With the recession still very evident in Jamaica and many other countries with which we do business, it is becoming increasingly important that the spirit of entrepreneurship which so many Jamaicans possess be put to the forefront as we stand together as a nation to weather the economic storm.

Despite the recession, small businesses in Jamaica continue to be a force to be reckoned with. While the government finalises the deal with the IMF, small business owners are forging ahead to ensure their continued survival. In ‘The Voice of Jamaica,’ a monthly publication of the Jamaica Information Service ( JIS), Minister of Industry, Hon. Anthony Hylton, pointed out that major focus should be placed on small business, citing the sector’s potential to create jobs which is a major focus of the current government.

While the MSME sector on a whole has challenges in terms of capacity and access to financing, some comfort can be found in the fact that the government is looking at creative ways to address these issues. Minister Hylton pointed out that one of his objectives is to find ways to make financing to the MSME sector more accessible. Two clients of the TIC have been able to secure major financing for their companies and we look forward to see how this injection of funding will help them to take their businesses to bigger and better places.

Our clients continue to make us proud and we look forward to others obtaining the well needed financing in order to propel their companies to higher heights.

Simone Scott-RhoneBusiness Services Coordinator

Editor’s Note What’s inside

Messages

what’s new?Introducing Mr. Michael Steele:The new Head of School for Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL)

tic graduatesNew graduates from the Technology Innovation Centre

businessInvestment opportunities are available!

Progressive youthConnecting with Jamaica Entertainment Links

the centreMeet Princess Bartley

highlightsClients Award Ceremonyand Youth EntrepreneurshipDay

econoMy watchThe Global Entrepreneurship Monitor (GEM), Jamaica

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amaica has just completed its second preemptive debt restructuring, which is an

exchange of outstanding debt instruments before the government misses any payments. The IMF Static Solvency Analysis indicates that the NDX is geared towards debt sustainability, not towards growth. Consequently, neither the NDX nor the wider IMF agreement is a panacea and is not a prescription for growth. In addition, it will not be easy to sustain the debt/GDP ratio which now stands at 140 per cent.

Among the proposed solutions to our present predicament is public-sector reform, including reduction in public-sector jobs and tax reform. Tax reform should include broadening the tax base to ensure that people pay their fair share and to increase government revenue. The irony is that Jamaica’s GDP is declining; therefore, jobs, real spending and the tax base are also declining.

The only way to produce sustainable economic growth, wealth and employment creation is through entrepreneurship. Referencing the EU Commission, entrepreneurship is a powerful driver of economic growth and job creation; it creates new companies and jobs, opens up new markets and nurtures new skills and capabilities.

The jobs that are required by the Jamaican economy are formal jobs in formal companies, where persons have steady work and a cheque that pays their bills; are employed for 35 or more hours per week; and pay taxes.

The world economy has changed. Knowledge is by far the most important factor in determining a country’s standard of living and, by extension, its ability to create jobs. Based on changes in the world economy, we require a new paradigm, targeting and developing the ingenuity and entrepreneurship of Jamaicans at home and from the Diaspora. The government’s role will be to foster an environment that promotes entrepreneurship, to facilitate the development of new and existing SMEs.

The role of the Joan Duncan School of Entrepreneurship, Ethics and Leadership ( JDSEEL) at UTech will play its part in, inter alia, being a key enabler of innovation, in helping to bridge the gap between education and innovation for industry, continue the incubation of start-ups and the exposure of students to entrepreneurship education and business creation services. Among JDSEEL’s goals is to provide a mechanism for university-driven business creation and to facilitate university business ecosystems around key societal challenges, similar to the 2013 EU declaration. In addition, JDSEEL aims to ensure that entrepreneurship is embedded in primary, secondary and vocational curriculum and to create an entrepreneurial learning environment.

Best wishes.

Dr. Paul GoldingDean, College of Businessand Management

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The entrepreneur | messages

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I believe that entrepreneurship

helps to build and promote a

nation’s economic development.

“Entrepreneurship The Way Forward”

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Dionne’s Perspective

I t is not easy being an Incubator Manager. In fact, it is very challenging, as there is always so much to do and so much to consider when so many depend on

your skills. However, when the challenges come, I think of my most favourite things (in this case: people) in the incubator – the clients! I enjoy working with the clients. I enjoy helping them to solve their problems, pointing them in the right direction, providing encouragement and insight and, overall, being their business coach.

Therefore, my greatest joy is graduation. Why? Because I am proud of the clients who have not only survived, but thrived. They are now companies of worth and reckoning. On December 6, 2012, we graduated Bakari Digital Ltd, Naivak Electronics and Vantage Point I.T. Training and Consulting. Since my tenure at the Technology Innovation Centre, approximately 10 clients have graduated; seven are still operational, with two receiving private placements. This makes it worth the grind of the daily challenges.

The private placements were especially encouraging, as our companies are beginning to look attractive to investors. What is also very heartening is the fact that the investment amounts were both more than US$300,000 and the funds were raised locally. That’s fantastic!

My other enjoyment is the serious interest of students in operating their businesses. Seeing the expressions of surprise, then the realisation of how serious the step is for them and also that they are being held accountable (by me) – is priceless! The really serious ones end up in the Student Incubator and I take pleasure in watching them work at their businesses.

Another joy for me as Incubator Manager is the collaboration with other like-minded people and institutions, working with them to make the entrepreneurs under our tutelage strong. I especially enjoy when I am able to match clients, projects and institutions together, then watch the relationships blossom into a monetised venture.

Ultimately, I enjoy making a difference in my immediate surroundings, community and nation. Each one can make a positive difference, but we must first make the step to be positive, then different.

Dionne PalmerIncubator Manager

The entrepreneur | messages

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We have proven that the best time for entrepreneurship is during a recession,

as it forces us to be innovative and resourceful.

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ccording to Sway Magazine - a prestigious Lifestyle Magazine produced

by the Toronto Star newspaper, Michael Earl Steele was regarded as an entrepreneur par excellence and a “marketing guru” who broke into the exclusive Cora Breakfast Franchise through adroit marketing research, passion and creative communication skills. The Cora group is a French-Canadian establishment which has consistently received awards over a 5-year period for being the best-run franchise in Canada.

In an exclusive interview done with Mr. Steele for being the first black person in Canada to own and operate a Cora Franchise, he was quoted as saying to entrepreneurs: “If you don’t have the drive (passion) ... if you don’t have the initiative ... you just simply will not get anywhere.” While in Canada Mr. Steele was also Head of Victoria Mutual Building Society Overseas (Canada) Inc. and was subsequently recruited by Michael Lee Chin to Head National Commercial Remittance operations in the USA ... all prior to entering the breakfast franchise business.

An avid marketer for over 20 years, Michael Steele has had an enviable track record of success prior to migrating to Canada. He was General Manager for the Petroleum Company of Jamaica (PETCOM); Vice President – Marketing at Blue Cross of Jamaica; and Deputy General, Marketing at COK Credit Union – among others.

Possessing a BSc (Hons.) Degree in Management Studies from the University of the West Indies, a Post-Diploma in Marketing from the City of London Polytechnic and an MBA from Ohio University, the new Head of School for JDSEEL also comes with a wealth of teaching experience in academia, having taught Marketing and Corporate Planning at the UWI, CAST (UTECH), Jamaican Institute of Management ( JIM) and the Life Underwriters Association of Jamaica (LUAJ).

In his tenure as Head of School (HOS) Mr. Steele intends to not only build on the firm foundations of the Technology Innovation Centre (TIC) in fostering entre-preneurial development but will also seek to have students (final year) draw on the experience of our TIC clients through planned internship programmes.

The new HOS also envisions the School becoming a Centre of Ex-cellence for the commercializa-tion of innovations as well as re-search/promotion in the areas of Ethics, Leadership and Corporate Governance, while also enhanc-ing our traditional involvement in short-course development and the Business Clinic advisory ser-vices.

Mr. Steele is a Christian and attri-butes all his successes to Almighty God. He is a member of Tarrant Baptist Church and is the father of three children.

We welcome Mr. Michael Steele to the University community and wish him all the best in his endeav-ours.

Introducing Mr. MIchaEl StEElE: the new head of School for Joan Duncan School of Entrepreneurship, Ethics and leadership (JDSEEl)

The entrepreneur | what’s new?

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The entrepreneur | tic graduates

by Dionne Palmer

dmitting new clients to the incubator has always been a pleasant occasion. One of expectation and wonder, as we think of the great achievements to come based

on the business plans presented within the Selec-tion Committee meetings. We often hear grandiose plans of business development, growth and most im-portantly expected high profit margins. Then comes the reality of operating a business and taking care of mundane activities such as monthly rent, human resource matters, trying to completing accounting activities, perfecting service offerings, convincing the target market to buy services and much more.

Within the Technology Innovation Centre (TIC), we work hard at making these processes easier for the clients of the incubator through monthly monitoring

activities, mentoring, training and general exposure. However, getting the business to succeed lie within the efforts and strength of the entrepreneur, as no one can articulate passion as they can for their own business ideas.

So, our readers can imagine the joy of watching three (3) strong clients rise to the top, having survived a recession, the trauma of low or no funding, the diffi-culty of honing people skills and the threat of failure, to become graduates of the TIC business incuba-tion programme. These three clients, Khary Sharpe of Bakari Digital Limited, Kavian Cooke of Naivak Electronics and Andre and Joni-Lee Harris of Van-tage Point IT Training and Consulting, graduated in December 2012.

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2012 Graduates

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Bakari Digital Limited has now been rebranded to Bakari Digital Labs Limited, a Software Development Company keen on providing solid Jamaican soft-ware, accessible and usable around the world. The first product will cater directly to the small business sector and we look forward to a formal launch. They were able to step to the next level with investments.

On the other hand Naivak Electronics remains a very popular electronics store on campus. They have developed a strong following of clients both inter-nal and external to the university community. They have not sat idly by however, waiting on clients; they are also service providers for other service providers and have forged strong international links to ensure that their customers remain satisfied.

The quiet but strong husband and wife team of Van-tage Point IT Training and Consulting, never fails to amaze. Quietly making their mark in a competitive environment and surely becoming leaders in the area of training in information technology products and certification for Avaya, Microsoft, CISCO and oth-ers. Many large and small companies have been and are their clients and we look forward to their con-tinued growth.

For us at TIC, the graduation of clients is not the end but the maturation of our relationship with them, as they become a part of our Post Graduate pro-gramme and begin to make a difference in the lives of inexperienced entrepreneurs. We will check on their progress from time to time and certainly will promote them as our success stories.

For us at TIC, the graduation of clients is not the end but the

maturation of our relationship with them, as they become a part of our Post Graduate programme and begin to make a difference

in the lives of inexperienced entrepreneurs.

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Investment Opportunitiesare available!By Dionne Palmer, Incubator Manager

nvestment. Such a common word and one that means so many things to many people. Investment really means to place money or time into a venture, property or asset, whether

tangible or intangible, with the expectation of a return or benefit of some kind. Therefore, to many people, investment means buying a car, a house or property. I would like to posit that we should also invest time and money into someone’s life, a project or a business venture.

Admittedly, my perspective may be a little biased, as I work with many entrepreneurs who have a difficult time accessing funding for their businesses. However, perhaps our readers will agree with me when I say that we need to invest in everything Jamaican, including our businesses.

Thankfully, some local investors have made the step and thus, two of our clients, Bakari Digital Ltd (now Bakari Digital Labs Ltd) and eMedia Interactive Ltd (formerly eZines Ltd), have received investments. The companies have used

and will use the investment funds to build on their product and service offerings.

eMedia Interactive Ltd is a vibrant new media company. It began offering on-line magazines only, but their Chief Executive Officer, Tyrone Wilson, had greater ideas. Having received investment, he was able to execute his idea of having the first on-line television station, iVu tv, for Jamaica and perhaps the wider Caribbean. His flagship online magazine is Your Money eZine, followed by the wkndr, in addition to other bespoke branded eZines. We are proud to say that The Entrepreneur publication is a product of eMedia Interactive. We watch as Tyrone and his team forge ahead into new genres of media, the latest of which is advertising. We wonder what’s next, but we know that the investors are proud of this company and are happy that they were first to notice the talent.

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The entrepreneur | business

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Khary Sharpe will soon be a household name. His company, Bakari Digital Labs Ltd, recently received investment to complete development of his main product, OfficeSpace. This product is a Point of Sale system designed for record keeping straight through to the preparation of taxes. A user of OfficeSpace will be able to manage inventory, invoice customers, track expenses, and manage customer contact. Khary is just very talented and thus, whilst his activities are quieter, the impact is just as profound. Many entrepreneurs will be very appreciative of accounting software that is geared to the local market. Nevertheless, this product will be adapted for other markets in the global arena.

One may say that these gentlemen are special and that’s why they received investment, but that’s not the case. Tyrone had a regular life, went to Jamaica College and The University of the West Indies, Mona, majoring in Banking and Finance. Khary, who also had a regular upbringing, went to Wolmers and the University of Technology, Jamaica, majoring in Computer Science.

The similarities, however, are clear: both always had an entrepreneurial enterprise whilst in high

school and university; both had an insatiable desire to own their own businesses; both took the risk of becoming an entrepreneur; both read widely; both refused to accept no as an answer and both had ‘sticktoitiveness!’ Finally, both entrepreneurs operated from a standpoint of integrity and ethical behaviour, two ingredients that are very attractive to investors. Tyrone and Khary invested their time and money before seeking that of others, which shows the strength of their beliefs and how hard they had to work to make the businesses successful.

To get investment in Jamaica, the company must have the potential to be financially viable, with creditable forecasts and valuable intellectual property. If any of our readers are seeking investment for their businesses, study the steps taken by Tyrone and Khary. Also, feel free to visit the Technology Innovation Centre at the University of Technology, Jamaica and see what we are doing, as I am certain that additional investments are on the horizon for our other clients.

To get investment in Jamaica,

the company must have the

potential to be financially viable, with creditable forecasts

and valuable intellectual property.

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Connecting with Jamaica Entertainment links

The entrepreneur | progressive youth

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the EntrepreneursI am the founder and CEO of Jamaica Entertainment Links. My partners are co-founders Michael Allen, Chief Operating Officer; Roger Rowe-Allen, Chief Marketing Officer and Bassanio Grant, who is our Chief Consulting Officer. 

the companyJEL is a dynamic entertainment platform that aims to showcase the Jamaican entertainment  industry  in a unique and customer-friendly way. It will facilitate the bringing together of Jamaican entertainment entities and their customers through our online, mobile and print platforms. Customers will be able experience optimum levels of convenience when planning their vacations, trips, events and outings, as JEL will provide a virtual market space for them to connect to these entities and make all the necessary

arrangements without the challenges typically associated with planning these events. As our motto states, “We Make The Links So You Don’t Have To!” 

tIc Our team joined the TIC family in April 2012 and since then, we have received tremendous support in our journey. We entered the environment ready and willing to learn and we have  truly  learned  a lot  and grown a great measure since enrolling in the business incubator. The environment provided with the wealth of knowledge from the many other business owners has  truly  been a source of encouragement for our team. I must also say that Miss Palmer has been there for us from the beginning and continues to play a major  role in our growth throughout our time here at TIC!

Girvan shares more of the JEL story below:

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wo years ago, when someone asked what kind of work I did, I would reply, “I’m just a receptionist!” I emphasized just, because of the gum-chewing, text-messaging, ‘wannabes’

you often see at front desks. Now, I am proud to state my title when I am asked.

Since working at the Joan Duncan School of Entrepreneurship, Ethics and Leadership/Technology Innovation Centre, I have learned to be a psychologist, detective, an entertainer, and a look out person – which is fun, I must say. At least two or three times a day, I get asked, “Have you seen John Doe/Mary Jane? Do you know where he/she is, or if he/she is in? Why aren’t my calls been answered or returned?”

“I am sorry,” I would reply, “but he/she is busy or in a meeting and as soon as he/she has the opportunity, I’m sure your call will be returned,” as professionally as I can, in an effort to reassure the caller that his/her call was of utmost importance.

Receptionists are one of the most important people in an organisation. We represent the entire company. Being kind, helpful, and making the customer feel welcome is all they need. Treat people as you would like to be treated.

Efficiency and accuracy are key functions in my job, especially at the JDSEEL/TIC front desk, which I call my second home. I enjoy the people I work with (my second family). I see them more than my biological family these days. Having a good grasp of what my department does and committing to memory most used phone extensions so I can always be on par is very important. My best telephone manners have to be displayed at all times.

Oftentimes, callers get wordy and you can see other calls coming in; I have to tactfully ask them to hold. I have to develop a way to listen to my callers and lobby visitors at the same time, keeping in mind that both are of equal importance. I can speak to my visitors with a smile, eyes and hand movements, while I am putting through a telephone call.

At the end of the day, no matter how I feel, everyone who enters my lobby, visitor or employee, needs a cheerful “Good morning” or “Good afternoon.” My attitude sets the mood and relaxes my visitors.

Being a receptionist can be challenging, especially when dealing with difficult clients; however, as a result of my training, I have been able to gain the respect of both internal and external clients, as I always strive to be respectful and pleasant to everyone who enters the JDSEEL/TIC lobby or who may call on the telephone.

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Meet Princess Bartley

JDSEEL /TIC Receptionist

The entrepreneur | The centre

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Clients Award Ceremony

The entrepreneur | HIGHLIGHTS

Global Entrepreneurship

WeekYouth Day

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The entrepreneur | economy watch

rratic economies, technological changes and unparalleled global economic forces over recent years have posed unprecedented challenges to most economies worldwide,

including small-island developing states in the Caribbean. In Jamaica, policy makers have identified entrepreneurship as playing a pivotal role in response to these challenges by creating opportunities such as employment-generation, while harnessing people’s creative potential.

• To assess the factors that influence entrepreneurial activities

• To determine the profile and characteristics of the Jamaican entrepreneurial population

• To compare entrepreneurial activities in Jamaica with that of other countries

the Global Entrepreneurship Monitor (GEM),Jamaicaby Dr. Girjanauth BoodrajTeam Leader, GEM Jamaica

The main objectives of GEM Jamaica are:• To evaluate the level of entrepreneurial activity in the island

• To assess the conditions under which entrepreneurial activities are carried out

Dr. Girjanauth Boodraj

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It is, therefore, not surprising that several tertiary students in Jamaica are almost sold to the idea that people need to create their own job opportunities in response to a generalised and chronic economic crisis characterised by a gargantuan debt burden, high unemployment rates, negligible growth rates, continuous pressure on the local currency, and poor prospects for resuscitating an economy crippled by decades of dismal economic performance.

Data on entrepreneurship can play a critical role in guiding policy makers, the private sector and individuals in carving out entrepreneurial undertakings. The University of Technology, Jamaica (UTech), has been participating in the Global Entrepreneurship Monitor (GEM) Project since 2005. In 2012, 69 countries worldwide took part in the study. Member countries in the English-speaking Caribbean are Trinidad and Tobago (since 2010) and Barbados (2011).

Data is collected by each participating country annually in the form of a National Experts Survey (NES) and an Adult Population Survey (APS), and is harmonised and dispersed by the GEM consortium. Data collection follows approved methodological procedures to support the validity of reported findings. The benefits to Jamaica are potentially significant as the rich and powerful database provides a strong platform and forum for public policy debates and decision-making. Among the potential beneficiaries of the GEM research are decision-makers in entrepreneurial ventures, industry, the private sector, financial institutions, policy-makers, researchers, and students.  UTech is highly committed to participating in this vital project and to continue providing such useful data. GEM Jamaica Reports may be accessed at www.gemconsortium.org.

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The GEM 2011 study reported that entrepreneurship as a career choice is distinctly recognised and commended. Eighty-one per cent of people in the 18-64 years age group supported the statement that most Jamaicans consider starting a business venture as a desirable career choice. Additionally, 83 per cent of working-age Jamaicans agreed that high status is accorded to successful entrepreneurs.

GEM Jamaica recognises the paramount importance of institutions such as the Technology Innovation Centre, JDSEEL, UTech, in dedicatedly nurturing incipient businesses and fostering entrepreneurial development and innovation in Jamaica.

published by

(876) 970-5657info@joinemedia.com

eMedia Interactive LimitedSuites # 11-13 Technology Innovation Centre

University of Technology237 Old Hope Road, Kingston 6

Technology Innovation CentreJoan Duncan School of Entrepreneurship

Ethics & Leadership

University of Technology,237 Old Hope RoadKingston 6, Jamaica.

Tel: (876)970-5501, (876)970-5505Fax: (876)927-1925, (876)977-2050

Email: info@ticjamaica.com