kingston Stay - Negril, Ocho Rios and Portland Relax - Portland and St. Elizabeth
INVEST 17
56
JAMAICA, HIDDEN IN PLAIN SIGHT by Jerrold J. Johnson
31 JAMAICA YOUR PLACE TO DO BUSINESS Contributed by Jamaica Promotions Corporation
49 JAMAICA TO LAUNCH MICRO STOCK EXCHANGE by Glen McLeish
52 ESTABLISHING A CORPORATION by Wayne O. Lewis
54 TIPS FOR PITCHING TO INVESTORS by Alex Tveit
17 I N S I G H T S T O L I V E W O R K P L AY I N V E S T SUMMER 2018
US $5.95 / CAN $6.00 / JM $600
HOT SPOTS HIDDEN IN PLAIN SIGHT PRIME AREAS TO DEVELOP MICRO STOCK EXCHANGE COMING THE PEOPLE WHO STAY
TAKING A CHANCE
ON JAMAICA
31
ON THE COVER Spa Retreat, Negril (image courtesy of Jamaica Tourist Board).
CONTRIBUTORS
MAJOR BRIAN A LUNDY, pjsc
WAYNE LEWIS
FRANCES ROSS
Major Lundy is the senior pilot at the Jamaica Defense Force (JDF) Air Wing and is Officer Commanding Training Flight. He received a Medal of Honour for Meritorious Service earned as part of a crew that rescued 53 persons from rising flood waters out of the Bog Walk Gorge in St. Catherine in 2012. Maj Lundy enjoys playing
Wayne Lewis is a Jamaican Canadian lawyer who practices corporate/commercial and business law. He is also a trade-mark agent. Wayne has advised clients in Canada and in the Caribbean about tax driven corporate restructuring and complex merger and acquisition transactions. Companies regularly seek Wayne’s advice for legal and
soccer and cricket, but lately has developed a real passion for photography. His aerial and landscape photography showcases Jamaica from many angles not commonly seen. His mantra in life remains relatively simple, “Don’t waste your opportunities and give back as much as you can.”
business implications related to acquiring or selling businesses by way of share or asset purchase transactions. Wayne is passionate about assisting Canadian businesses who wish to operate in the Caribbean, and businesses in the Caribbean who wish to operate in Canada.
Frances Ross developed a passion for anything real estate working for her father who is both an Attorney-at-law and a construction developer. As Business Relationship Manager for JN Bank’s Preferred Developer and Real Estate Affiliate Programs, her work is in establishing formalized partnerships between the Bank, Developers and Real Estate organizations to grow their brand. Frances has worked in marketing and research with large organizations in the US. She holds Bachelors and Masters degrees in Marketing and Finance respectively from Barry University, Florida USA and is a certified Real Estate Salesman.
JERROLD J. JOHNSON
GLENFORD MCLEISH CA, MBA, PMP, B.SC.
WARREN BROWN, photographer
Jerrold J. Johnson is the epitome of a people connector. As the Chief Representative Officer (CRO) for Jamaica National (JN) Canada, he’s constantly networking Canadians with Jamaicans and other Caribbean nationals to advance their mutual interests and contribute to economic development locally and overseas. In 2016 he was recognized by the Black Business & Professional Association (BBPA) as a Distinguished Man of Honor for his contributions to the Canadian Caribbean community. Jerrold is a certified financial planner and a founding member of the Caribbean Financial Planning Association.
Glenford McLeish is the Principal, Consulting Services for the firm CrichtonMullings and Associates, Certified Public Accountants, Chartered Accountants and Consultants with offices in Kingston, Miami, FL and Atlanta, GA. He has extensive experience in his field, having worked in the USA, Canada and the Caribbean. A financial sector specialist, he has worked in audit, banking and investment management, securities regulation, forensics and business valuations. He is a member of the Institute of Chartered Accountants of Jamaica, the Global Project Management Institute (PMI), and a student member of The Canadian Institute of Chartered Business Valuators.
Combined with his love of travel, Warren uses his “Journeying” blog to share the stories of people and places. In 2011, a collection of images from his journey to Paris was hosted by the AllianceFrancaise in Toronto as part of the exhibit, Paris a Pas Perdus - “Wandering Paris”. Though based in Toronto, Warren has spent a lot of time in Jamaica photographing the island’s dynamic real estate scene along with community tourism experiences.
8
JUNE 2018
Partnering for Progress
by DONOVAN WIGNAL, President, MSME Alliance
“T
he building of partnerships and strategic alliances, the nurturing of relationships, modernization, and the team approach to decision-making, are the only sure paths to success for businesses and organizations in the global economy of the 21st century.
Small businesses that wish to succeed in this environment must position themselves to take advantage of opportunities that are increasingly becoming available only to those businesses that are formally structured. The Government of Jamaica (GoJ), in its Strategic Business Plan (2017-2021) for the Ministry of Industry, Commerce, Agriculture and Fisheries (MICAF) states that among the strategic outcomes of the priority policies, programmes and projects of MICAF over the period, is: “Increased contribution of local industries, agriculture, fisheries and micro, small, and medium enterprises (MSMEs) to GDP.” “The development of the MSME sector is critical to the transformational growth envisioned for other sectors of the economy, such as agriculture, logistics, and tourism,” the GoJ said. This recognition of the centrality of the MSME sector to GDP growth, has been the core mission of the Micro, Small and Medium-Sized Enterprises Alliance (MSME Alliance) since its formation 10 years ago. It is in no small part a direct result of the advocacy of the Alliance over the years that has led to many of the changes now taking place in respect of government policy and actions regarding the small business sector. When I assumed the leadership of the MSME Alliance in 2013, the mandate of my administration was to grow the organization; help strengthen the capacity of the individual businesses that make up the memberorganizations of the Alliance; and promote the interests of the smallbusiness sector, ensuring that we had a seat at the table where decisions about the sector are taken. But we were only able to get to this point by our strategic actions to create mutually beneficial partnerships, build relationships, and advocate persistently in our interest. Our partnership with Global Media & Communications Corporation (GMCC Corp) and our co-branding of Caribbean Insider Magazine, is an excellent example of a strategic partnership for mutual benefit. Through its many platforms and distribution channels, the magazine will indeed “help investors navigate doing business in Jamaica with greater ease,” and present “opportunities and insights for living, working, playing and investing in Jamaica successfully.” I extend hearty congratulations to Keisha Johnson and the team at GMCC Corp and a grateful “thank you” to the members of the Executive Committee, the Board, member-organizations and member-businesses of the MSME Alliance.
Donovan Wignal Email: dwignal@gmail.com
JAMAICA TAKING A CHANCE ON
by KEISHA JOHNSON
Master bedroom in one of the units at Gates of Edgehill, St. Mary a long-time vision of returning resident Rollyn Bennett financed by Morrison Financial.
I
n 1996 Canadian private financier David Morrison got a rather strange call from a lawyer who at the time was representing a new housing development outfit in Jamaica. The situation was tenuous. The developers were at a critical juncture and desperately needed project financing to save their contract. The lawyer, Jeff Bernstein —a friend of Morrison— pitched him on financing the development, fully confident Morrison would jump at it. “He said you are the only one in the world who will do it. And I thought, then I don’t want to do it. Why do you say, I’m the only one who will do it?” And he said, because you are financing projects in Cuba,” Morrison told of his first investment encounter with Jamaica. “I love the place, I had been going there for many years before as a tourist and Jamaica always had a special appeal for me,” he mused. “It so happened that I was going to Cuba the next day after I spoke to him [Bernstein]. I was travelling on a private plane and I made a deal with the pilot to detour to Jamaica. I went and met with the New Era Homes Jamaica team, viewed the site for Angels Estate in St. Catherine and agreed to finance the project,” Morrison recounted of saving the joint-venture housing project with the government of Jamaica.
David Morrison, founder Morrison Financial.
CREATI NG STRATEGIC ALLIANCES, MEANI NGFUL PARTNERSHIPS AND LOBBYING TO I MPROVE THE REPRESENTATION OF MICRO SMALL AND MEDIUM-SIZED ENTERPRISES IN JAMAI CA AND THE CARIBBEAN
www.themsmealliance.org (876) 610-9371 or (876)Â 303-4755 msmealliance@gmail.com /msme.mag@gmail.com
amaica J HIDDEN IN PLAIN SIGHT
W
by JERROLD J. JOHNSON
arren Buffet, one of the world’s most successful investors in history, said that as an investor “it is wise to be fearful when others are greedy and greedy when others are fearful”. Should one adopt Buffet’s contrarian philosophy of investing, then without a doubt, now would be the time to invest in Jamaica. Jamaica is poised for tremendous growth in the coming years. Many outside and even within Jamaica are unable to decipher what is really going on and why. Crime and violence eclipse the deterrents voiced loudly by members of its diaspora as to why they remain contemplative about doing business or investing in Jamaica. While they procrastinate, a number of outsiders looking in, see vast opportunities and have chosen to jump in and invest in Jamaica. This is evidenced by some of the worlds’ top brands doing business on or from the island. Porsche for example, has a dealership in New Kingston. I recently called Amazon customer service from Canada and discovered I was speaking to a fellow county man at JUNE 2018
17
HOME & PRIVATE CARE SERVICES Companionship & Sitter Services Acquire Brain Injury Care Foot Care Infant & Childcare Post Surgical Care Personal Care (Bathing, Grooming, Feeding) Meal Planning & Preparation Incidental Transportation Running Errands & Personal Shopping Light Housekeeping Medication Reminders & Monitoring IV Therapy Rehabilitation Extra Assistance in hospital, long-term care facilities & retirement homes.
W
hat does Downtown Kingston, Vernamfield, Bernard Lodge, Parliament Square, Falmouth, Caymanas, Negril, Morant Bay, St. Thomas, St. Anns Bay to Trelawny coast and the coastal areas of Portland all have in common? These are among the priority areas earmarked for immediate development by the Government of Jamaica and where developers are encouraged to put their investment dollars. According to the National Environment and Planning Agency (NEPA), that has responsibility for Jamaica’s spatial planning, any development in these areas must demonstrate ability to meet current needs while safeguarding resources for future generations. For its part, the government is assuming responsibility to ensure there is adequate infrastructure such as roads, sewage, water and power supply available to accommodate future development. The areas are also pre-zoned for specific activities based on need. Preapproved zoning and ready infrastructure are bonuses in cost savings to prospective developers. Additional incentives available to qualified developers to spur develop in these areas include: The Urban Renewal tax relief - a suite of tax breaks; capacity concessions for residential builds and larger density incentives.
PRIME AREAS TO
DEVELOP IN JAMAICA
Bernard Lodge, St. Catherine
Caribbean Insider Jamaica checked in with NEPA for deeper insights about the national development prioritization plan, what prospective developers need to know and how to engage. CIJ: WHAT IS THE LONG TERM VISION FOR LAND DEVELOPMENT IN JAMAICA? NEPA: The long term vision for land development in Jamaica is one of sustainable, resilient development i.e. to ensure that economic growth/ development maintains a balance with the environmental, social and cultural aspects of the Jamaican people and ensure that development is in conformity to the Development Orders, National Spatial Plan, Vision 2030 and the Sustainable Development Goals. CIJ: WHICH AREAS IN JAMAICA ARE CURRENTLY BEING PRIORITIZED FOR DEVELOPMENT? NEPA: The entire country is being prioritized for development. The National Spatial Plan will seek to JUNE 2018
21
WHITE GLOVE SERVICE
Construction for
Developers
H
TO ELIMINATE INEFFICIENCIES AND BOOST ROI
ardly anyone would argue that all 4,244 square miles of Jamaica is exotic real estate. From misty mountain ranges to verdant plains, pulsating towns and tranquil coastal enclaves, Jamaica has an ideal spot for everyone.
The DAC’s one-stop office provides developers pre-application advice and coordinates and tracks applications between agencies. Their streamlining collapses processing timeframes by 50 percent and fast tracks developers to breaking ground and getting their properties to sale.
Increasingly, more overseas and local developers are putting their skin in the game as the government seeks to make investing in the island more attractive. Demand for local real estate remains robust, thanks in part to low mortgage rates, lower yields on competing developments, the ease of travel and myriad development opportunities facilitated by the new highway networks connecting the north and south coasts to the capital city.
There is even more, shall we say ‘white glove service’ available to developers to ensure their success as Jamaica strategizes to meet its 15,000 per annum housing deficit. Central to this concierge service is the Jamaica Mortgage Bank with its premium package of construction financing and technical support services to help steer developers away from costly construction pitfalls and bolster them for worthwhile return on their investments.
REDUCING INEFFICIENCIES Pre-build statutory approvals that once took 18 months to two years and that had developers traversing to multiple government agencies, was centralized in 2011 through the Development Assistance Centre (DAC). 26
JUNE 2018
Caribbean Insider Jamaica (CIJ) connects with the bank’s Technical Officer, Raymond Johnson to understand the edge they provide to developers.
CIJ: WHAT IS THE JAMAICA MORTGAGE BANK? JMB: The Jamaica Mortgage Bank, is a statutory corporation operating under the Ministry of Economic Growth and Job Creation (MEGJC), in three business areas: i. Primary Market Financing, which deals with construction project financing through mobilization of loan funds for on-lending to public and private sector housing developers and other lending institutions. ii. Secondary Mortgage Market through which the Bank partners with mortgage-lending institutions to provide liquidity support by purchasing mortgages originated by the institutions. iii. Mortgage Indemnity Insurance which the JMB administers on behalf of the government of Jamaica and involves insuring the upper portion of mortgage loans made by approved financial institutions to purchasers of residential properties, residential lots and agricultural properties against default loss. CIJ: WHO DO YOU SERVE? JMB: The Jamaica Mortgage Bank serves: Developers of housing units or residential lots. Mortgage granting institutions who participate in the Government of Jamaica’s Mortgage Indemnity Insurance programme. Members of the Jamaican Diaspora undertaking housing construction in Jamaica. Financial institutions requiring JMB’s technical services to support their construction related loans.
the Bank also has a legacy of repeat clients who are well established industry players, and was lead bank in a very successful multibillion-dollar public/private partnership student accommodation project, which demonstrates JMBs openness and flexibility, as well as its willingness to take risks, within context, in order to advance the nation’s growth and development. The Bank has sought to bolster the management of its loan portfolio through active monitoring and follow-up, and utilizes a robust set of risk metrics to select and price projects which it finances. JMB’s Technical Support Services offers access to the Bank’s technical expertise as a means of supporting other providers of bridge, or interim financing to the housing sector to improve the success rate of their financing activities in the sector. This service helps to better manage and reduce construction risks experienced by other lenders, and thereby, produces improved returns on their investments in the sector, while advancing our joint effort to increase Jamaica’s housing stock and bring home ownership within the grasp of more of our people.
The JMB finances and provides technical support for a variety of housing development projects from single family dwellings to townhouses and multi-storey apartments: (LEFT) The Little Bay Country Club. (BELOW) Abu Dhabi, St. Andrew, Huddersfield St. Mary.
CIJ: WHAT IS YOUR MANDATE? JMB: To finance safe and affordable housing so that all Jamaicans will have access to home ownership. CIJ: HOW DO YOU ASSIST DEVELOPERS? JMB: Developers may obtain project financing which comes complete with technical advice and project management guidance, including regular site visits, from the JMB. Developers may make contact with the technical team of the Business Operations Department at the JMB by dialing 876-929-6350-2 in order to schedule a consultation session. They may also visit the Company’s Website at www.jmb.gov.jm to review the Developers’ Application Booklet, which will provide a guide to the regulatory requirements for residential construction and developments, what to include in the business plan, documentation needed to qualify for funding, complete a loan application and access information on the various steps in the project financing process. CIJ: WHY SHOULD A DEVELOPER CHOOSE TO ENGAGE THE JMB AND ITS TECHNICAL SUPPORT SERVICES? JMB: The JMB is the only financial institution of its kind on the island, specializing in construction project financing. Over its forty-seven years’ existence, the Bank has developed deep expertise in the area and a proud track record of successful projects. Its staff, having at its core a highly trained and qualified technical team, understands the nuances of the construction industry and its role as a driver of economic growth. JMB has sought to execute every project financing request with efficiency and alacrity. The team is eager to assist developers and willingly provides guidance to all, especially first-time or relatively new developers. But JUNE 2018
27
Derrick Cotterell SUCCESS THROUGH INTEGRITY AND HARD WORK
D
espite a fourteen-year term at GraceKennedy—one of Caribbean’s largest conglomerates— and all the professional accomplishments, Derrick Cotterell said, that it was not where his dreams and aspirations were. In fact, he had an entrepreneurial vision, and was waiting for an opportune moment to pursue it. Shortly after leaving corporate Jamaica in 1998, he formed Derrimon Trading Company Limited— a distribution company of bulk commodities. “It was something I always wanted to do,” said Cottrell who admits “I was always an entrepreneur.” According to the man whose company models the art of vertical integration and is one of the popular success stories of capitalization on the Jamaica Junior Stock Exchange (JSE), Derrimon Trading Company Limited was founded on two traits—relationship and trust. “We have always had good customer relationships,” he said. “Very importantly, people trusted me, and [a] lot of business was done on that trust,” he added. In 2000, Cotterell’s trust in his own staff was betrayed when he found that all the stock he had stored at the warehouse was stolen by an employee. It was a year of setbacks for the entrepreneur. His father also passed away suddenly. This forced Cotterell to take a break from Derrimon Trading and dedicate his attention to fully taking over the gas station, which he co-owned with his dad, and which was undergoing several challenges at the time. Crediting good relationships and trust, Cotterell secured a contract in 2002 with the Jamaican arm of Nestlé, the world’s largest food and Beverage Company, to be a sub-distributor in four parishes on the island. This signaled the rebirth of Derrimon and helped to propel the business to new heights. “I started with 1 million dollar credit line, which over the years grew to 100 million dollars,” Cottrell said. In 2006, Derrimon Trading Ltd. hit a major milestone when sales crossed the billion-dollar mark. Getting to that threshold was not an automatic process, but rather the result of intentional strategizing. Recognizing that trading is a game of high volumes and that diversification of the company’s portfolio are keys to being relevant, he enlisted the expertise of Winston Thomas in 2006 as general manager to streamline the business operations for greater efficiencies and to devise a sustainable growth path. In 2009, Derrimon acquired Sampars Cash ‘N’ Carry, one of the island’s largest wholesale outfits and strengthened the company’s presence in the retail space.
Derrick Cotterell, founder & CEO of Derrimon Trading Limited. (Images by Paul Aking Studio)
In 2011, they purchased Kerr’s Enterprise Cold Storage which was rebranded as Sampars Outlet Washington Boulevard. This serves as the main hub for the group’s cold storage operation. More acquisitions followed. The company bought a distributing operation facility on West Street in downtown Kingston, followed by the opening of the Mandeville and Old Harbour Sampars stores. Derrimon also acquired Caribbean Flavours and Fragrances, further diversifying the company’s portfolio into manufacturing. In December 2013, Cotterell took the company public, raising over J$150 million from its IPO and listed Derrimon Trading Ltd. on the Jamaica Junior Stock Exchange (JSE). The preparation work to list his firm on the JSE, Cotterell said, “began the moment the government announced the scheme in 2009 to woo privately held enterprises on the JSE Junior Market. “The process of listing [the company] began three or four years before. More than garnering funds to grow the business, the objective was to ensure the longevity of the company,” he shared. This longevity he added, “depended on corporate governance, which JUNE 2018
35
Comedy THE BUSINESS OF
Corporate director turned comedian shares insights on monetizing your talent
by KEISHA JOHNSON
C
omedy is big business. Forbes 2017 list of top earning comedians last year took home revenues ranging from US$15 million per annum earned by Sebastian Maniscalo to US$69 million hauled in by Jerry Seinfeld.
A common thread among the world’s highest paid comedians, apart from hard work, is a diversified revenue stream. They’re not only doing stand-up live shows but movies, TV gigs, commercials and other endorsements plus DVDs and major deals for online content distributors like Neflix. Canadian-Jamaica comedian, Jay Martin just about fell of his chair laughing when I asked where he lands on the top earner charts. “I’m not there yet,” he managed to finally whisper when he composed himself. But don’t be fooled, Jay’s got the work ethic, talent and strategy to get there. And he’s working hard at it. “He puts on good shows, brings high profile people, is in high demand for various awards shows and fundraisers. I am proud to call him friend,” said Roger Dundas, owner of ByBlacks marketing company and a former publicist for Jay Martin. The Bell director turned full-time comedian and event producer is known for packing out shows in Toronto, sharing his stage with new talent and legends alike and diversifying his brand to give fans an ‘experience’. Experiences like the annual Mother’s Day Trinidad vs. Jamaica comedy clash with its eclectic cast of local and Caribbean comedians egged on by a very competitive crowd and sound clashes between Jamaican and Trini DJs. Now in its 15th year, the show remains sold out at every staging.
BRAND IDENTITY “When you come to my shows you’re not only getting the guy that stands up and makes you laugh, I am going to make you dance, sing, I am going to bring out a game show, make you think and I am going to bring all levels of entertainment to you to give you an experience,” Jay says with a bit of sparkle in his eyes. His entire business model is based on diversification, reflected in the name of his brand ‘Our Flavour’. The production company stages an annual roster of live shows, parties, boat cruises and international vacation trips. They’ve filled out commercial flights to Jamaica and Trinidad. This December they are taking fans to Dubai for ‘the experience of a lifetime’. Jay is also pitching four sitcoms to national networks and is currently shopping his first movie, Destination Wedding. The title pays homage to the catalyst of his entertainment career, which the savvy comic said got started when childhood friends Jackie and Wayne Issacs trusted him to emcee their wedding 21 years ago. Since then he’s emceed 615 weddings and still counting. “One year I did 50 weddings, I had my suits on rotation,” the very down-to-earth and affable entertainer joked of a job that he considers the mainstay of his entertainment career.
Canadian-Jamaican comedian, entertainer and producer Jay Martin at Harlem Underground in Toronto, Canada
JAMAICA TO LAUNCH
Micro Stock Exchange by GLEN MCLEISH
A
ccess to funding is an ongoing challenge for Micro, Small and Medium-sized Enterprises (MSMEs) worldwide although according to the International Council for Small Business (ICSB), “formal and informal MSMEs make up over 90% of all firms and account on average for 60-70% of total employment and 50% of GDP.” In Jamaica, the picture is the same. Access to funding remains a sore point for small entrepreneurs who employ over 80 percent of the labour force. In the 2018/2019 Budget Debate, Minister of Finance Hon. Audley Shaw announced that plans are afoot to launch a micro stock exchange to facilitate small enterprises. This is welcome news for the MSME sector, but what are the pre-conditions for a successful micro exchange and how can MSMEs ready themselves to take advantage of using the platform to capitalize their businesses and contribute to a strengthened economy?
Before we deep dive, let’s get some context. A stock market is a place where shares of public listed companies are traded. The primary market is where companies float shares to the general public in an initial public offering (IPO) to raise capital for their businesses. Like all markets, it puts individuals and businesses with funds to invest, in contact with entrepreneurs who need funds to build and expand their businesses. The shares are traded after they are listed on the exchange. Jamaica has had a thriving stock market since its incorporation and start-up in 1968 and 1969 respectively. At present, the exchange has over one-hundred securities listed on its markets. The pinnacle of its achievements may well be its recognition by Bloomberg News as the top performing exchange, stating that “…its stock market had a better year than any other across the globe.”
JUNE 2018
49
J
Hot Spots
amaica has an endless supply of hotspots to stay, eat, play, relax and find adventure by day or night. You’ll need a lifetime to explore them all, especially with new ones popping up oh so frequently. So we thought we’d ask some folks who been there and done that and maybe bought a few T-shirts to share their favourite hangouts on the rock. In this issue, travel photo blogger Warren Brown, Business Development Director Adrian Bennett and Jamaica’s consummate brand ambassador Philip Rose give us a peek at their default places on the island to eat, stay and relax. We’d like to hear of yours too and maybe share them here next time.
Wouldn’t you like to be here? No stress, no cares. I’ll take that, even if just for a week at the Spa Retreat, Negril. A delightful hideaway for adults. (Image courtesy of the Jamaica Tourist Board).
Eat
TOP: Any meal is a treat at Pushcart Restaurant, Negril (image by Michael Condran). RIGHT: Kingston’s best place for seafood lovers any time of day is at Gloria’s Rendezvous in Port Royal (image by Warren Brown). BOTTOM RIGHT: Pushcart, Negril serves up a mean grilled fish as well (image by Michael Condran).
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57
Stay
58
JUNE 2018
TOP LEFT: In the Cotton Wood tree house at Hermosa Cove villas, Ocho Rios, you can’t help but rest at one with nature. BOTTOM LEFT: Simply breathtaking! The Hermosa Cove’s cascading pools at night. Who can resist? ABOVE: Cliff side villas at Rockhouse, Negril perch above the warm pristine waters of private coves below (image by Corey Hamilton). BELOW: Aerial view of Spa Retreat Negril (image courtesy of Jamaica Tourist Board).
JUNE 2018
59
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