JBDC Business Dialogue Magazine - MAKING 'SCENTS OF ESSENTIAL OILS'

CONTRIBUTORS

CEO’s Message

Suzette Campbell

Corporate Communications Manager

At JBDC, it is our mantra to take entrepreneurs ‘From Concept to Market’. When we engage our clients about markets, we expand their scope to the global space. Brand Jamaica is in demand, and opportunities abound.

Sancia Campbell Partnerships & Events Coordinator

The provision of manufacturing space is integral to the improving the innovation and quality of local products that are fit for the international space.

Many of our micro producers of authentic Jamaican products have been doing so in personal and other private spaces. It is a comfortable space for them, but in order to grow, sometimes we must leave our comfort zone.

The JBDC has partnered with other entities to improve existing production spaces and add new ones at our Incubator & Resource Centre (IRC) in Kingston.

Among them is the new Essential Oils Incubator, a J$50-million-dollar investment by the Government of Jamaica through the Ministry of Industry, Investment & Commerce (MIIC).

Andre Heslop

Digital Marketing Officer

The Project goals include stimulation of Entrepreneurship; development and support for rural and vulnerable communities; import substitution; promotion of export; the establishment of an organised, viable industry; development of model that supports sustainability, replicability and scalability; and creation of an economic multiplier effect.

Asheika Townsend

Integrated Marketing Officer

Jamaica is blessed with a rich soil which enables the growth of top-quality produce. We must capitalise on the value chain between agriculture and manufacturing, producing essential oil products that have the potential to make the MSME sector ‘oil rich’.

We look forward to welcoming you to IRC.

Ateia Ogilvie

Valerie Veira, CD, JP Chief Executive Officer Jamaica Business Development Corporation

Administrative Assistant

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MAKING SCENTS OF ESSENTIAL OILS

JANUARY - JUNE 2024

ISSUE 1 • JANUARY – JUNE 2024

CONTENTS

BUSINESS & INNOVATION

05 06 - 07 08 - 09

‘INSCENTS’! …..INSIDE THE JBDC ESSENTIAL OILS INCUBATOR COSMECEUTICALS, A GLOBAL BIOMEDICAL REVOLUTION MORINGA, A REAL-LIFE MONEY TREE

TECHNOLOGY

10 - 11 12 13

FACILITATING TECHNOLOGICAL ADVANCEMENTS IN PRODUCTION HUMAN VS ARTIFICIAL INTELLIGENCE: INTEGRATE, DON’T ELIMINATE

INFLUENCERS AND COSMETICS: A MARRIAGE OF CONVENIENCE

CENTRESPREAD

14 - 15 FINANCE

18 - 19 20 - 21 22

CREATING AN ENABLING BUSINESS ENVIRONMENT INFLUENCERS AND COSMETICS: A MARRIAGE OF CONVENIENCE DRIVING REVENUE THROUGH CUSTOMER ENGAGEMENT MICROLENDING: THE ANSWER TO MICRO BUSINESS FINANCING?

SPOTLIGHT

EDITORIAL TEAM

MANAGEMENT &

23 - 24

TYPHANIE SMITH MCLYNCH..…FROM NURSE TO ENTREPRENEUR

PUBLISHER Jamaica Business Development Corporation Head Office, 14 Camp Road, Kingston 4 Tel: 876-928-5161-5 Email: info@jbdc.net www.jbdc.net AN AGENCY OF THE MINISTRY OF INDUSTRY, INVESTMENT & COMMERCE

CHIEF EXECUTIVE OFFICER Valerie Veira, CD, JP

ADVERTISING COORDINATOR Sancia Campbell

EDITOR-IN-CHIEF & ART DIRECTOR Suzette Campbell

FREELANCE PHOTOGRAPHERS Otto Williamson Jevaughn Williams

DEPUTY CHIEF EXECUTIVE OFFICER Harold Davis, JP

DESIGNER Dhaima Garrell

BUSINESS & INNOVATION

‘INSCENTS’!…..INSIDE THE JBDC ESSENTIAL OILS INCUBATOR

by Suzette Campbell

The scent of lemongrass permeates the air as you walk Ready to innovate? Production and Operation Specialist into the JBDC’s new Essential Oils Incubator. The aroma at JBDC, Claion Robinson points out 5 things you must is reminiscence of a country home where dehydrated consider when blending fragrances. plants are a kitchen staple before they’re steeped for a 1. Purpose of the blend/Application of the fragrance – warm cup of tea. Except, here at the JBDC’s Incubator & soap, lotion, air freshener, perfume, etc.

Resource Centre in Kingston, dehydrated plants become 2. Category of the fragrance - i.e. – spicy, citrus, floral, oil…packaged for a hungry audience using essential oils herbal. in aromatherapy.

3. Purity of the oil being used - meaning, whether it is The 2400 sq ft Essential Oils Incubator is dripping in 100% essential oil or if it has been diluted with a carrier entrepreneurial opportunities, with its capacity to oil. innovate and manufacture for international markets. 4. Length of time you want the fragrance to last.

Washing facilities for raw materials, equipment to chop and size raw materials, steam distillation units of varying 5. Derma Limit - In a nutshell, this is the maximum concentration of essential oil that is permissible capacities - 5 L, 18L and 500L (the 18L can also do hydro for certain skin products. The limit exists because distillation), 2 x 20L hydraulic presses for mechanical essential oils, especially at 100% concentration are extraction (cold press), peristaltic filler, and laboratory irritants to the skin (as well as eyes and nasal passage). equipped to do some of the standard tests required for In order to reduce the risk of harm, there is a limit on oils being extracted. the concentration of essential oil that is allowed in Authentic Jamaican…the demand is high. Initially, the certain products.

JBDC will focus on import substitution. Specific oils will be based on market availability of raw materials. What might you blend? The expert says, these are but a Ginger, Turmeric, Lemongrass, and Pimento are among few of the combinations he would recommend: vanilla, geranium, rosewood, ylang ylang the targeted products. It is JBDC’s expectation that these concepts will result in the establishment and sweet orange, grapefruit, peppermint sustainability of the Essential Oils Industry, through a sweet orange, lime, jasmine, vanilla dedicated Business Incubator, which will play a significant role in the creation and establishment of an organised Inhale…Exhale! Aaahhh! Do you smell that? and profitable industry.

Innovation that Makes Scents According to Statista, the Fragrances market worldwide is projected to generate a revenue of US$59.87bn in 2024 and is expected to exhibit an annual growth rate of 3.01% (CAGR 2024-2028). Worldwide, fragrances are becoming increasingly popular as consumers seek to express their individuality and enhance their personal style. It makes sense to capitalise on this growth.

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BUSINESS & INNOVATION

COSMECEUTICALS - JAMAICA IN THE GLOBAL BIOMEDICAL REVOLUTION

by Suzette Campbell

P

erfect skin. Perfect hair. These are some prerequisites for the perfect shot to be posted on social media nowadays. With the social media usage surge coupled with emphasis on the preservation of a youthful appearance in general, comes an increase in demand for skincare (cosmetic) products.

Manufacturers have gone one up on cosmetics, by including biologically active ingredients traditionally found in pharmaceuticals. Add Vitamin C to a lotion – move over cosmetic, enter cosmeceutical.

The National Library of Medicine describes cosmeceuticals as “a new category of products placed between cosmetics and pharmaceuticals that are intended for the enhancement of both the health and beauty of skin.”

In 2022, the Global Cosmeceuticals Market was valued at US$52.82 billion, and is forecast to grow by 7.8% annually, reaching a value of US$96.33 billion in 2030 (Vantage Market Research). Consumers looking for solutions to acne, hyperpigmentation, aging, etc., are driving the growth of the market. Solutions from manufacturers include anti-aging creams, serums, sunscreens, and hair care products. Retinoids, alpha hydroxy acids, beta hydroxy acids, vitamin C, hyaluronic acid, and peptides, are among the key ingredients being included in cosmeceuticals.

Innovation is rife within the cosmeceuticals market, as manufacturers create new and innovative products that offer more effective and targeted solutions for specific skin concerns.

MAPPING THE COSMECEUTICALS INDUSTRY IN JAMAICA Have Jamaicans caught on to this global revolution and the opportunities it creates to innovate?

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The Jamaica Business Development Corporation (JBDC) conducted a cosmeceuticals manufacturing survey in 2022 to determine what support is needed by entrepreneurs involved in or seeking to be involved in the creation, manufacture and trade of cosmeceuticals. The survey also sought to garner data concerning the operations of businesses in the industry.

A total of 78; i.e., 77% of the 101 respondents indicated that they are currently involved in the cosmeceutical industry. Of that 77%, approximately 70% have been a part of the industry for less than 5 years.

The majority of respondents (78%) indicated that they were involved in the production of cosmetics or cosmeceuticals. In terms of the present involvement/ role of those currently involved in the cosmeceutical sector, participants were asked to indicate whether they were a creator, producer of cosmetics, producer of cosmeceuticals, trader of cosmeceuticals, trader of cosmetics, or, a trader of cosmeceuticals.

Furthermore, the participants were asked to indicate the nature of said involvement, whether as an owner, or an employee within their respective entity. A total of 94% stated that they were owners involved in the creation of products.

Concerning new product ideas, 91% of respondents indicated that they had a new product idea that they would want to take to the market; 3% indicated that they had no new ideas while 6% indicated that they were unsure if their idea was new. Regarding the participants’ intention to provide alternatives to the market, 83% of participants noted that they intended to supply the market with alternatives; 5% had no intention to do so, while 12% were unsure of their intent.

Participants were asked about their perceived potential for increased sales within five years, provided that all the relevant inputs were available. The majority (59 individuals) indicated that the potential for sales would increase by at least 15% but less than 20% per year. This shows that the dominant sentiment is that a safety net in terms of supported input pathways would positively impact the growth of the respective entities.

in Focus - Incorporation of local ingredients like Jamaican black castor oil and shea butter into products, and Sustainability Gains Focus - MSMEs adopting sustainable practices like recycled packaging to be more environmentally conscious.

natural and organic cosmetics and aromatherapy products, Niche Markets Emerge - Rise in demand for products catering to specific needs and preferences, E-commerce Advantage Increased popularity of online

Still, aromatherapy & cosmetics producers face certain challenges including: Knowledge Gap in Labelling - Lack of awareness among some MSMEs regarding “natural” and “organic” definitions and certifications, Financial Limitations - Cost of packaging and clear labelling can be a hurdle for some MSMEs, Sustainable Packaging Hurdles - Implementing sustainable practices can be expensive due to limited access to materials or higher initial costs, and Potential Ingredient Shortages - Growing demand for local ingredients may lead to shortages, making it difficult to meet local and foreign market needs.

platforms for beauty and wellness products.

Significantly, 61% of the respondents indicated that they did not own their own manufacturing facilities, which clearly indicates that there is in fact a need for facilities to support the operational processes of the respective entities. More critically, 78% of participants stated that the equipment/technology that supports their operations are owned by someone outside of the business which increases the risks associated with their respective production processes.

AROMATHERAPY, WELLNESS, COSMETICS Amid the Ministry of Industry, Investment & Commerce’s drive for increased production and export of local goods, the JBDC is keen on making an impact through capacity building initiatives which include product development support, the provision of production spaces, as well as access to markets.

The agency provides market access for its clients in manufacturing through its Things Jamaican™ retail brand, among other outlets.

During the 2023-2024 fiscal year, aromatherapy & cosmetics accounted for 16.22% of producers who received support – the category being the third highest.

The JBDC observes certain patterns among producers such as: Homegrown Brands Thrive - Growing success of Jamaican cosmetic and aromatherapy brands known for high quality and unique ingredients, Local Ingredients

As they face stiff competition from established international brands and cheaper imports, local producers will need to zone in on trends identified by JBDC as: Natural/Organic Boom Growing consumer demand for

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But before they get to the marketplace, the agency’s Incubator & Resource Centre (IRC) in Kingston is a haven for entrepreneurs in need of product development support and production spaces. In 2023, the facility helped clients to produce just over 300 products in industries including fashion, agro-processing, gift & craft, as well as cosmetic and wellness products.

As Jamaica races towards Vision 2030, JBDC has its sights set on a designated space for local entrepreneurs in the cosmeceuticals industry to innovate and produce high quality products using ingredients from the country’s rich soil. With a projected US$96.33 billion up for grabs in 2030, entrepreneurs will find that when it comes to taking one’s share of this, knowledge is power.

MAKING SCENTS OF ESSENTIAL OILS

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BUSINESS & INNOVATION

MORINGA, A REAL-LIFE

MONEY TREE

by Suzette Campbell

M

any Jamaicans will recall the childhood days of the dreaded ‘bush tea’ brewed, stirred, and cooled in two alternating cups by our grandmothers. Back then, our palettes did not find favour with the flavour. Flash forward to adulthood, and our grandmothers would be proud to see some of us as health enthusiasts using the same ‘bush’ daily as teas, drinks, supplements, oils, cosmetics, and so on. Plants like moringa are stacked with powerful benefits, and consumers who demand it have formed a target audience which makes this plant a real-life money tree for manufacturers.

MAKING SCENTS OF ESSENTIAL OILS

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The tree known as Moringa oleifera, sometimes known as the drumstick tree, miracle tree, or horseradish tree, has long been valued for its contributions to both bodily and emotional well-being. Moringa oleifera is a rich source of bioactive plant components and beneficial antioxidants. The moringa oleifera plant is very nutritious, and its leaves are a fantastic source of several vitamins and minerals.

According to statistics from Zion Market Research, the global moringa market size is projected to reach USD 18.2 billion by 2030 from its value of USD 9.5 billion in 2022, at a compound annual growth rate (CAGR) of 8.5% during the forecast period. Increasing health awareness is expected to drive the moringa market to these projected numbers.

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Products like moringa leaf powder have contributed to the growth of the moringa industry in recent years. Zion’s Moringa Market report outlines that, “With more people becoming aware of the health advantages of moringa, particularly in Europe, North America, and South America, there is an increase in consumer demand for the plant’s products, which is responsible for this expansion.

Products made from the moringa plant are known for their many health advantages, including being a good source of amino acids, boosting energy, improving vision, treating circulatory system problems, supporting healthy hair development, and having anti-aging characteristics. Thus, this is expected to offer a lucrative opportunity for market growth over the forecast period.”

Some of the products and applications that are expected to dominate the market as we approach 2030 include: Moringa leaf powder – Made of dried moringa leaves, the moringa leaf powder is frequently used in soups, curries, stews, and salads. This product is said to be packed with essentials such as Calcium, vitamin A, vitamin K, vitamin E, and fibre.

Moringa oil – Its benefits for cleaning and hydrating the skin, strengthening its use against acne, and as a moisturising hair healing agent, is expected to drive growth in the oil segment.

Food & beverage – Health-conscious customers in search of natural, nutrient-rich alternatives are drawn to food & beverage which include moringa. Manufactures are drawn to moringa because of its adaptability as an ingredient, and health advantages which make it attractive to customers. This means higher sales.

Zion points out that the Asia-Pacific region is currently the world’s highest revenue-generating market due to the growing knowledge about the benefits of moringa. Emerging economies like India have been incorporating moringa in food, which might result in a reduction in imported dietary supplements. Moringa is heavily produced in the Asia-Pacific region and is a prominent feature in herbal medicine. Consumers too, have been choosing moringa-based cosmetics over those made from minerals.

Zion points out that “despite its rising popularity, some areas still don’t know much about moringa.

Limited knowledge might impede the Moringa market expansion in regions where customers are unaware of the advantages and applications of moringa. Thus, the lack of awareness regarding the moringa product benefits in some regions might be a major restraining factor to the market growth during the forecast period.”

Continuing, Zion argues that “With more people becoming aware of the health advantages of moringa, particularly in Europe, North America, and South America, there is an increase in consumer demand for the plant’s products, which is responsible for this expansion. Products made from the moringa plant are known for their many health advantages, including being a good source of amino acids, boosting energy, improving vision, treating circulatory system problems, supporting healthy hair development, and having anti-aging characteristics.

Thus, this is expected to offer a lucrative opportunity for market growth over the forecast period.”

In recent years, we have seen increased interest in moringa locally, and several manufacturers have sought to cash in on the growing demand, whether it be herbal, food, or cosmetics. Based on the findings presented by Zion Market Research, Jamaica could expand its own market by dramatically increasing awareness of the benefits of using moringa.

For example, the moringa plant’s chlorogenic acid can help the body handle sugar more effectively and affect insulin in addition. During the anticipated era, the expansion of the moringa market is being driven by the presence of antioxidants like quercetin and chlorogenic acid in the plant.

According to the World Health Organization (WHO), 422 million people worldwide, mostly in low- and middle-income nations, suffer from diabetes. By the World Health Organization (WHO) criteria, Jamaica has a point prevalence of diabetes of 17.9% in the 15-and-over age-group.

We have often been told that money doesn’t grow on trees - or does it? Jamaica will need to invest in widescale studying and public awareness of moringa and its many benefits to drive demand and production of value-added products from what is essentially a growing billion dollar ‘money tree’.

Europe is also forecast to grow significantly due to increased marketing of the supplement in powder or capsule form in the nutraceutical industry and the growing use of moringa oil for moisturising & cleaning in the European Cosmetics Industry.

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TECHNOLOGY

FACILITATING TECHNOLOGICAL ADVANCEMENTS IN PRODUCTION

by Asheika Townsend

I

n an era where efficiency and innovation are not just desired but required, the integration of technological advancements in production processes is a crucial step for the Micro, Small & Medium-sized Enterprises (MSMEs) to stay competitive. Jamaica’s manufacturing sector finds itself at a crossroad, in light of the impending tech revolution, Industry 4.0.

The adoption of cutting-edge technologies in production is not merely an option but a necessity to thrive in an increasingly competitive and dynamic global market. This evolution, characterised by the integration of advanced algorithms, robotics, and digital ecosystems, promises unprecedented efficiency, agility, and customisation capabilities.

However, facilitating these technological advancements in production requires a nuanced and forward-thinking approach.

Colin Porter, Technical Services Manager at the Jamaica Business Development Corporation’s (JBDC’s) Incubator & Resource Centre (IRC) and by extension, an expert in the field of manufacturing and product development, says businesses, particularly MSMEs need to utilise cutting-edge tools to elevate their production capabilities.

According to Porter, the local production landscape shows a burgeoning adoption of technically advanced equipment. “Now you’re seeing a lot of small people doing things using like laser cutters, CNC rotors, and cutting machine,” Colin remarked, highlighting the grassroots level of technological adoption that is gradually transforming the MAKING SCENTS OF ESSENTIAL OILS

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production sector. He noted, however, that while the application of 3D printers in a commercial production setting might not be widespread just yet, educational institutions like universities are paving the way for its eventual integration into the broader manufacturing ecosystem.

INDUSTRY 4.0 – NEW WAVE OF SMART MANUFACTURING At the core of this technological revolution is what Porter describes as Industry 4.0. According to Lineview Solutions, Industry 4.0 is “the interconnected fabric of equipment powered by the Internet of Things (IoT)”. This paradigm shift enables remote operation and programming of machinery, directly leading to increased efficiency and precision in manufacturing processes. “So, you can design and send to equipment and produce identical things without having any worry about any variances or quality defects,” Porter explained, illustrating the impact of such connectivity on production quality and reliability.

In addition to the hardware advancements, Porter emphasised the role of software, specifically Enterprise Resource Planning (ERP) systems, in revolutionising production planning. These systems integrate various functions from inventory management to sales orders, streamlining operations and aiding in decision-making processes, sometimes with the assistance of AI. The benefits of such digital integration extend beyond mere operations, impacting the planning stages through simulation software that allows for virtual testing of factory setups before physical implementation.

For local manufacturers, the challenge and opportunity lie in adopting these technologies to transform their operations.

Porter’s message is one of accessibility and affordability; the tools of Industry 4.0 are within reach more than ever before due to decreased costs and increased availability. “Access is fairly easy, things coming out of the factories where a lot of electronics, I think you can get quite easily at different scales, obviously,” added Porter, underlining the democratisation of advanced manufacturing tools.

Addressing concerns about the potential loss of authenticity with the adoption of technology in processes traditionally associated with craftsmanship, Porter was clear: technological integration does not detract from the intrinsic value of a product. “Automating that on a CNC cutting machine,

for example, or a laser cutter or something, gives you more accuracy, gives you more output,” he said, advocating for the role of technology in enhancing, rather than replacing, the human element in manufacturing.

For SMEs, especially those in Jamaica as Porter’s context suggests, embracing such technologies could lead to substantial benefits, from increased efficiency and responsiveness to optimisation of production costs.

Furthermore, entities like the JBDC’s Incubator & Resource Centre, as mentioned by Porter, provide a supportive environment for MSMEs to explore and integrate these technologies into their operations, bridging the gap between traditional manufacturing methods and the new, technology-driven industry standards, “Now, we have the blast chiller, which is part of the Internet thing, thinking that you can control it by Wi-Fi. We have a dehydrator, which we can also control remotely and so on. So as simple as these advancements are, they do aid in the efficiency of operating the equipment”.

As MSMEs navigate this transition, the focus should remain on how these technologies can augment existing capabilities, drive innovation, and ultimately, deliver exceptional value in an increasingly competitive marketplace.

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TECHNOLOGY HUMAN VS ARTIFICIAL INTELLIGENCE:

INTEGRATE DON’T ELIMINATE

by Asheika Townsend

AI can produce large amount, can help reduce large amounts of data and summarise it and so on, but you still need the human to see how this will work in real life. You can tap into AI, but the human knowledge and the feeling and empathy, critical thinking, complex decision-making, cannot be replaced.

Joni-Gaye Cawley, HR Consultant, Joni Gayle & Associates

The crux of integrating AI within our workspaces is to amplify human capabilities, not to supplant them. AI excels in data processing and analysis far beyond human capabilities but remains bounded by its programming, laid down by human creators. This interplay highlights the invaluable human role in providing insight, moral reasoning, and creativity - elements beyond the reach of algorithms.

Artificial Intelligence (AI) has ascended not merely as a chapter, but as a transformative force that is reshaping the face of our world. As we navigate this era of unprecedented change, the discourse often gravitates towards ‘Human vs AI’ - casting a shadow of undesirability on human effort in the face of AI’s relentless march. However, this narrative not only simplifies a complex issue but also overlooks the synergetic potential between human intelligence and artificial intelligence. The future does not have to be a zero-sum game of ‘integrate or eliminate’; rather, it beckons us to transcend polarising debates and embrace a more nuanced partnership between human and artificial intelligence.

Moreover, the integration of AI should be underpinned by a commitment to upskilling and reskilling the workforce. The inevitability of technological disruptions demands adaptability - a readiness to evolve alongside shifting technological landscapes. Education and training programmes should be reimagined to equip individuals with the skills necessary to thrive in a future where human intelligence and artificial intelligence join. This entails not just the acquisition of technical skills but also the development of soft skills - critical thinking, emotional intelligence, and adaptability - that will distinguish human value in an AI-driven world.

Joni-Gaye Cawley, owner of HR consultants Joni-Gaye Cawley & Associates says “We should not eliminate AI at all. We should not fear it. We should embrace it and use it as a tool to help us. You cannot eliminate it; we have to coexist.” At its core, the integration of AI into the workforce presents an opportunity to augment human capabilities rather than replace them.

Ethically, the integration of AI into our professional lives raises profound questions. From issues of privacy and security to the implications for employment and inequality, the path forward requires thoughtful navigation. Policymakers, businesses, and individuals must collaboratively craft frameworks that ensure AI’s advancement enhances rather than undermines, human dignity and equity. This includes considering how AI can be harnessed to address societal challenges, reduce drudgery, and improve the overall quality of life.

She continues, “AI is not going to replace the human touch, the human empathy, the human listening to people’s problems. We have to have humans in the mix, but we must know how to use AI responsibly.”

The prowess of AI in processing and analysing vast amounts of data at superhuman speeds is undisputed. Yet, it operates within the paradigms of its programming, confined to the logic inscribed by human creators. Herein lies the critical role of human insight - the ability to perceive nuance, exercise moral judgment, and embody creativity. These quintessentially human attributes are irreplicable by algorithms, underscoring the indispensable value humans bring to the table.

Critically, the dialogue should shift from a survivalist perspective of human versus AI to a collaborative framework of human with AI. This paradigm emphasises leveraging AI’s capabilities to automate routine tasks, thereby unburdening humans to engage in more complex, creative, and strategic endeavours. By doing so, we not only amplify human potential but also elevate the quality of work, transforming tasks from being merely jobs to becoming sources of fulfillment and innovation.

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The discourse surrounding Human vs AI need not be framed as an existential battleground but rather as a call to action for innovative integration. By viewing AI as a partner rather than an adversary, we can unlock a future that respects and maximises the unique contributions of both human and artificial intelligences.

This approach will not only forge a path of sustainable progress but also ensure that this progress is inclusive, ethical, and reflective of our shared human values. Both human and AI have distinct part to play; how we utilise these forces will ultimately define the legacy of our era.

TECHNOLOGY

INFLUENCERS AND COSMETICS:

A MARRIAGE OF CONVENIENCE

by Asheika Townsend “We’ve always believed that authenticity is the cornerstone of impactful marketing. When we collaborate with influencers, we’re not just seeking exposure; we’re weaving our products into the narratives of real people,” Kemisha Oates, Owner of beauty and cosmetics company, Body by Roxanne articulates, encapsulating the ethos behind the strategy.

This strategy, leveraging the sway of individuals with substantial online followings to promote products and brands, has transformed the cosmetics landscape.

In the beauty and cosmetics world, where trends pop up every day, leveraging the influence of individuals with substantial online followings to promote products and brands, has transformed the beauty and cosmetic industry.

The beauty industry’s pivot towards influencer marketing is not merely a trend but a response to the change in customer and consumer behaviour.Today’s consumers, especially Millennials and Gen Z, are increasingly skeptical of traditional advertising and more inclined to trust the recommendations of influencers they follow. This shift has necessitated a reevaluation of marketing strategies within the cosmetics sector.

“In the beginning, it was about casting a wide net. Now, it’s about precision and alignment. We meticulously select influencers whose aesthetics, ethics, and audience

demographics align with our brand values,” Oates remarks, shedding light on influencer collaborations at Body by Roxanne.

THE RECIPE FOR SUCCESS The success of influencer marketing in the cosmetics industry hinges on several key factors: authenticity, relatability, and engagement. Influencers, with their personal connection to their audience, offer a unique conduit for brands to humanise themselves and forge deeper connections with consumers.

“Each collaboration is a story in the making. We look for influencers who are not just about the numbers but are genuinely passionate about beauty and wellness.

Their authenticity becomes the bridge between us and our audience,” Kemisha explains, emphasising the importance of genuine connections.

Despite its evident merits, influencer marketing is not without its challenges. The strategy is perpetually saturated, making it crucial for brands to distinguish themselves and forge meaningful partnerships. Additionally, the onus on authenticity and transparency is higher than ever, with consumers expecting genuine endorsements over mere advertisements.

Doing this requires a nuanced understanding of both the influencer ecosystem and the brand’s identity. “It’s a partnership at every level. From co-creating content to engaging with the community, we work closely with our influencers to ensure our brand ethos is consistently communicated,” Oates explains.

As the businesses move from brick and mortar to social commerce, so too will the strategies brands employ to engage with their audience. Kemisha Oates remains optimistic about the relevance of influencer marketing, viewing it as an essential component of the cosmetics industry’s future.

“The beauty of influencer marketing lies in its adaptability.

As long as we continue to prioritise authenticity and meaningful engagement, I believe this strategy will continue to yield remarkable results for brands willing to invest in genuine connections,” concludes Oates, anticipating a vibrant future for influencer marketing in the cosmetics industry.

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CENTRESPREAD

CREATING AN ENABLING BUSINESS ENVIRONMENT

by Suzette Campbell

Say the words ‘strategic partnership’, and the JBDC answers. The small government agency with a big responsibility to deliver business development services to Jamaican Micro, Small & Medium-sized Enterprises (MSMEs) understands its assignment. Determined to fulfil its mantra to take entrepreneurs ‘From Concept to Market’, the agency networks across the ecosystem to create ‘an enabling business environment’ as outlined in Jamaica’s Vision 2030.

The JBDC’s strategic plan outlines that an enabling business environment reduces costs and risks for small business through stable and consistent policies, laws and regulations; through simple and convenient processes for business registration and licencing; through targeted tax incentives, efficient land titling, and a broadening of the types of assets that can be used as collateral; by enhancing publicprivate dialogue, and by developing appropriate quality standards.

Positing that small business which lack well-organised supporting activities are unlikely to survive, the agency has taken on the yeoman’s task of ‘Network Broker’ to help create a more enabling environment by identifying barriers, constraints, and gaps in the regulatory environment and lobbying with private sector partners for reforms that reduce costs and risks to small businesses.

MAKING SCENTS OF ESSENTIAL OILS

Chief Executive Officer, Valerie Veira says, “We are strategically positioned to speak on behalf of MSMEs given the intimate relationship we have with them through handholding services.

They are small but highly complex, and we are keen on ensuring that all the major players understand them.

And so, we are fortunate to have built many meaningful partnerships over the years, that have yielded many successes.”

One could call the 2024-2025 fiscal year, ‘the year of partnerships’ as the JBDC is off with a bang! Sending a powerful signal at its ‘Breakfast with the CEO’ event held in April at the AC Hotel in Kingston, the agency hosted several local and international public and private sector partners under the theme, “Strategic Partnerships: Facilitating Business Success”. A symbolic feature of the event was

Valerie Veira, CEO of JBDC (centre) poses with 2023 JBDC B.O.S.S OF THE YEAR Awardees (l-r) Richard Robinson – Gemisis Jamaica, Eileen Dunkley – Netty’s Farm, Kemisha Oates – Body by Roxanne, and Wouter Tjeertes – Pure Chocolate.

the awarding of four (4) JBDC clients dubbed B.O.S.S MAN and B.O.S.S Lady of the year along with runnersup. The epitome of success!

The winners were Eileen Dunkley-Shim of Netty’s Farm and Kemisha Oates of Body by Roxanne, who copped the B.O.S.S LADY OF THE YEAR and the Runner-Up B.O.S.S LADY OF THE YEAR awards, respectively. Alongside the ladies were Wouter Tjeertes of Pure Chocolate and Richard James Robinson of Gemisis Jamaica were honoured as B.O.S.S MAN OF THE YEAR and Runner-Up B.O.S.S MAN OF THE YEAR, respectively.

As the year rolled on, the JBDC could be seen sealing strategic partnerships through the inking of Memorandums of Understanding (MOUs) with local and international entities.

Minister of Industry, Investment & Commerce, Senator the Honourable Aubyn Hill, delivering the Minister’s Address at the JBDC’s Breakfast with the CEO on April 4, 2024 at the AC Hotel in Kingston.

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Factories Corporation of Jamaica (FCJ) The provision of space for MSME development has been a longstanding partnership between the FCJ and the JBDC. The two organisations currently

operation. The concept includes a cluster of buildings that house multiple businesses, often sharing various amenities and services.

Apart from providing a conducive environment for operations, these parks also promote sustainability, as shared resources lead to reduced wastage. They are also more costeffective than traditional spaces.

(L-R) Melissa Barrett, Manager of the JBDC’s Business Advisory Services Unit, Dr. William Lawrence, Management Consultant and Michael Willacy, Vice President of Sagicor Bank conversing after the JBDC’s ‘Breakfast with the CEO’ on April 4 at the AC Hotel in Kingston.

have a 25-year rent agreement which sees FCJ providing facilities for the JBDC Incubator & Resource Centre (IRC) located at 76 Marcus Garvey Drive in Kingston. The IRC is home to four (4) incubators providing technical support in product development for local manufactures and provides production equipment and spacer rental for agro-processing, fashion & sewn products, craft, and essential oils.

The FCJ is making big moves for small businesses, and the JBDC is a significant feature. The development of several Community Micro Business Parks (CMBPs) across Jamaica to create more cost-effective operation spaces, while providing business support services for MSMEs is set to become a reality. Business parks have emerged as a global solution to the challenge of space for small business

Dr. Donald Farquharson, Managing Director of the Factories Corporation of Jamaica (FCJ) and Valerie Veira, Chief Executive Officer (CEO) of the JBDC.

MSME sector, the JBDC took another step towards bridging the gap between entrepreneur and financier.

The signing of the MOU with Access Financial Services will see the JBDC providing training to Access’ staff to better understand non-traditional business lines and the foundations of business development.

Securys Amid the Ministry of Industry, Investment & Commerce’s push for consumer protection as a way for businesses to safeguard themselves against cybercrime, the partnership between JBDC and international specialists in privacy management, Securys Limited, will see them assisting entrepreneurs with implementing data privacy and protection best practices in accordance with the Data Protection Act of 2020 (DPA).

Valerie Viera, Chief Executive Officer of the JBDC and Access Financial Services Limited’s CEO, Hugh Campbell are all smiles at the MOU signing event between the two companies.

JBDC’s CEO, Valerie Viera (centre) poses with (left – right) Donovan Wignal, JBDC’s Board Director, Harold Davis, the Agency’s Deputy CEO, Securys’ Group Chief Executive, Ben Rapp and Head of Commercial Operations, Junior Darrell.

The two entities will also collaborate to conduct a series of three (3) workshops for existing Access’ clients to sensitise them on the services of the JBDC. Additionally, they will refer clients for business development services and financing respectively.

In the previous fiscal year (20232024), the JBDC assisted clients to However, several MSMEs have access $99 million in financing. been experiencing challenges with adherence to the DPA, due to a “Our mandate is to develop the number of reasons including lack of MSME sector and our group spreads understanding of the requirements right up to the ones who are and processes under the act. Under exporting and accelerating. It means the MOU, the JBDC and Securys that the sector has a mixed bag of Limited will: 1) Promote education needs and the JBDC cannot do it and assistance to the MSME sector alone,” Veira said in emphasising the in the area of Data Protection; and, significance of the agency’s strategic 2) Collaborate on selected projects partnerships. to enable access to data privacy services at an affordable cost to JBDC’s clients.

Access Financial Services With access to financing being a perpetual part of the conversation surrounding development of the

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FINANCE

THE PRICE IS RIGHT:

PROFITING IN A PRICESENSITIVE MARKET

by Sancia Campbell

I

t is a fact that the cost of consumer goods in the local marketplace is high. This is evident from the constant complaints of consumers in various media outlets, including talk shows, newspaper articles, and social media platforms, about the rising prices of basic items.

Interestingly, it is not just the local consumers who are affected by this issue.

Anonymous voices from all around the world, whether through Tik Tok videos or other forms of social commentary, are also expressing their concerns about the impact of rising prices on their finances.

This phenomenon is called price sensitivity.

Price sensitivity is the degree to which the price of a product affects consumers’ purchasing behaviours. Generally speaking, it’s how demand changes with the change in the cost of products.

Financial Services Officer at the JBDC, Colin Coley notes that there are several economic causes behind the rising prices of consumer goods. These include the rise in the cost of raw materials, wages, production and overheads, as well as a surge in demand for the goods.

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“Jamaica operates a free market economy where goods and services are feely traded. Free market economies allow business owners to innovate new ideas, develop new products and offer new services,” he stated.

Continuing, he said “As a result, entrepreneurs do not depend on government agencies to tell them when the public needs a new product. They can study consumer demands, research popular trends and meet the customer’s needs through innovation.”

consumers will more often choose price over brand during these periods.

So how can businesses, particularly micro and small entities profitably survive in a price sensitive environment? Mr. Coley suggests three strategies; price penetration, cost control and operational efficiency.

Coley also mentioned the influx of imported goods and services that have allowed consumers to have greater choices. This in turn has impacted price sensitivity as consumers exercise their options to purchase less expensive imported products.

“The downside of this is that cheaper foreign imports have had a negative effect on local manufacturers, who are unable to compete, driving them out of business. This huge demand for imported products has led to a balance of trade deficit of USD 5.8 billion and a balance of payment deficit of USD 333 billion which places significant pressure on the foreign exchange rate,” he remarked.

Although some may see these as positive responses to Jamaica’s global status, the negatives of a devaluating Jamaican dollar and rising interest rates coupled with challenges in the distribution channel also fuel the increased costs.

“The constant devaluation of the Jamaican dollar against its US counterpart will automatically cause companies to increase its prices. Added to that, the challenges in the distribution channel in the postcovid era has not only caused delays in the retrieval of goods but as each player adds a markup along the value chain, the business must find ways of recovering those costs,” he confirmed.

In their response, the consumer, Mr. Coley theorised, will become more price-sensitive and seek more costeffective options.

Mr. Coley also shared that during economically challenging periods, consumers tend to pay attention to the prices of competing brands. This is also where the question of brand loyalty comes to the fore as

“With price penetration, the business can enter the market as a lower price to gain market share. Then as the business gains customers and recognition it can gradually increase prices, of course based on the market conditions,” he explained.

“Secondly, businesses need to keep their expenses on a tight leash. This involves closely monitoring every aspect of the business’s operations, identifying areas of inefficiency, and implementing cost-cutting measures where necessary,” he added.

“Finally, operational efficiency plays a significant role in determining profitability. Small businesses should assess their operational processes and identify areas where efficiency can be improved. This may include streamlining workflows, adopting automation technologies, and investing in employee training to enhance productivity,” he said.

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FINANCE

DRIVING REVENUE THROUGH CUSTOMER ENGAGEMENT

by Sancia Campbell

C

ustomer engagement refers to the connection between a customer and a business. It includes both customer engagement and customer-brand engagement, which helps to define the customer’s relationship with the business.

In today’s highly competitive market environment, customer engagement has become more critical for businesses to succeed. Thus, it is crucial to implement a customer engagement programme to ensure the financial survival of the business and build a robust brand that can sustain and grow over time.

Customer-driven activities therefore are the answers to questions of a business’s capacity to grow its revenue.

After all, if a business is in business and not meeting the revenue goals commensurate with its size and scope, then it is no longer a business. Similarly, the business must equally focus on building and maintaining good relationships with its customers to ensure that they too are satisfied with the business’s products and services.

So how do businesses effectively engage customers while focusing on their bottomline? According to Marketing Services Manager at Jamaica Business Development Corporation (JBDC), Janine FletcherTaylor, businesses must acknowledge firstly that their bottomline is dependent on a customer’s willingness to contribute to their earnings and growth. “This means that the customer must interact with the products and services being offered in a way that motivates them to consistently choose that business’s offerings by creating a customer-focused business,” she stated.

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The focus, she continued, must be on the processes and interactions with the customers from their perspective rather than from the business’s perspective. “In order to understand the customer’s perspective, we must engage in fact finding conversations with all types of customers to determine how satisfied they are and how well you can meet their needs.

The emphasis of these conversations should not just be on the general customer service with a smile narrative, but should invite them to actively participate by giving feedback and suggestions on how the business can improve to meet their varied needs.”

Customer engagement programmes that are effective should therefore emphasise continuous product improvements, innovation, technology and other key areas that increase the value of what is being offered to the customer. Ms. FletcherTaylor also opined that continuous staff training and upskilling as well as modernising the business to align with trends are also critical in maintaining customer engagement.

“Engagement should also have practical benefits for customers and could be in the form of rewards, add-on benefits for long-term customers that encourage customer retention, incentives for new customers and enhance value of the products by coupling them with additional services such as installation and warranty,” she remarked.

Ms. Fletcher-Taylor also suggests three customer engagement strategies for businesses not currently reaching their revenue goals:

1. Utilise customer feedback and rating

systems as they provide insight into the kinds of business improvement strategies that would appeal to the customers.

2. Content strategies such as vlogs, blogs

and newsletters, social media engagement related to the core products and services that create opportunities to expand the relationship with clients from just a buying and selling to relationship management.

Engagement would seek to encourage a customer culture and community.

3. Using analytics to monitor and track

customer interactions and monitor customer journey and buying history and creating rewards systems that acknowledge existing relationships or nurture and invite new customers.

It is important to understand that engagement is not about one-off activities such as ‘likes’ and shares, but rather a sustained two-way street between the business and its customer.

Engagement is about the Customer to Business (C2B) communication being as important (or perhaps more important) than B2C (Business to Customer) communication. High engagement levels often lead to higher customer retention rates, which, in turn, lead to more predictable and sustained revenue.

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MICROLENDING:

THE ANSWER TO MICRO BUSINESS FINANCING?

by Sancia Campbell

I

f a survey were to be conducted with entrepreneurs in the Micro, Small, and Medium-sized Enterprises (MSME) sector today, the most common identified need would likely be access to funding or generally speaking, financing for their business ventures.

While these businesses play a vital role in Jamaica’s economy, many struggle to obtain traditional loans due to a lack of capital.

To address this issue, microlending has gained prominence. Microlending, as defined by the Microcredit Act (2021), involves providing credit facilities to individuals or MSMEs, along with limited business advisory services. However, it does not encompass deposit-taking from the public or traditional banking activities.

Over the years, microlending has been instrumental in sustaining numerous micro-businesses.

Government interventions that have provided loans through the Development Bank of Jamaica (DBJ) and other approved financial institutions, have greatly supported businesses operating in several sectors. Strategic sectors that have benefitted from microloans include businesses operating

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in Agriculture, Agro-Processing, Energy and Manufacturing.

Microlending offers small and manageable loans to entrepreneurs, starting from a few thousand dollars up to hundreds of thousands of dollars. These small amounts are crucial for MSMEs that need initial capital for small-scale or start-up ventures.

Microlending also features flexible repayment terms, targets a specific market, and creates a social impact by promoting economic development, self-sufficiency, and entrepreneurship. It aims to lift individuals and communities out of poverty by providing them with the means to generate income and improve their living standards.

The main issue is that most, if not all, lending institutions, whether micro or otherwise, do not provide funding for start-ups. One important eligibility requirement is that the business seeking a microloan must be registered and operating in Jamaica. However, these loans do offer a solution by providing a range of competitive products. Micro entrepreneurs have options to obtain funding for buying goods and machinery, replacing inventory, or advancing their business to the next level.

When requesting loans from microfinance institutions, MSMEs are advised to conduct due diligence and find out about the loan requirements.

Factors to consider include the institution’s reputation and reliability, the terms and conditions of the loan, its purpose, its impact on the business’s cash flow, and any additional business services provided.

Currently, there are fifty-two licensed microcredit institutions in Jamaica. The microfinance or microcredit sector in Jamaica is regulated by the Bank of Jamaica, which oversees licensing and regulation to protect consumers.

SPOTLIGHT

SPOTLIGHT

TYPHANIE SMITH MCLYNCH..…

FROM NURSE TO ENTREPRENEUR

by Ateia Ogilvie

Through our DNA we inherit many things but for Tiphanie SmithMcLynch, it was the entrepreneurial mindset. Even with that, she pursued the sciences all the way to the tertiary level and got to work in the medical field. With the birth of her son and a skin condition he faced came also the conception of the now JTM Wholistic Care.

However unfortunate the skin condition of her son was, this experience helped to rekindle the business spirit within her and with her knowledge and experience in science, she was able to create a permanent solution for not only her son’s condition but for many others.

In this edition of the Spotlight, we got to catch up with Tiphanie and discussed her love for the business, her creations and what’s next in a 10-question interview.

1. Tell us a little about Tiphanie.

I am a mother first and foremost, a wife and also a registered nurse by training. Now I’m actually a fulltime entrepreneur in the business JTM Wholistic Care which carries the brands Self Care @ Tiphanie’s and the four akin brands. Currently I’m full time in that business and in addition to that I’m a recently published author. My first book was published in December

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2023, which is also available at the Things Jamaican™ store along with the Self Care @ Tiphanie’s products.

2. What led you to become an entrepreneur?

I would say it is something that is innate. I grew up with my dad who was an entrepreneur. Even though I did sciences, I’ve always had a special love for business and I realised that not only did I have the love, it came naturally to me. That, and wanting to create something and fill a gap. That gap was realised when my son was born with eczema. This was where it all started.

3. Describe the line of brand.

At Self Care @ Tiphanie’s, we basically formulate and manufacture haircare, skincare and aromatherapy products. Our range of skincare products include: Bar soaps, liquid soaps, body washes, moisturisers, body butters and oils. For haircare, we have a full line which consists of shampoo, deep conditioning hair mask, leave-in conditioner, hair growth oil. These products have been gaining popularity islandwide as we have gotten a lot of testimonials and have seen where these products work for our customers. Aromatherapy products include: candles, room sprays, essential oils and roller blends.

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4. How has your venture evolved since inception?

I started in 2019 with one product and that was the moringa oil. From that, I formulated the whipped moringa butter, and that was for my son with eczema. Currently, the product line consists of 40 products. I no longer operate from my mother’s kitchen; that’s where I started out, I have a lab space for the business and now able to supply over 50 locations across the island including pharmacies and gift stores.

5. How has JBDC impacted your business?

JBDC has impacted my business significantly.

I’ve had mentors at JBDC since 2021, and it has been a handholding experience for me. I did courses which have actually helped me to build out the framework of the business. In addition to that, I’ve been provided with a costing and pricing template, which has been so good, because before that, I had tried to work out the cost and prices myself but the team at JBDC helped me to price products properly so I can make a good profit. I also have an awesome BDO (Business Development Officer) who assisted my entry in the Ministry of Industry, Investment & Commerce

(MIIC) Business Pitch Competition where I was one of the winners. So, I do believe JBDC has been providing me with a lot of help as I’ve felt and seen the support over the years.

6. What are some of the wins, challenges and losses you have experienced?

One of the challenges I’ve had is financing. Before becoming an entrepreneur, (for one who had a stable salary) it was easier to get access to loans from the banks. However, trying to get financial assistance to facilitate mass production has been a challenge. As a micro business owner, I would not have met certain criteria and in terms of revenue, institutions prefer to assist businesses with higher revenue streams. As a result, I am now seeking grants as I realised there are grants available to MSMEs and so I’m positioning myself to be able to benefit from this. There is also the procurement of raw materials and shipping costs.

I’m looking to tap into the export market. While we ship products to customers overseas through Jamaica Post, the plan is to do so on a wider scale. Currently, I’m working alongside JAMPRO to ensure that we are certified in all the required areas, so that when we get the opportunity to do so, we would have dotted all the Is crossed all the Ts for export readiness and make Self Care @ Tiphanie’s a household name worldwide.

For Tiphanie, her journey has been an exciting one filled with a lot of lessons and with a number of future plans for the business. She anticipates a rewarding entrepreneurial path.

Despite hurdles, Tiphanie says she has overcome to celebrate her many wins which include being one of the first MSMEs to manufacture and get approval from Bureau of Standards Jamaica (BSJ) for an allnatural sanitiser during the COVID-19 pandemic, being featured on TVJ’s Smile Jamaica and The Gleaner, becoming a winner of the MIIC Business Pitch Competition, as well as being selected as a beneficiary for a programme with Tourism Enhancement Fund (TEF), BSJ and Scientific Research Council (SRC), which assists MSMEs to regularise

10. What advice you would give to aspiring and young entrepreneurs?

their businesses and position them to be able to do business within the tourism sector.

To aspiring and young entrepreneurs, I would say wherever you are, start there. Some persons tend to wait until they have perfected or tried to perfect something before they start.

My advice is start where you are and perfect it along the way. Cease the moment as some moments happen once in a lifetime. I live by the mantra “Carpe Diem” which means to cease the day. And while other persons will say if it should happen then it will, I believe if you align yourself correctly where opportunities will reach you, the rest will be history.

As a JBDC client, some of Tiphanie’s products can be found at our Things Jamaican stores and our ecommerce website, www. thingsjamaicanshopping.com.

For more information, follow her on all socials @ selfcaretiphanies.

a question or making a purchase, we walk them through the process of purchasing and receiving the products.

But it doesn’t stop there, we also follow-up. As such, we have developed a strong online community.

9. What are the future plans for your business?

7. What influences your innovations?

Market research. I have a strong online community and I research their likes, dislikes, products that they want. For example, if they prefer rose vs. peach scent or a bar soap vs. body wash. This information is normally gathered via questionnaires. I also research trends, and while persons state the market is overpopulated with a certain product e.g., turmeric -based products, every formulation is different and that is what sets you apart from your competitors. I formulate all my products, and to date my turmeric line is the most sold product.

8. What does customer service mean to you?

Customer service to me is an experience. Being first and foremost the person who communicates with potential and existing customers, it is important to me that a customer doesn’t get the bare minimum but has an experience when they reach out to us. So, whether they’re asking

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5 JBDC PARTNERS THAT WILL HELP YOUR BUSINESS GROW

by Asheika Townsend

T

he power of community is reiterated in John Donne’s quote, “No man is an island; no man stands alone…” And this practical statement though usually amplified in areas concerning social responsibility, can be extended to the business environment. In this edition of the Entrepreneur Weekly, we highlight how the Jamaica Business Development Corporation (JBDC) acts as a ‘Network Broker’ by partnering with other entities to help entrepreneurs succeed.

In April, JBDC hosted its ‘Breakfast with the CEO’ event at the AC Hotel in Kingston under the theme ‘Strategic Partnerships: Facilitating Business Success’. The roundtable event brought together stakeholders in the MSME sector joining hands in a common goal, ‘Creating an enabling business environment’. Here’s what they said: 1. Jamaica Bankers Association - Breaking Down Financial Barriers Chorvelle Johnson, Chief Executive Officer (CEO) of the Sagicor Bank and Vice President of the Jamaica Banker’s Association highlights the changes in the MSME sector and how the financial sector has responded over the years, “It is obvious that Jamaica has to grow and we’re on a path of growth…but if you look at the growth in the SME sector, if you didn’t have the engine of the banks to support them, then that would not happen.” The JBA over the years has done sensitisations to increase the awareness of financial institutions about MSMEs, which Johnson says has resulted in “most of our financial institutions have a window for small businesses in place”.

2. Sagicor Bank - Financial Readiness While bankers are learning about MSMEs to create the right products for them, MSMEs must also learn about what is required to do business with bankers. Johnson says, “At Sagicor Bank we recognise that for Jamaica to grow the MSME sector has to grow.

Right, so for, us it’s not just about the financing, it’s a little bit more than that.”

For MSMEs to access loans, readiness is one of the major criteria, “That’s what the (SME Business) Resource Centre is for. So recently we had things on taxation, we had cyber security, because we find that when people go into business, they just think, okay, it’s just about the business. We teach them about financials, we teach them about just being ready,” she added. In 2021, Sagicor Bank Jamaica (SBJ) and the JBDC have signed a memorandum of understanding (MOU) to form the Sagicor Bank Business Resource Centre located in Constant Spring, Kingston.

3. Development Bank of Jamaica - Funding for Expansion The Development Bank of Jamaica (DBJ) assists MSMEs through the Innovation Grant Fund and IGNITE Innovation Grant. Paul Chin, MAKING SCENTS OF ESSENTIAL OILS

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Manager, Channels, Relationships & Marketing at the DBJ, explains that Innovate Grant and Ignite programme cater to businesses at the ideation stage, providing access to up to $3 million to move from concept to market, while the second component offers entrepreneurs up to $7 million to transition products from informal settings to commercial spaces and larger markets. Additionally, Chin noted that the Innovation Grant Fund supports larger businesses with revenues ranging from J$75 to J$250 million annually, providing grants of up to J$20 million to expand business and internationalise.

In 2023, the DBJ, in collaboration with the JBDC, launched a new J$100 million initiative year-long pilot capacity development programme dubbed Growth and Expansion of MSMEs Through Innovation (GEMINI) Grant Programme.

4. Bureau of Standards Jamaica - Quality Stamp Before your products can enter any market, it must get the ‘quality stamp’ from the BSJ. Executive Director, Velton Gooden says that the Bureau is expanding its testing operations to operate 24 hours a day, “We have also moved progressively towards making our lab internationally accredited, so we moved over the last few years from just five accredited labs to now nine accredited labs,”. Under an existing partnership between the two government agencies, JBDC clients are eligible to access a 25% discount at BSJ such as micro-biological testing, labelling, nutriotional analysis, facility assessment and certification.

5. Trade Board – Bridging Gaps to Export The baton is passed to the Trade Board Limited after businesses are ready to internationalise. The Trade Board understands that the lack of information on Trade Agreements and is putting measures in place to elucidate these agreements through its Export Academy.

“We are working on a programme to develop a customised system for training, which is the Export Academy,” Dr Maj Hugh Blake, trade administrator and CEO at the Trade Board Ltd, announced. “[Through this platform,] MSMEs can register, get online, complete an instrumental questionnaire, and we will pick up where your knowledge gap is and provide you with information that will close the gap.”

These initiatives from each entity together create an environment where ‘business is good’. Overall, partnerships can help MSMEs overcome limitations, leverage strengths, and achieve growth and sustainability in a competitive market.

During the period April – June 2024, this edition of the Entrepreneur Weekly Blog was the most popular among readers. According to our Digital Marketing Officer, Andre Heslop, the blog reached 51,988 users, and received 104,099 impressions across LinkedIn, Facebook & Instagram. Subscribe at www.jbdc.net.