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Highlights from #YMeBS2012
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business summit [#YMeBS2012]
His Excellency Sir Patrick Allen, Governor Gen-eral of Jamaica, officially launched eMedia Interactive Limited’s 50 Years of Entrepreneur-ship documentary at the Your Money eZine Business Summit at Mona Visitors’ Lodge and
Conference Center on July 25.
Speaking during the launch, the Governor General con-gratulated the company on its pioneering efforts to high-light Jamaica’s entrepreneurial journey since independence. “It gives me great pleasure, ladies and gentlemen, to launch eMedia Interactive Limited’s documentary, 50 Years of Entrepreneurship,” he said. “It is an important aspect of Jamaica’s celebration of our golden jubilee because it re-cords the significant role of the business sector in Jamaica’s development and highlights the contributions of prominent private sector personalities.”
In his remarks, Tyrone Wilson, eMedia Interactive’s President and CEO, explained that the company decided to produce such an important documentary to educate young people about the steps the country has taken towards develop-ment. “I think that in order for us to move forward as a country, we have to… appreciate, acknowledge and cele-brate the pioneers, the people who have been there before us, who have created opportunities for us to prosper today in whatever we are doing, not just in entrepreneurship, but in other aspects of our society,” he said.
The documentary is a candid look at the lessons, challenges and failures that have characterised Jamaica’s entrepreneur-ial history and features notable business men and women such as R Danny Williams, who founded Life of Jamaica, now Sagicor Jamaica and Maurice Facey, the founder of
Pan-Jamaican Investment Trust and Pan-Caribbean Financial Services, in addition to foreign investor Denis O’Brien, chair-man of Digicel Group. It also presents a unique perspective on the contribution of female entrepreneurs, through an engaging discussion with Sandra Glasgow, Chief Executive Officer of the Private Sector Organisation of Jamaica.
Speaking to a mixed audience of young entrepreneurs and professionals, as well as business movers and shakers, the Governor General was open in his assessment of the strides the country has made, and notes the important con-tributions that youth can make to the next 50 years.
“I’m excited by what our young entrepreneurs are doing in the ICT [information communication technology] field and the impact which their innovations will have on various other fields including in education and in the generation of new businesses,” he said. “I’m also encouraged by the sup-port and solid advice which they receive from the longer established business persons, so you see we are working as a family in our nation.”
The event’s three panellists, who were speaking on the same theme, echoed this sentiment. Richard Byles, President and CEO of Sagicor Life Jamaica; Gary Matalon, Co-Found-er and CEO of Kingston Live Entertainment Group and William Mahfood, Managing Director of Wisynco Group, provided poignant statistics about Jamaica’s business envi-ronment, noting that youth and SME’s are the solutions to the country’s economic problems.
Those present at the Summit were shown an exclusive 10-minute preview of the documentary, which will be avail-able on DVD and on www.ivutv.com in October.
Tyrone Wilson, eMedia Interactive President and CEO, with guest speakers Richard Byles, Presi-dent and CEO of Sagicor Life Jamaica (left) and Gary Matalon, CEO of the KLE Group (right)
Governor General, His Excellency Sir Patrick Allen, delivering the keynote address
[news]
There may be significant challenges to doing business in Jamaica, but there are still real op-portunities for aspiring entrepreneurs.
That is the resounding message coming out of the third Your Money eZine Business Summit,
held on Wednesday, July 25 at the Mona Visitors’ Lodge and Conference Center. The theme of this year’s event was ‘50 Years of Entrepreneurship’.
The message was put forward by a panel of three of Jamaica’s most notable entrepreneurs and business lead-ers, William Mahfood, Managing Director of the Wisynco Group; Gary Matalon, Director and CEO of the Kingston Live Entertainment Group and Richard Byles, President and CEO of Sagicor Life Jamaica.
Responding to the question of opportunities for entre-preneurship in their various sectors, each was clear on the prospects available.
Mahfood noted that there is tremendous potential in snack manufacturing, citing the fact that Trinidad, Jamaica’s main competitor in the industry regionally, currently exports 70 per cent of its total production to Jamaica because there is a huge market for it. It is also beneficial that snack produc-tion doesn’t require expensive technology or high capital expenditure. However, he noted, “it is very energy demand-ing, so you would need to find ways to reduce energy cost.”
There is also a big market for beverages, which is one of Wisynco’s niche areas. Mahfood again pointed to the high importation of these products as reason for more Jamai-cans to get into production. Other opportunities also exist in agro-processing, but “all of these require lower energy cost and a better environment to facilitate businesspeople,” he said.
Matalon, a vocal proponent of Brand Jamaica, stated that the lifestyle and entertainment industry, in which his ventures, Fiction and Usain Bolt’s Tracks and Records, exist, is “a blank canvas.”
“In some of the more developed, more competitive mar-kets, you will find the volume and standard of the offerings are amazing… In Jamaica, we’re definitely moving towards that and KLE strives to deliver things that would rival any-
thing like it in the market,” he said. “In addition to that the opportunities are huge for us to use our powerful brand, Brand Jamaica and carry these types of lifestyle and enter-tainment offerings to overseas markets.”
In terms of financing, Byles noted that PanCaribbean, the banking arm of the Sagicor Group, is always looking for opportunities to invest in new businesses. He also sees opportunities for expansion in the tourism sector, highlight-ing the fact that Sagicor owns two large hotels. “Many of us don’t know, but the tourism industry is a very thin-margin, volume-driven business, very cost sensitive. So anything that can improve our image and bring tourists here to pay just $50 a night more, certainly would help tremendously,” he said.
Byles also advocated weaving the things we are most famous for internationally, our music and our athletes, into our tourism product in a more visible way. “Trinidad gets something like one million visitors during carnival. We should be able to put something together – a summer fes-tival, that gets us two million, three million people. We have so much more to offer,” he explained.
There are also latent opportunities in developing the vend-ing industry, which is classified as ‘informal’, but drives a large sector of the population. This is especially for Jamaicans who have not attained a high level of education. “A beehive of entrepreneurship occurs in the Coronation market, but more needs to be done by the state to build more first world type markets where people are happy to go, proud to be and fortunate to sell in. Why can’t we see simple things like that and facilitate it?” Byles asked.
The panellists all expressed hope for a turnaround in Jamaica’s fortunes, but each pointed to a high level of bureaucracy that hinders many would-be entrepreneurs. If these barriers are removed, they said, the way will then be clear for strong growth, especially in the vital small business sector.
“The Wisyncos and the Sagicors and the GraceKennedys and the Jamaica Producers are not going to lift this country out of its economic problems,” Mahfood stated. “It’s going to be family and small enterprises and start-ups like KLE and independent individuals who form small businesses and grow, but we also need an environment that’s facilitating.”
Jamaica is still open for business
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Richard Byles has been the President and CEO of Sagicor Life Jamaica for the last eight years. Presently, he also serves as the Chairman of the board of Desnoes and Geddes and Pan Caribbean Financial Services, as well as a Director at Air Jamaica Limited.
Byles served as the President and Chief Executive Officer of Pan Jamai-can Investment Trust Limited (Pan Jam) for 13 years and is renowned for his contribution in guiding the company through the challenging economic period of the 1990s. Due to his extensive knowledge of the financial industry, Byles is appreciated as an expert in areas such as life, health and general insurance, banking and pension administration.
Byles, who obtained a BSc in Economics from the University of the West Indies, Mona and an MSc in National Development from the University of Bradford in England, is also active in public service as a recently elect-ed vice president of the Private Sector Organisation of Jamaica (PSOJ). Byles is married and has two sons.
Richard Byles
William Mahfood is a second-generation leader in his family business, Wisynco Group Limited, where he rose to the position of Managing Director in 1994 after many years of working with his father during the summer breaks, beginning as early as age 11.
Mahfood is a graduate of Northeastern University in Boston, where he studied engineering and information systems. He played an instrumental role in the diversification of Wisynco from plastic, rubber and synthetic material production to manufacturing and distributing exciting brands such as Wata, CranWata, Bigga Schweppes, Minute Maid and Boom – Jamaica’s first and only locally produced energy drink. Additionally, it was under his leadership that the Wisynco Foods subsidiary, which manages the Wendy’s and Domino’s Pizza franchises, was formed.
Mahfood’s belief in helping others is evidenced by his ongoing contribu-tion to Food for the Poor by supervision of its policies, ensuring that various forms of assistance are provided wherever necessary. He is also a family man who is married and has four children.
William Mahfood
Gary Matalon continues to change the landscape of entertainment, real estate and project management in Jamaica. Currently, his main role is Director and CEO of the Kingston Live Entertainment (KLE) Group, developers of Fiction Lounge and Usain Bolt’s Tracks and Records Limited; however, Matalon is also Director of Loumat Media and Neustone Limited, as well as Chairman of the Hillel Academy Foundation.
Matalon has more than 19 years experience in the construction industry, guiding the Cast-In-Place (CIP) building system in construction projects as well as assisting in the implementation of site management aspects of the enterprise resource planning (ERP) system. He holds a BSc from Lynn University and an MBA from the University of Liv-erpool, both in Business Administration.
Matalon’s strength can be found in his bold, creative and energetic personality that inspires his innovation. His many achievements include the successful implementation and coordinated project management methods for major housing developments such as Richmond Developments, refurbishing projects such as Seven Seas Villa. He was also instrumental in the development of Christian Gardens, Eltham Vista, Angels Grove and Greater Portmore. Matalon is married with two children.
gary matalon
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Branson Centre: @YourMoneyeZine together we can be a force to reckon with! Be the change @CallTyrone_W @VirginUnite #YMeBS2012
L & Z: Very inviting set ip at the @YourMoneyeZine Business Summit :) #YMeBS2012
Your Money eZine: The Governor Genral has arrived. Welcome to the official start of the 2012 Your Money eZine Business Summit #YMeBS2012
Wayne Jones Jnr, BSc: #YMeBS2012 full house! Good going @Join_eMedia (@ Mona Visitor’s Lodge & Conference Centre w/ @utenjm)
Your Money eZine: We will now give the audience a preview of the 50 Years of Entrepreneurship documentary. Available for purchase in Aug. #YMeBS2012
Wain Tawp: Q&A bringign out some really great advise. #Byles #Matalon #Mahfood #YMeBS2012
Astley Henry: 12% growth rate compounded over the last 7 years.- William Mahfood #YMeBS2012
Sean Andrew Bennett: There are plently opportunies for entrepreneurship in manufacturing. What we need to fix is our energy costs.-William Mafood #YMeBS2012
The third staging of the Your Money eZine Business Summit was a hit on Twitter. Many followers who could not attend kept up with the discussion through our live tweets and also got to have their queries answered during our Q&A segment.
Here is a snapshot of some of the feedback.
[Twitter Feedback]#YMeBS 2012 #Success
eMedia Interactive Limited thanks all the advertisers and partners who came on board to support Your Money eZine Business Summit 2012. We value your contribution to making this year’s staging the most successful yet and look forward to working with you again in the future.
[sponsors & PARTNERS]
[MAIN SPONSORS]
The inaugural staging of the YMeBS took place in July 28, 2010 at the Mona Visitors’ Lodge and Conference
Centre, with 110 attendees. Guest speakers Christopher Williams, CEO of Proven Investments Ltd and Michael Campbell, Managing Director of Island Car Rentals, shared their stories of challenges and triumphs under the theme ‘Entrepreneurship: The New Wave?’ while offering business tips garnered from their years of experience.
In 2011, the second staging of the YMeBS took place on September 6, at the same venue under the theme
‘Idea, Inception and Beyond: How to Build and Run the Next Major Caribbean Brand’. More than 250 young entrepreneurs and young professionals turned out to hear from speakers Donovan Perkins, President and CEO of Pan Caribbean Financial Services and Adam Stewart, CEO of Sandals Resorts International and Deputy Chairman of the ATL Group.
The 2012 event, held on July 25 again at the Mona Visitors’ Lodge, proved to be even bigger and more impact-ful. The theme was ‘50 Years of Entrepreneurship’, in honour of Jamaica’s 50 years of independence. His Excel-
lency Sir Patrick Allen, Governor General of Jamaica delivered a special keynote address to the 400 young entrepreneurs and professionals in attendance. This was followed by an insightful discussion on how entrepreneurship has developed in Jamaica over the past five decades and prospects for today and tomorrow’s entrepreneurs going forward. Our guest speakers were Richard Byles, President and CEO of Sagi-cor Life Jamaica Ltd, William Mahfood, Managing Director of Wisynco Group Ltd and Gary Matalon, Director and CEO of the Kingston Live Entertainment (KLE) Group Ltd.
The growth in the number of attendees each successive year is also a major success for eMedia Interactive Ltd in terms of our digital marketing reach. Each year, the summit has been marketed through Your Money eZine and, since last year’s staging, social media platforms Facebook and Twitter. This year, we placed special empha-sis on marketing the event exclusively to our mailing list and via our social media platforms and it paid off, with the increase in attendance and the buzz generated prior to and after the event with our #YMeBS2012 hashtag. We also incorporated questions from our Twitter followers in the discussion.
#JoinUs
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Tel: 970-5657 | [email protected]
