JBDC - Business Dialogue Magazine

FIRST QUARTER ISSUE –JANUARY-MARCH 2016

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5 Need a Business Idea? Here are 10!

7 How to use PR to build your brand 9

MBC St. Thomas Highlights

10 JBDC YEAR IN REVIEW

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Centrespread 12 Unlocking Economic Potential: Youth, Technology and

Entrepreneurship

13 NCB Transforms Customer Experience with Revolutionary

Digital Solutions

16 Is Your Business Ready to Access Financing?

18 JSE Expects Online Trading to Gain Traction

Special Feature

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RED,GOLD,GREEN The rasta /reggae colours in craft STAFF ADVISORS: Editor-In-Chief & Content Coordinator Suzette Campbell – JBDC Corporate Communications Unit Ms. Valerie Veira, J.P. Chief Executive Officer Mr. Harold Davis Dept. Chief Executive Officer

Assistant Content Coordinator Sancia Campbell – JBDC Corporate Communications Unit Design & Layout Melissa Green – JBDC Visual Communications Unit Photography Colin Porter – Technical Services Unit

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We are intrigued by the current wave of enthusiasm in entrepreneurship amongst the youth, who have grown to appreciate the immense value in creating opportunities and sustainable wealth for themselves through business innovation. The Millennials grew up in a highly digitized world, in which the dynamism of technological innovation continuously piqued their interest and placed added pressure on them to keep up with the trends, sometimes lasting mere months before a new version is unleashed. With active minds and big dreams, they have been inspired to believe that they too can produce astounding creations.

It therefore comes as no surprise that so many of them seeking to venture into entrepreneurship are going digital. The JBDC is pleased to have impacted some of these young giants either through our own in-house services or by way of association with programmes implemented by other entities such as the National Commercial Bank’s Nation Builder Awards. The winner of the Young Entrepreneur Award comes to mind: One-on-One Educational Services Limited, which provides personalized educational and e-Learning solutions to more than 1000 secondary school students. One-on-One inspires students to learn through mentorship, innovation and quality of lessons that are delivered in a personalized environment.

Breakthrough technology mYLocker e-Learning platform will now be available to over 500,000 students across the Caribbean to do their favorite CSEC/CAPE/GSAT course on devices such as mobile phones, tablets, PCs and laptops.

Government programmes like the Development Bank of Jamaica’s IGNITE (Innovation Grant from New Ideas to Entrepreneurship) Project encourage innovation through the provision of grant funding up to $4 million to the most innovative ideas or ventures. It is our hope that these private and public efforts will continue to inspire our youth to think outside the box and know that they could be the next Steve Jobs.

Valerie Veira, J.P, CEO, Jamaica Business Development Corporation

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Suzette Campbell is a multi-award winning communications practitioner with 13 years’ experience spanning Public Relations, Journalism and Marketing in both public and private sector organizations. With a highly competitive spirit and creativity, she enjoys a good challenge and prides herself on leaving an indelible mark of success in her endeavours. Using her gift of writing, she hopes to win hearts and positively impact the lives of those on whose behalf she tells stories. Suzette is currently the Corporate Communications Manager at the Jamaica Business Development Corporation.

Sancia Campbell is a PR Practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading, project management and events planning. She is currently the PR & Events Coordinator at the Jamaica Business Development Corporation (JBDC).

Laura Lee Jones is a Design Consultant with 17 years’ experience in the craft and fashion industries.

She is currently a Lecturer & Acting Head – Applied Arts Department at the Edna Manley College of the Visual and Performing Arts, as well as a member of the Craft Council of Jamaica.

Melissa Bennett is the Manager, Financial Support Services Unit at the Jamaica Business Development of Corporation; she has over 15 years consulting and business development experience, with specialised experience in strategic planning, financial modelling and business valuation. She holds a Bachelor of Science Degree in Accounting and Management Studies and Masters in Business Administration with specialization in banking and finance.

Althea West-Myers is Manager of the Business Advisory Services Department at JBDC. As a development strategist, she has spent the last eight years researching and adapting successful global strategies to the Jamaican MSME environment. An enthusiastic learner, Althea is also an adjunct lecturer in entrepreneurship, Business Principles and Management and Human Resource Management. She spends most of her free time in personal development activities, actively mentoring youth and writing dramatic productions.

Ultimately, Althea desires to influence national growth, one entrepreneur at a time.

FIRST QUARTER ISSUE – JAN-MAR 2016

Need a Business Idea? Here are 10!

by Entrepreneur Press & Cheryl Kimball http://www.entrepreneur.com/article/201588

Today, thousands of people are considering starting a home based business, and for good reasons. On average, people can expect to have two and three careers during their work life. Those leaving one career often think about their second or third career move being to their own home. People who have been part of the traditional nine-to-five work force and are on the verge of retiring from that life are thinking of what to do next. The good news: Starting a homebased business is within the reach of almost anyone who wants to take a risk and work hard.

Here is a list of 10 which may be operated profitably out of your home: ACCOUNTANT Experience, training or licensing may be needed Create a flyer outlining your services. Before you do that, you need to know what those services will be. Do you want to simply do bookkeeping for a small business? A more involved level of accounting would be to actually work up balance sheets, income statements, and other financial reports on a monthly, quarterly, and/or annual basis, depending on the needs of the business. Other specializations can include tax accounting, a huge area of potential work. Many business owners don't mind keeping their own day-to-day bookkeeping records but would rather get professional help with their taxes.

BUSINESS PLAN SERVICE Offer a comprehensive business plan service, including market research, the business plan narrative and the financial statements. Plan your fee around the main one that the client will want and offer the others as add-on services. You can give clients an electronic file and allow them to take it from there, or you can keep the business plan on file and offer the service of tweaking it whenever necessary. Have business plan samples to show clients--and make sure to include your own!

CLEANING SERVICE There are many directions you can take this business. If you want to work during hours when no one else does, you can focus on office clients. You can focus on retail businesses and keep your customers clumped into one or two blocks. Restaurants are in great need of daily thorough cleaning and can be a great source of steady clients. Perhaps you would be more interested in house cleaning. Many times with cleaning services you don't have to spend lots of money on advertising or marketing because your customers will come by word of mouth.

DOG BREEDER Experience, training, or licensing may be needed Pets are becoming increasingly popular in Jamaica. While many people are willing to adopt from animal shelters, others are looking for a specific breed. Purebred dogs are more popular than ever and can command large sums of money. But becoming a dog breeder is serious business catering to savvy consumers with high expectations of their pet purchases. You will need to establish yourself as a conscientious breeder who cares about the health and welfare of the animals you bring into the world.

ELECTRONICS REPAIR This business is similar to the computer repair business, but you will take on all sorts of electronic equipment besides just computers. With smaller

electronics, you will need to be prepared to have customers bring their repair projects to you, as you would have difficulty recovering the cost of driving around picking up broken equipment and returning it. You may also want to encourage people to give you their old electronics so you can use them for parts.

EVENT PLANNING One of the first things you need to do is visit every potential event location with which you plan to work. Work with the marketing manager to tour each site and learn what is available at each location. Start a database that will allow you to sort venues by varying features - the number of people each site holds, if there is AV equipment available on site, will you need to arrange for rental chairs, etc. Then when you are beginning to plan an event with a client, you can find out what the key parameters are for the event and easily pull up the three or four sites that meet the basic criteria.

JEWELLERY MAKING Experience, training or licensing may be needed There are many different ways of getting into the jewellery business and many different types of materials with which you can work. Working in metal will probably require the most in the way of specific tools. You need to be able to heat the metal to manipulate it, and you need metalworking tools to cut and engrave it. But there are many other materials that you can work with to make jewellery - glass, plastic, beads, feathers, even wood, to name just a few.

PERSONAL CONCIERGE This business is for someone who is supremely efficient and has the ability to make things happen. People who hire you will expect things when they want them and you need to be able to come through with not only what they want, but with a personal touch and a smile on your face. The most likely clients for a personal concierge service are top executives who find themselves at the office by 7 a.m. and are there most nights until 9 p.m., leaving them very little time to do all those things that often need to be done during those very hours.

MOVING SERVICE Lots of people who are moving want to hire someone to do the heavy lifting for them. You can leave the large-scale, long-distance moving to the big moving companies. Your work can be the local, moving-across-town or to the town-next-door jobs. These are the ones that people start off thinking perhaps they could do themselves, and it will be your job to convince them otherwise. Your signs around town will tempt them to let you take care of that part of the move, while they are busy taking care of those other 500 items on their list.

MUSIC LESSONS Experience, training or licensing may be needed You want to stick to the instrument(s) you know, but you may be a skilled enough musician to offer lessons on several different instruments, or those in a particular class, e.g., stringed or woodwind. You can decide to take on individuals or classes, depending on space and availability of instruments. Public schools are continually reducing their commitment to art and music classes for students, so you can try to work with the public school system to supplement their efforts in those areas.

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FIRST QUARTER ISSUE – JAN-MAR 2016

How to use Public Relations to Build your Brand

by Sancia Campbell

In a world where image is everything, both individuals and companies, are increasingly placing special emphasis on the message they send through the different images they portray. For an individual, the clothes that are worn, the way they speak and generally the attitudes exuded, form part of what is called our personal brand.

Likewise in business, much emphasis is placed on a company’s brand. A company’s physical brand is developed based on a special colour, mark or symbol that defines the business. The perception of the company’s brand, whether good or bad, is developed based how the brand is positioned in the mind of the consumers and the feelings that are elicited in its target audience.

A tested and proven strategy to build a strong brand is the use of Public Relations or PR as it is more commonly known. PR is a management process which manages the relationship and flow of information between an organization and its publics. Simply put, the basic concept of public relations is that it is strategic in nature and emphasizes mutually beneficial relationships.

One of the major tenets on which good public relations is built is the practitioner’s ability to tell a story. From comprehension exercises and composition writing in primary school, we have been conditioned to tell a story.

Story-telling in PR means packaging information into meaningful and entertaining narratives that forge stronger emotional bonds between a business and its customers. The story must talk about the company’s vision, how its products bring that vision to life and what the business is positioned to do that no other company can do.

Importantly, the story should be absolutely clear while building cohesive and structured conversations from one phase in the story to the next.

Secondly, publicity – a major component of PR, builds brands. A good publicity campaign sets the strategic direction for your brand. Massive amounts of publicity have helped to build many ‘brand name’ companies in Jamaica. Companies like Grace Kennedy and Digicel have a strong PR component integrated into an overall marketing strategy. These companies coin media messages but also receive external endorsements which in turn help to build their brands. The more messages are released by the company, the more favourable the messages being received will be, especially when they are from third party sources.

Know that PR messages must evolve. While the existing customer is important, emphasis should also be placed on attracting new customers. Many times, brands tend to focus on the audience they have already acquired, hence the brand story continues through the same circles, never reaching new targets and potential

audiences. Find out what is trending with your brand and focus your efforts and PR strategies on acquiring new audiences with similar interests as your core. Listening is also a critical component of delivering precise messages.

Today’s customers are not afraid to provide feedback about how they feel. They provide companies with in-depth, insightful analysis of what is being done right versus what is being done wrongly or not at all. These customers offer the best feedback of all.

Listen keenly, and make adjustments where necessary.

Businesses are encouraged to be real with their story. Both the customers and the competition will know when a company is pretending. The worst thing to do is build hype around a brand which cannot deliver; the resultant publicity will not be what the company wants at all. Practice authenticity, it is one of the leading methods of building a brand’s loyalty and likeability. When placed in difficult situations, do not try to cover or gloss over the issue.

Simply state the facts and mitigate the outcome through your openness and sincerity.

A well designed PR campaign is a powerful tool to increase visibility and impact for your brand. New, as well as, established brands should be acutely aware of the impact a product write-up, organic tweet or key personality can have on their brand. PR campaigns play a vital role in creating new sales channels, creating cohesion among stakeholders and influencers and the spread of your brand butter on a national and global scale.

While PR is not free and works best in tandem with an overall marketing strategy, it should not be a second thought or considered as an expense. It is a major profit centre for the business and used correctly, it can shape the perception of the target audience.

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FIRST QUARTER ISSUE – JAN-MAR 2016

MBC Morant Bay Highlights The JBDC team accompanied by public and private sector partners of the Mobile Business Clinic Initiative headed to the parish of St. Thomas on January 28 for another Mobile Business Clinic. The initiative which provides business development support to micro, small and medium enterprises in and around the parish saw a record 300 persons attending. Attendees received business support ranging from business consultation, assessment and advice, tax support from representatives of the Tax Administration Jamaica and registration and formalization advice from the Companies Office of Jamaica. Eight government agencies along with main partners the National Commercial Bank and Fidelity Motors (Nissan) participated in the activity. Here are a few photo highlights of the event:

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FIRST QUARTER ISSUE – JAN-MAR 2016

JBDC YEAR IN REVIEW

by Sancia Campbell

From the development and delivery of specialized workshops to the journey of the Mobile Business Clinic across the island, 2015 will be recorded as one of the most active years for Team JBDC.

participants with comprehensive, results-oriented intervention which consists of a three-day workshop and a full post-workshop programme involving coaching and mentoring.

Mobile Business Clinic Initiative

According to Lisa Taylor-Stone, Manager of the Project Management and Research Department, the aim of the workshop is to increase and enhance the capacity of participants to develop high-potential proposals to solicit assistance for business and developmental purpose.

Through the support of several Ministries, Departments and Agencies of Government, as well as private sector partners including the National Commercial Bank, Fidelity Motors, C&W Business and ACCA Caribbean, JBDC journeyed across the island to support the efforts of Micro, Small and Medium-sized Entrepreneurs through the Mobile Business Clinic Initiative.

Under the theme ‘Strengthening the Capacity of the Jamaican MSME’, the initiative seeks to decentralize business development services so that micro and small businesses in both urban and rural areas can benefit from a similar suite of services. In this, the first year of the programme, ten parishes in Central, Western and Southern Jamaica have been visited and approximately 2000 entrepreneurs have accessed business services.

Business services offered under the project include: Financial consultation, Technology Innovations, Business Advice, Consultation and Formalization, Logistics Hub Training, Standards & Certification, as well as Business Modeling.

Proposal Writing Workshop (‘Tapping into Donor Funds’) Through the Proposal Writing Workshop (‘Tapping into Donor Funds’), JBDC assisted some 200 persons and organizations to access approximately J$44 million in grant funding in the year 2015. The workshop provides

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“Importantly, the intervention also includes input from local and international donor agencies that provide insight on the development of winning project proposals.

Some of the components include: constructing winning proposals and avoiding proposal writing pitfalls, some of the elements that donors want to see in a proposal and getting the proposal title right,” she stated. Just over 2000 hours of business coaching was delivered.

8th Annual Small Business Expo & Conference Hosted under theme “Business Linkages: Connecting Jamaica to the World”, the 8th staging of the JBDC Small Business Exposition & Conference was held on May 21,2015 at the Jamaica Pegasus Hotel.

The forum highlighted key strategies to assist entrepreneurs to build “boundary-less” bridges through the hosting of panel discussions and workshops which form a large part of the event. The discussions sought to identify tools needed to effectively enter and operate successfully in the global marketplace, look at innovative product packaging and marketing solutions to get brands overseas, provide networking ideas to engage global partners, and tips on how to use technology to connect clients to the world.

Three hundred and sixty patrons attended and thirty-eight corporate entities participated as exhibitors providing support ranging from business development, financing and marketing support. Additionally, a total of thirty speakers participated in both the panel discussions and workshops, providing additional insight on topical issues affecting MSME owners.

The major sponsors for the Expo were the National Commercial Bank, Jamaica Yellow Pages and Columbus Business Solutions.

FIRST QUARTER ISSUE – JAN-MAR 2016

JBDC YEAR IN REVIEW Enhancement Fund and executed by Things Jamaican.

Global Entrepreneurship Week In support of the national effort to stimulate growth in the economy, JBDC marked Global Entrepreneurship Week (GEW) with a week-long celebration which included the hosting of Business Clinics through its network of satellite offices across the island, a Business Dialogue Forum at UWI, a Thought Leadership Conference and two Business Seminars.

Christmas in July Corporate holiday gift shopping began very early in 2015 when hundreds flocked to the Jamaica Pegasus for the highly anticipated ‘Christmas in July’ exhibition. The event, which was hosted by the Ministry of Tourism and Entertainment’s Tourism Linkages Hub, saw some 80 local producers of authentic craft, gifts and souvenirs displaying a wide selection of items to buyers from corporate Jamaica, the hospitality sector, government entities, embassies, missions and international organizations.

Christmas in July is a collaborative effort of the Tourism Linkages Hub and its partners, the Jamaica Promotions Corporation (JAMPRO), Jamaica Manufacturers' Association (JMA), Jamaica Business Development Corporation (JBDC), and Jamaica Hotel and Tourist Association (JHTA). The event, which highlights local manufacturers, was also geared at boosting the economy and strengthening the bonds between tourism and other key sectors such as agriculture, manufacturing and the creative industries.

The items on display were hand-selected for quality and were assessed by representatives of stakeholder organizations such as the JBDC, JMA, JAMPRO and the Jamaica Intellectual Property Office (JIPO), as well as corporate partners in areas such as design and pricing; aesthetics; functionality; quality of packaging and labeling. The event was sponsored by the Tourism

Under the theme ‘Going for GROWTH’, the GEW 2015 activities provided MSMEs with information and direct access to services to facilitate the formalization and growth of their businesses. It was also an environment in which networking was facilitated between MSMEs and other companies that could impact their businesses positively.

True Stories Publication The True Stories publication is one of the outputs of the North Coast Craft Revitalization Project (NCCRP) which ended in August. The publication was launched to rave reviews during the Christmas season.

True Stories features gift & craft producers of paintings, fashion & fashion accessories, home décor & home accents and carvings, bringing their art to life by delving into the little known personalities behind these creations, as stated in the introduction - Lifestyle to you, heirloom for some, Art to All. The North Coast Craft Revitalization Project (NCCRP) was a collaborative effort between the JBDC and the Tourism Enhancement Fund (TEF). The JMD$15 million Project was aimed at improving the competitiveness and income generating capabilities of craft producers in the North Coast Region of the island, specifically in the parishes of St. Ann, Trelawny and St. James.

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FIRST QUARTER ISSUE – JAN-MAR 2016

Unlocking Economic Potential: Youth, Technology and Entrepreneurship

by Althea West- Myers, BAS Manager

“Youth,” said the great Irish playwright, George Bernard Shaw, “is the most beautiful thing in the world – and what a pity that it has to be wasted on the young.” Wow…not very hopeful commentary there. But that was eons ago – long before the turn of the twenty-first century, and long before there ever was radical life-changing technology. With twenty-two of Forbes Magazine’s one hundred (100) most promising companies of 2013 run by CEOs under 35 years old, it tells us that youth are now a force to be reckoned with in the world of business.

But even if you think youth is wasted on the young, be certain that technology isn’t! Indeed, Generations X and Y are not simply about using social media to snapchat, post selfies and otherwise connect with friends. More and more youth are actively seeking to solve micro and macro social and business problems that simultaneously create value and generate wealth.

Now add entrepreneurship to that picture.

Entrepreneurship, we have been told many times over, is the engine of economic growth across the globe. The statistics back this. Across Asia and Europe (and particularly so among the small and medium enterprise sector) entrepreneurship accounts for approximately 80% of industry, 40% of GDP and 70% of employment. Rapid technological advances have acted as a magnet for ambitious, enterprising youth, many of whom have successfully combined the two (technology and entrepreneurship) to create insanely successful companies.

Walter Frick, a senior associate editor for the Harvard Business Review conducted research into the ages of what he called ‘unicorns” – private companies valued at more than U.S.$1 billion. He concluded that more than half of these companies were founded by young tech giants under 35 years old. Facebook and Airbnb founders, Mark Zuckerberg, Joe Gebbia, Nathan Blecharczyk, and Brian Chesky, may be extreme examples, but they were aged 21, 27, 25 and 27 respectively when they founded these immensely powerful companies.

What remarkable examples of value creation among young people, who would otherwise be at the beginning of their careers in the traditional corporate world? What a testament to the power of youth to create value in a technological space that today is almost entirely their own?

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A quick glance at the website http://www.siliconcaribe.com/ gives us a little insight into what technologically inclined Caribbean entrepreneurs are up to. Yes, it’s about creating the Caribbean’s own Silicon Valley. Ambitious, you think? Maybe a few years ago one could have made such a declaration with some degree of correctness, but not today.

Not even in Jamaica. The Jamaican entrepreneurial landscape is currently in the throes of its own mushrooming breed of young tech entrepreneurs. These fast-paced, eager, bright young minds all seem to have the enviable ability to network and build a formidable team of investors and advisors around them. Young Jamaican tech entrepreneurs like Tyrone Wilson and Javette Nixon (EMedia Interactive), Start-Up Robot (Winston Wilkins), Ricardo Allen (One-on-One Educational Services) and Manning Marsh (The Vinelist) have all had commendable records in raising investment capital and pushing their businesses forward, in some cases with the backing of the traditional private sector. With the current push towards mobile money and with Jamaica at 54% internet penetration (one of the highest in the Caribbean, incidentally) the stage is undoubtedly being set for our young entrepreneurs to take full advantage of the app era and cloud revolution to advance their ventures at a pace only ever before dreamed of.

The reality of Jamaica’s 38% youth unemployment rate has made youth entrepreneurship a far more attractive prospect for our bright young graduates. The track record of success being left by young tech pioneers across the globe is working to close the gap significantly between the older traditional business moguls of the entrepreneurs of the new era. It’s an exciting time, a time to re-engineer growth, to unlock Jamaica’s economic potential. And how can we accomplish this, you may ask - unquestionably, by carefully combining the proven potent ingredients of youth, technology and entrepreneurship.

NCB Transforms Customer Experience with Revolutionary Digital Solutions

*contributed

The wish lists of many banking customers are fast becoming a reality as National Commercial Bank, Jamaica’s largest financial institution, rolls out a slate of revolutionary services under its forward-thinking digitization programme.

The ambitious initiative is transforming the relationship between the bank and its clients as NCB utilises technological solutions and processes to make it easier, more convenient and more affordable for customers to not only access its services but to enjoy the options of doing business. This, Chief Digital & Marketing Officer Nadeen Matthews points out is the only rational response to the 21st century customer in a dynamic computer-age.

“We recognize that technology is rapidly reconfiguring the world and the financial services industry is no exception. Breakthrough technologies emerge daily challenging expectations and disrupting the norms. This therefore calls for a renewed mindset in how we serve our customers,” Matthews said. “This is the thought process steering NCB as the Bank of the Future.”

Innovation has been an integral part of NCB's legacy. As the longest-serving and only indigenous commercial bank in Jamaica, the institution launched the nation's first local credit card and was first to market with point of sale machines, drive thru ABMs among others.

Beginning last year, NCB unveiled its vision of providing customers with an option to standing in lines in the banking halls, with its Bank on the Go initiative; by installing intelligent ABMs and kiosks in branches island-wide. The set-up gave customers 24/7 access to conduct transactions such as bill payments, cash deposits, cheque deposit, cash advance, mobile phone top-up, funds transfers, international wires, and embassy letter requests.

NCB’s Cross-Bank Transfer Service is also delighting customers.

The platform facilitates the transfer of Jamaican Dollars from an NCB savings or chequing account to accounts at any local financial institution.

Another technology-driven option, reducing the need for bank visits, is NCB’s Online Account Opening. Now, customers can carry out the account application process online by utilising an internet-based portal. Supporting documents can also be submitted online as customers can scan or photograph them with smartphones or tablets and upload the information to the Online Account Opening portal. With this facility customers can apply for loan and credit cards, open deposit or investment accounts and access insurance products.

This was only the tip of the iceberg. Already, less than two months into 2016 NCB's suite of new services being piloted includes the Remote Cheque Deposit solution which allows SME customers to deposit cheques without visiting a branch. Clients can make deposits from their business locations by scanning cheques and uploading the images to a central NCB website. Accounts are updated within two hours with customers having same day credit of their funds.

The response to the pilot has been extremely positive. The feature greatly reduces the time previously spent in branches while enabling customers to manage their deposit times. It also improves the efficiency of cheque processing by staff. An obvious step in the right direction, customers piloting the solution are more than satisfied describing the Remote Cheque Deposit system as “Significant Time Saving”, and “... easy to use, very user friendly”.

Further positioning itself as the most digital and first-mover financial institution in the region, NCB has conceptualised the 2016 Digital Innovation Challenge fostering the development of the FinTech ecosystem in the Caribbean region by making financial services more efficient.

More than $1 million in cash is up for grabs as the banking giants are seeking to identify new-to-market product and service solutions to help transform its service delivery and customer experience. The inaugural competition is open to software designers and developers as well as idea generators in Jamaica and across the Caribbean.

Up to 20 entrants will be provided the unique opportunity to participate in the three-day programme which will include the building-out of ideas into a working prototype and a demo day where applicants will present their blue ocean solutions to a panel of judges.

The judging criteria will include functionality, novelty and “out of the box” thinking as well as potential for business impact, ease of implementation and ability to add value and generating revenue for any of the businesses within the NCB Group.

“NCB is cementing its position as a market leader by driving the digital revolution in Jamaica’s banking industry,” Matthews explained.

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FIRST QUARTER ISSUE – JAN-MAR 2016

NEWS

JBDC & IDB Partner in Project to Train MSMEs

by Suzette Campbell

The Inter-American Development Bank (IDB) and the Jamaica Business Development Corporation (JBDC) have signed a US$150,000 agreement as part-funding for a US$236,974 project – Testing the Viability of an Innovative Business Training Method for Entrepreneurs in Jamaica.

Approximately 1050 micro, small & medium-sized entrepreneurs are set to benefit from the project, which is the first of its kind to be executed in Jamaica. The remaining portion of the budget is to be funded jointly by the Development Bank of Jamaica and the JBDC. The signing took place at the IDB’s office in New Kingston on February 8, 2016.

Project Management & Research Manager at the JBDC, Lisa Taylor-Stone says “the outcome of this project is to test an innovative entrepreneurial training programme for micro entrepreneurs using experimental methods.

Participants will be divided into three training groups focusing on cognitive skills, non-cognitive skills, as well as, both cognitive and non-cognitive skills. Execution time is projected to be over an 18-month period. At the end of the training period, each group will be tested on the growth of their businesses with a view to determining the best training methodology for MSMEs based on comparative analysis.”

In signing the agreement, the IDB’s Country Representative, Therese Turner-Jones said it is well documented that the contribution of entrepreneurs (in MSMEs) is an important factor for productivity and growth, and that the creation of new businesses can foster economic growth and spark innovation. “Further to that, we are also aware that the majority of new businesses fail within their first year of operation. This demonstrates that among other things, improvement is needed in the way we train our entrepreneurs. As such the Inter-American Development Bank (IDB) through its subsidiary the Multilateral Investment Fund(MIF) is pleased to partner with the Jamaica Business Development Corporation (JBDC) on this project; Testing the Viability of an Innovative Business Training Method In Jamaica in a bid to generate empirical evidence on alternative, effective

IDB Country Representative, Therese Turner-Jones (centre) presents JBDC CEO, Valerie Veira (right) with a copy of the agreement which was signed today (February 8) in Kingston. Also sharing in the moment are from left; Wayne Beecher – Senior MIF Specialist (IDB), Jovan Johnson – Research Intern (IDB), Lisa Taylor-Stone – Project Management and Research Development Manager (JBDC) and Harold Davis – Deputy CEO, (JBDC).

micro entrepreneur training programs,” she added.

Valerie Veira, Chief Executive Officer at the JBDC, says the agency is proud to launch yet another programme to develop the MSME sector. “This has been our mandate for the past 15 years of the agency’s existence and we continue to challenge ourselves through adequately researching the sector and determining its needs and ensuring that we work feverishly to address those needs.

We want to see our MSMEs operating at levels consistent with international standards and the only way they can achieve that is through adequate training and effective business management” she said.

The IDB will begin training select JBDC team members on February 29 over a two-week period, following which they will implement the project.

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FIRST QUARTER ISSUE – JAN-MAR 2016

Is Your Business Ready to Access Financing?

by Melissa Bennett

Access to financing has continuously been identified as a major obstacle to the growth of MSMEs (Micro, Small & Medium Enterprises), but with increasing interest being demonstrated by financing entities in the sector over the past few years, it begs the question of whether access to finance is the real obstacle.

Funds Accessed Data reveals that in recent years, millions of dollars in loans, equity and grant funding have been issued by both private and public entities to MSMEs; commercial banks, credit unions, micro financiers, the Development Bank of Jamaica, the EXIM Bank, the Micro Investment Development Agency (MIDA), the Self-Start Fund and the Jamaica Business Development Corporation (JBDC). Funds have also been accessed from family, friends, angel investors, venture capitalists, private equity firms and multilaterals. The funds are available, but are MSMEs in a state of readiness to take advantage of these financing opportunities to achieve the ultimate goal which is growth?

Funds Available In the current financial capital market, the sources of funding have magnified, with new ones being created. These include Startup Jamaica, First Angel Jamaica, Heart Trust NTA Loan programme and the Jamaica National ISupport Jamaica crowdfunding platform and the Jamaica Stock Exchange, to name a few. The Government of Jamaica through the Development Bank of Jamaica is creating a Venture Capital ecosystem to facilitate the injection of new capital into the MSME sector. But, are MSMEs ready to access these funds?

Most, if not all of the medium-sized enterprises, which are classified as entities, generating income of over $250 million may be ready, because they already have the business acumen and negotiating prowess to access it. However, the majority of the Micro and Small Enterprises (MSEs) are not ready.

What are the issues?

There are many ideas, innovative products and opportunities that Jamaican Micro and Small Enterprises MSEs can develop and take advantage of. However, the issue is a culture of the hustler mentality, lack of focus, lack of business management expertise and an unwillingness to engage those that can help. There is a lack of trust that prevents MSEs from sharing their ideas, to their own detriment.

For those who have accessed debt funds; many have chosen it at the

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wrong phase of their business is at and therefore, are unable to service the debt. There is poor planning and management for others who accessed funds primarily on the quality of their collateral, which does happen. Therefore the issue is not access, it is mindset, preparedness and management and this comes with knowledge; knowledge of your own capabilities, your market and the implications of the type of capital you are sourcing.

How can it be solved?

For MSEs to access funding they need improved business acumen, this is the willingness to understand and deal with business circumstances in a way that is likely to create a positive result. More specifically, business owners need to know and understand the financial, marketing and operational functions of the business as well as having the capacity to make sound and speedy business decisions. The person’s business acumen is measured by his/her ability to understand the key drivers of the business and how they relate. They need to interpret company information such as financial statements, use information to make sound decisions, understand the implications of their actions and/or non-action on business performance. In addition they need to communicate effectively the strategic direction of the business to the team and the public if necessary. These attributes are not innate and therefore can be learnt, especially by those who have an entrepreneurial mindset. So, who will help you?

How can JBDC help you?

Jamaica Business Development Corporation (JBDC) is a one stop shop that partners with all the major players in the MSME sector to provide above par business development services, supporting you from idea generation to market access. The Financial Support Services Unit is a new department within the JBDC that provides financial support services to the MSME sector. These services are delivered primarily through, research assistance, consultation, training, financial handholding, monitoring and facilitating access to finance. We are committed to building the capacity of MSMEs, preparing them to comfortably navigate the financial market, and enable them to access the financing they need to unlock their potential and contribute to Jamaica’s economic growth. Visit us at 14 Camp Road, Kingston 4 or call us on 928-5161-5 for more information and discover how we can help you.

FIRST QUARTER ISSUE – JAN-MAR 2016

JSE Expects Online Trading to Gain Traction

By Avia Collinder, Business Reporter Jamaica Observer

With just under 1000 users registered on the Jamaica Stock Exchange’s (JSE) online trading platform, the platform is expected to see an incre ase in usage in 2016, according to Marlene Street-Forrest, general manager of the Exchange.

Most users registered are of local origin, but Street-Forrest said the diaspora is expected to increase participation. “To this end we have been involved in a number of outreach programmes, including just recently a visit to the United States,” she said, adding that more effort will have to be poured into directing their attention to trading in the Jamaican market.

Apart from its regular users, the online system also has five participating brokers. To date 1.79 million units were traded online since start-up.

Newbies to trading who came in at midyear might have benefited from the surge in which the index of the Junior Market showed an increase of 160 percent by year end 2015 over the previous; and the main market’s performance which improved by just under 100 percent.

The performance resulted in the JSE being acknowledged by Bloomberg as the Best Performing Stock Exchange in the world for 2015.

The online trading platform was launched on May 6, 2015. “As at October the information shows that clients have registered from almost all parishes in Jamaica including Kingston & St Andrew, St Ann, Clarendon, St Mary, St Catherine, Manchester, Trelawny, St James, St Elizabeth, St Thomas and Westmoreland. The concentration of investors are however in the parishes of Kingston & St. Andrew and St. Catherine. There are also users from the United States, Barbados, United Kingdom and Canada,” Street-Forrest said.

In town hall meetings held in the United States, the general manager observed: “It is surprising what you glean when you are on the ground. Many of the participants at the town hall events were not investing and by extension were not even focused on the Jamaican market. It means that a change of strategy is important and a

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greater emphasis needs to be placed on market education not only in Jamaica but across the diaspora.”

There are two developments which might interest this market, one being cross-listed companies and the other being growth in the deposit receipt market, both offering the opportunities to invest in US-dollar benchmarked securities.

The depository receipt market, which is now being introduced by the JSE, will allow local investors to trade in the shares of foreign companies.

Under the Jamaica Depository Receipt (JDR) market structure, stockbrokers will buy shares from foreign stock exchanges, which they will hold through an FSC-approved custodian bank. The broker is expected to apply for the shares to be listed on the Jamaican exchange.

When fully in place, companies that are listed on a reputable stock exchange, such as the New York Stock Exchange and London Stock Exchange, can be traded on the Jamaican Stock Exchange.

Street-Forrest said, “We expect that by the end of the first quarter the Jamaican Depository Market will have at least 33 if they receive approvals from the FSC and the JSE Listing Committee. Two member/dealers were pre-approved and are now preparing for their offer documents.

Street-Forrest said that the Exchange has also been in dialogue with a few companies to cross-list both in J-dollar and US-dollar markets on the Exchange. None, however, have yet reached the stage for a concrete timeline, she said.

Investment company, Proven Investment is the only cross-listed company on the JSE to have listed its ordinary shares to trade on both the US dollar and Jamaican-dollar markets.

One other stock listed on the US dollar market is food services and entertainment company Margaritaville

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FIRST QUARTER ISSUE – JAN-MAR 2016

JAMAICAN STYLE COFFEE BREAK! Swapping Sandwiches for Chips & Dips

The seminar convener announces a coffee break and you think “yawn,” another platter of soggy bread with tuna or cheese and some plain old cupcakes! But if Delarese Mills has anything do with it, you’ll be left yearning for more. Think delectable wraps and savoury chips instead!

Breadfruit, a frequent addition to Jamaica’s world renowned national dish, is a tabletop favourite when roasted or fried and Mrs. Mills has sought to capitalize on this by using it, as well as dasheen to make chips, a unique offering on the coffee break menu. It’s one of the skills the Operations Supervisor at the Jamaica Business Development Corporation’s Incubator and Resource Centre passes on to participants in her Coffee Break Workshop.

Known for its dominance in innovation, the JBDC ensures that participants leave with ideas for an impressive and extraordinary menu. “Everyone is doing the same thing. We want our participants to get creative in thinking about what they can do to provide a unique and unforgettable experience, so we train them in a practical and fun way to wow their clients through utilizing local and available ingredients to develop new offerings,” she noted.

Kerry-Ann Joiles, operator the Silver Bowl Restaurant in Angels Plaza, Spanish Town says “we were very impressed by the fresh ideas that Mrs. Mills exposed us to, which helped us to revamp our business in terms of our menu offerings in that category and we even transferred some of the knowledge to cocktail parties and so on. Our clients were happy with the unique items on our menu like the breadfruit and dasheen chips. Once we grasped the concept of colours and textures in wraps, we were able to customize it with various fillings like peas and beans for vegetarians and that also wowed our clients, as they kept asking what they were made of.

If our clients are happy, it means more business for us,” she said.

Coffee breaks are an integral feature of corporate events and therefore a viable business source for food service providers. With this in mind, the Coffee Break Workshop primarily targets entrepreneurs in the industry to enhance their skills and earning power. Mrs. Mills also recommends the workshop for Administrative Support Staff who normally prepare the refreshments for meetings in corporate entities.

At the end of the eight-day workshop (March 14 – 23), participants will have been fully immersed and should be able to produce a variety of foods, hot & cold beverages, as well as apply key supporting elements.

“Portion control skills allow the restauranteurs to maximize on profits by serving the right amount of food to customers. Serving the right amount can drive a business, while serving too much or too little can destroy a business,” she explained.

Supporting elements include costing & pricing and hygiene. “The way you dress for a catered function says a lot about you and your business; some caterers choose to wear a chef’s jacket or a branded shirt. We want our graduates to present a complete package to their clients so we strongly enforce branding in terms of business name, logo and product packaging,” she said.

Participants also receive a Coffee Break book containing recipes, as well as supporting topics like nutrition and food preparation. Wake up and smell the new coffee break!

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by Suzette Campbell

DASHEEN CHIPS W/ SMOKED HERRING DIP Dasheen Chips

Ingredients 2lbs Dasheen 2 quarts Water 2 tbsp. kosher or Sea Salt 2 cups Vegetable/ Coconut Oil Method 1. Wash & peel dasheen 2. Cut dasheen into halves, then use a mandolin to cut thin slices 3. In large bowl, place the dasheen in 2 quarts of water (enough to cover the slices) and add 1 tbsp. of salt 4. Soak for about 15-20 mins 5. Remove the dasheen and pat dry 6. Using a medium to large frying pan, add the 2 cups of oil and heat to 180˚C 7. Place dasheen slices in heated oil 8. Fry for 8 - 10 minutes or until golden brown 9. Drain & sprinkle with a pinch of salt while the chips are still hot 10. Serve with Smoked Herring Dip

Smoked Herring Dip

Ingredients 4 oz. Cream Cheese 1 tbsp. Sour Cream or Cow’s Milk 2-3 tbsp. Spicy Solomon Grundy Pinch of Cinnamon Method 1. In a medium bowl, add Cream Cheese and Sour Cream or Milk 2. Use a fork and cream the mixture until smooth 3. Add the Herring and pinch of Cinnamon to the mixture and cream for 1 minute 4. Allow the mixture to stand for 10 minutes, then cover with cling wrap in the refrigerator 5. Serve with Chips

THEJAMAICA JAMAICABUSINESS BUSINESSDEVELOPMENT DEVELOPMENT CORPORATION THE presents presents

“Bringing Everyday Flavours to Life” March 14-23, 2016 • 10:00am-3:00pm or 5:30pm – 9:00pm Unit 10a, 76 Marcus Garvey Drive, Kingston 14

Who should attend Restauranteurs, Caterers, Administrative Support Staff, Professionals, Food Lovers Why you should attend • Explore innovative ways to use local ingredients • Learn to prepare – pastry products, yeast products, fruit platters and much more…

• Understand the importance and techniques of meal planning and preparation • Discover techniques that you can use to give your business the edge through branding

• Learn how to effectively cost and price your products and services • Obtain practical experience and feedback from industry experts • Course is competitively priced and value for money

How to Register Registration Fee: $500.00 Cost: $22,000.00 (including material, ingredients, Coffee Break booklet) Register online at www.jbdc.net Contact: Delareese Mills (dmills@jbdc.net) Dania Bennett (dbennett@jbdc.net) Tel: 618-0605 or 758-3966-8

LIMITED SPACE AVAILABLE!!

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FIRST QUARTER ISSUE – JAN-MAR 2016

RED,GOLD,GREEN The rasta /reggae colours in craft

by Laura Lee Jones

When asked to make a contribution to this issue of the magazine, my colleague asked me to write an article that looked at the use of the ‘reggae colours’ as a theme in the craft business. The ‘reggae colours’ I thought to myself. I never quite looked at the palette as the ‘reggae colours’, we would always say the rasta colours. Well, rasta or reggae colours, the palette is here to stay. The influence of the Rastafarian culture and reggae music have helped to cement the iconic representation of red, gold and green in varying products.

A quick background history check on the emergence of this colour palette will reveal that the influence of Ethiopia is where it all started. In the 1920s Marcus Garvey had prophesied about the crowning of a Black King in Africa and in 1930 in Ethiopia, Ras Tafari Mekonnen was crowned emperor of Ethiopia. He then took the name, Haile Selassie. This was to influence the establishment of the Rastafarian community and religious beliefs in later years, grounded in biblical scriptures and the words of many prophets including Garvey.

Haile Selassie was more than just an emperor far removed from the shores of Jamaica. He became the symbol of hope for all people of African descent; for all Black people entrapped in the struggle to survive and to break the ‘chattels’ of the memory of slavery. Haile Selassie was God reincarnated…(the stance of ardent Rastafarian followers). Ethiopia was a symbol of hope. Red, Gold, Green symbolized the message and flew the banner high.

Now, having a better understanding of the emergence of the use of red, gold and green, one can now better appreciate that this palette is no fluke. It represents a strong message, a strong part of our culture and holds a strong value. Some may

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ask “how appealing is this palette when used on products?” Well, if I should go by what Tommy Hilfiger has done with his Spring/Summer 2016 collection, I would have to say ‘extremely high value’. The Hilfiger SS16 collection is all about red, gold and green and then some. The collection reflects mesh marinas, crochet bikinis and hats that all seem like the designer hired a few local artisans to execute.

Others may say it is coincidence and the cycle of fashion. However, for the hundreds of craft markets in Jamaica, the artisans and merchants will tell you that red, gold and green has to be represented in products they retail year in, year out (alongside of course, the Jamaican flag colours). The palette is synonymous with sayings such as ‘yea mon’, ‘Jamaica no problem’ and ‘one love’ all speaking to that Jamaica ‘vibe’ visitors want reflected in craft / souvenir products.

I will agree that there is room for improvement.

The shades and tones can be updated and mixed with other palettes for more sophisticated representation. There can be more product offering in textiles for example utilizing local textiles artists and designers instead of being limited to imported ‘paradise prints’. There can be greater utilization of local motifs and symbols that can be stylized with the inclusion of the palette.

Images such as the swallowtail butterfly, the gumbey (a traditional Maroon drum) are but some of those images not yet fully explored. Catch a Fire Clothing by Cedella Marley gives us a taste of how ‘hip’ the use of the palette can be.

Check out their website when next you get the chance. http://www.rastaempire.com