B: Inspired eZine - The Art of Crowdfunding

+ 5 to watch Expanding

Branson Centre's Footprint

Testing the Market, through Crowdfunding

Welcome Message Enhancing Jamaica’s Crowdfunding Potential There isn’t a day in my role as CEO of Branson Centre of Entrepreneurship – Caribbean (BCoEC) that I don’t hear the words “access to finance.” It’s the source of many an entrepreneur’s challenge and struggle in growing their business. It’s not a particularly new challenge, but as more and more Jamaican entrepreneurs start to think bigger about their businesses’ potential and adopt strategies and technologies to scale and approach the global market, the constraint becomes more and more real. Borrowing money from family and friends may work as seed capital, but simply isn’t enough to achieve the kind of scale that Caribbean entrepreneurs need to attain in the long run. So, we at BCoEC have made it our mission to help entrepreneurs become ‘bankable,’ attract funding and grow. As one of our access to finance activities, we’ve partnered with Jamaica National’s ISupportJamaica crowdfunding platform to better enable Jamaican entrepreneurs to tap into the enormous potential available in crowdfunding – both locally and globally. As part of this, we are working closely with our Official Entrepreneurs to help them craft their campaigns by employing strategies that lead to improved performance.

This issue of B:Inspired is dedicated to crowdfunding and what it means for Jamaican entrepreneurs. We showcase some notable campaigns that need your support, and of course, share important insights into executing a successful campaign. We have great feature article contributions from some of our partners that cover topics like tapping into the diaspora for crowdfunding support and the types of operational considerations you need to weigh before, during and after launching a campaign.

In this issue we also share some highlights of BCoEC’s recent launch into the British Virgin Islands. While helping entrepreneurs to scale, we’ve also been driving our own growth and are excited to officially say that our programme is 2

in an additional island, thanks to our delivery partners KPMG (BVI) Limited. Branson Centre of Entrepreneurship – Caribbean powered by KPMG in the BVI will utilize our virtual platform for training, and through KPMG’s hands-on delivery, will provide entrepreneurs in the Virgin Islands with the same high-touch support services offered through the Official Entrepreneur programme. We look forward to introducing you to the first BVI cohort in our next issue, but until then, here’s to starting up and scaling up, thinking big and changing the world….and a little finance doesn’t hurt!

Lisa Lake

Chief Entrepreneurship Officer www.bransoncentre.co

Content 4

5 to Watch

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Using Crowdfunding to Fuel Entrepreneurship

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Testing the Market, Through Crowdfunding

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Expanding Branson Centre's Footprint Beyond Jamaica

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Managing your Campaign Operations for Crowdfunding Success

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Welcome Cohort 10

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Motivation Behind...Funding Opportunities

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5 To Watch

Keep Your Eye on These Branson Centre Official Entrepreneurs

In this issue, we’re expanding on our regular “3 to Watch” feature and giving you “5 to Watch.”

The Branson Centre Official Entrepreneurs highlighted in this section have all launched crowdfunding campaigns. But, it isn’t just about their campaigns. It’s about their stories behind the campaigns – their visions, their plans and their passion. The focus and dedication they have towards launching their campaigns and seeing them through is a testament to their drive and commitment in the value and impact they aim to achieve in Jamaica and the world. To learn more about their campaigns or make a donation visit www.isupportjamaica.com.

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Heneka Watkis-Porter Jamaica Gets “Culcha"-ed Heneka Watkis-Porter found inspiration in a hospital bed.

It was 2007, and she was recuperating from a minor operation. During a commercial break, she saw an ad for a clothing company—and it all came together. All the years, all her ideas, all the time spent wracking her brain trying to grasp the “thing” that would allow her to transition out of the corporate world, it all suddenly became clear: she would start a clothing company. And so, the clothing line Patwa Apparel was born. The line allowed Heneka to realize her entrepreneurial dreams while celebrating and promoting the richness of Jamaican culture. It was perfect. Until it wasn’t.

“It wasn’t enough, just focusing on clothing,” she says. “I wanted more growth and diversification.

So I looked to trusted friends, my board members and the Branson Centre to figure out what we could do to keep the brand alive, but increase profitability.”

television series, “Bandwidth.” The show will focus on local reggae bands and their journey to the world stage. She plans to put the money raised from her campaign towards filming and producing all the episodes of the show and to launching a magazine of the same name by next year. She hopes that people will connect with her goal of providing up-and-coming artists a place to start. “If music is the heart of Jamaica,” she says, “reggae is its soul.”

Despite her misgivings at the outset, Heneka is full of boundless enthusiasm about the launch of her crowdfunding campaign.

“It’s awesome! When people from your own hometown support you, you get such a deeper sense of identity. Creating a platform for us by us is tremendous.”

Patwa Culcha International Limited was the solution. Her new business model focuses on celebrating Jamaica worldwide through content creation, cultural events and even food. Television, online radio, magazines, festivals, sauces—Heneka wants Patwa Culcha to do all that and more. And to realize her dream, she’s turning to crowdfunding to launch her media and digital production arm.

Initially wary of the crowdfunding premise, Heneka has now embraced the online platform for its potential. “I thought it would feel like I was just begging for money, but I understand now that people choose to support us, support our cause.”

Heneka is currently developing her upcoming 5

Staysean Daley and Krass Images A Picture's Worth They say a picture is worth a thousand words.

Staysean Daley believes that too, but takes it one step further. She believes that photography has the power to bring about social transformation.

That’s why she started Kraas Images, a company that aims to be the world’s leading provider of Caribbean stock imagery and video footage. While she was attending school in the United States, she recalls her shock when confronted with some of the perceptions people had about her island home. She could see the need for more authentic and powerful images that show a different side of the islands. A stock image is an image that is submitted by a photographer/illustrator and then commercialized for others to use. It’s not a new industry, but Staysean is building something never-before-seen: a database of audio, video footage, and images that truly embody the reality and culture of Jamaica and the Caribbean as a whole.

It’s not been an easy journey. Last winter, Staysean lost her business partner Christopher Birch, who sadly passed away.

Naturally, some aspects of the business were put on hold while Staysean dealt with the loss and worked out how best to move forward. As she puts her crowdfunding campaign together, she says that Chris is at the forefront of her mind. “I just think to

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myself, what would Chris say? He always tried to put himself in others’ shoes, and that’s what we need to do. We need to figure out what our target audience wants and needs, and then deliver that.” Staysean believes in the power of community and that Jamaicans will start supporting one another if given the means and the opportunity, which is why she turned to crowdfunding to help deliver what her customers want and need.

Any funds raised from the Krass Images ISupportJamaica campaign will go towards executing what Staysean calls the “Awesome 5-Year Plan.” The plan covers a lot, from curating a critical mass of content, hiring personnel and renting equipment to conducting workshops for young people. It’s a tall order but Staysean is ready. More than that, she believes Jamaica is ready.

“We are very small but we are very big, and there is so much we can do.”

Lacey-Ann Bartley 'All In' with Bartley's All In Wood Ask Lacey-Ann Bartley how she got into the woodworking business, and she’ll tell you that she was born into it. She says jokingly, “I literally had my diaper changed on a saw.”

Today, she’s a far cry from the baby in the furniture workshop. Lacey-Ann is the force behind Bartley’s All In Wood, a company that designs and manufactures wood products from sustainable wood sources. After inheriting her father’s carpentry and furniture business, LaceyAnn decided to not only continue the family tradition, but also to build upon it. “My vision for Bartley’s has always been an expanded one. I remember my father taking in young men from the community and training them in carpentry. I saw the possibilities of an art form that could also sustain people, and that’s what inspired me to do what I’m doing now.”

them. Despite being new to crowdfunding, she is confident in its ability to make a difference for Jamaicans. “Crowdfunding can showcase the good that’s happening here and inspire locals to be proud of their homeland. The diaspora want more investment opportunities in Jamaica and this will allow people to see great business prospects – really see what can happen when you ‘teach a man to fish.’”

“Crowdfunding can showcase the good that's happening..."

Bartley’s makes wood products of all kinds— from custom furniture, to kitchen accessories, to jewellery—one of the company’s bestsellers is a wooden hair ornament called the Woogie. There’s no limit to what the company can make, but Lacey is always thinking of how to do more. And it’s on that “do more” mentality that she’s hoping to sell her crowdfunding campaign. “The money I raise will be used to purchase machinery that will allow me to personalize our pieces and increase our efficiency by reducing lead time. The revenues earned from engravings will also allow us to expand our training programme.”

Lacey-Ann has some reservations about her campaign video—she’s convinced that she articulates herself best in-person, and worries about not being able to effectively convey her dream. However, it’s hard to imagine anyone not taking to her story. She has continued her father’s practice of taking in young people and training 7

Ayanna Dixon and ASD Clothing No Accessory Like Ambition Just a girl and a dream.

That’s how Ayanna Dixon remembers herself, fresh out of school, back home in Jamaica and wondering what to do next. “I was like a lot of people just starting out, who think they know what they’re doing but really have no idea,” she recalls.

Ayanna studied design in New York and had job offers from several fashion houses. Then the economic crash happened, and Ayanna was faced with the daunting prospect of returning to Jamaica much sooner than she’d planned. “I didn’t know what I would do with a fashion degree at home,” she says. “You can’t even call the Jamaican fashion industry ‘small.’ It just doesn’t really exist.”

Nonetheless, being forced to launch her foray into the fashion industry from Jamaica has proved to

be a blessing in disguise for Ayanna and her line, ASD Clothing. Between her experience as a model and her work at the Jamaica Observer, Ayanna found that establishing her credibility was much easier in a smaller market. And credibility, she says, has been one of her greatest assets. Another asset? Her sketches. The whimsical doodles she started doing at a very young age have become Ayanna’s trademark. They translate beautifully on to mugs and various other items, and Ayanna hopes to expand her product offering even further. “People like pretty things and a good story. It’s about creating a visual and emotional impact so that different people will connect on different levels.”

Ayanna’s ultimate goal is to return to her roots. She’s found that the ease of moving the illustrated items has shifted her focus away from her original goal of being a fashion designer. “It feels almost like I’m being disloyal, so I’m hoping to merge the two. I want to develop the collection and put the illustrations on the clothes.”

With this goal in mind, Ayanna’s crowdfunding campaign is aimed at getting her to Collection MoDA, one of the premiere events for up-andcoming designers in the Caribbean and the U.S. Achieving and exceeding her fundraising goals will allow her to invest in herself and her business— pay the entrance fees, purchase screen printing materials, source quality fabrics, and export around the world. Just a girl with a dream no longer—with ASD and ISupportJamaica, Ayanna is a woman with a plan.

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Bresheh and Randy McLaren Empowerment—It's In the Bag

Call him “the kreative aktivist.” Randy McLaren is a performer and youth leader who has spent many years using his talent and creativity to address social issues in Jamaica and around the world. “When engagement is heightened,” he says, “you have a better chance of making an impact on young people.”

One of those young people is his brother, Davian.

After realizing his minimum-wage job wasn’t fulfilling enough for him, Davian and Randy put their heads together and a new creative social initiative was born. Together, the McLaren brothers started Bresheh, a backpack line with a mission that transcends style. Randy laughs, recalling the brothers’ humble beginnings. “All we had was a secondhand sewing machine and big dreams.” He admits that his brother is the “artsy one,” who scoured the Internet for design ideas, and after much trial and error, finally hit upon one that worked for them. Randy handles the marketing and business side of things, leveraging his extensive social network to generate buzz and sales for their first run of bags. It’s a strategy they plan to continue using to push their crowdfunding campaign.

Catalogue

and keep our supporters and backers in the loop.

Building a strong crowdfunding campaign is a lot like maintaining a strong social media presence.”

Eight months into the venture, Randy and Davian have already moved over 500 Bresheh bags.

The appeal is in the individuality: they are 100% customizable as far as colours and materials, and embroidery is the next step. To expand production capacity further and satisfy unmet demand, they will use their campaign funds to invest in sewing, embroidery and fabric cutting machines, raw materials and product development. And, of course, like everything Randy does, there is more to Bresheh than meets the eye. Every bag comes with a tag or card with information on how to report abuse, sexual violence and other offenses.

The bags can also be customized with messages of empowerment; reminding young people of their worth and responsibilities, and the brothers are planning to donate 5% of all proceeds to supporting an educational initiative. Beyond that, the McLarens envision a Bresheh factory within their parish of St. Thomas, making their business a place where people can find employment and opportunity.

“We’ve been working with Branson Centre to refine our campaign strategy. We want to tell a compelling story but keep it very visual, create ‘buzz’ and interest, 9

Using Crowdfunding to Fuel Entrepreneurship By: Leandra Grant

Twenty-eight years ago, five men from Jamaica found themselves at the heart of an underdog story that would draw the world’s eyes and capture its heart. It was 1988. The Soviet Union was on the verge of collapse, the World Wide Web was in its infancy, and in Calgary, Alberta, the Jamaican bobsled team was attempting the impossible. What chance did a tropical country stand in a winter sporting event? And not just any winter sporting event—this was the Winter Olympics. Against all odds, the Jamaican bobsled team had qualified for the Games and, despite crashing out of their race, had won the hearts of fans around the world.

A quarter of a century later, the Jamaican bobsled team qualified for the Winter Olympics for the fifth time. This time they were headed to Sochi, Russia. Like their predecessors in 1988, they had only a few short weeks to find the money to attend the games or their run would be over before it had even begun. Once again, fans rallied to support the team, leveraging a weapon of such power as was unimaginable in 1988: the Internet. Over the course of a few days, campaigns cropped up across online

platforms, eventually raising nearly US$130,000 in donations from 50 countries. Unfortunately, the team failed to advance to the final run, but like their 1988 counterparts, just their presence at the games represented an extraordinary achievement and left a legacy in the realm of athletics in Jamaica. Moreover, their story signified the emergence of a new power player in the world of fundraising: crowdfunding.

The Merriam-Webster dictionary defines crowdfunding as “the practice of soliciting

Ayanna Dixon

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financial contributions from a large number of people, especially the online community.” The 2014 Jamaican bobsled team is just one example on the growing list of products, services and causes that have transitioned from obscurity into profitability due to crowdfunding.

It seems simple enough: put out the call for funding and see who answers. The truth is, an effective crowdfunding campaign is meticulously planned, nuanced, and calculatingly delivered to have the greatest possible impact. In other words, the effort may be grassroots, but the execution is not.

Jamaica is in the midst of an entrepreneurial renaissance, where start-up businesses, especially those aiming to scale up, are looked to as the nation’s greatest chance for economic development and sustainability. As evidenced by the Cinderella story of the 2014 bobsled team, Jamaicans are no strangers to crowdfunding.

However, many local entrepreneurs are more familiar with the hardships of using international crowdfunding platforms, knowing firsthand that the struggle often begins when the campaign ends.

“Cross-border payment is a major issue for entrepreneurs without a U.S. or U.K. bank account,” says Lisandra Rickards of the Branson Centre of Entrepreneurship – Caribbean (BCoEC).

“If they try to use Paypal to accept payments, it can take up to 2 weeks to receive a cheque from Paypal and up to 30 days for the cheque to be processed in the Jamaican banking system.

Even with the advances in e-commerce, moving money is complicated when you’re in an emerging market.”

What are other challenges of being a start-up in an emerging market? Visibility. International crowdfunding platforms like Kickstarter and Indiegogo offer a wealth of opportunity if you live in North America or the U.K. For campaigns 12

originating in smaller countries however, just being seen is half the battle. Working closely with Branson Centre Official Entrepreneurs over the years, Lisandra knows how crucial the support of the Jamaican diaspora can be to the success of Jamaican businesses. But how to leverage them if they don’t know you exist? “The diaspora is strong and they really want to support Jamaican and Caribbean businesses. But it’s hard to find Jamaican projects on a platform like Kickstarter just by browsing, and if they don’t know what’s going on, then they can’t invest.”

The solution? ISupportJamaica. It is the first crowdfunding website launched in the Englishspeaking Caribbean, and was created to support Jamaican small enterprises and notfor-profit projects. Essentially, ISupportJamaica is crowdfunding for Jamaicans, by Jamaicans, targeting Jamaicans. The platform provides solutions to many of the problems that Jamaican initiatives face on international crowdfunding sites.

It’s completely free to sign up and run a campaign and it exclusively features Jamaican initiatives.

ISupportJamaica is owned and operated by the Jamaica National Building Society (JNBS), who recently signed a partnership agreement with BCoEC to provide Jamaican entrepreneurs with training and guidance. The involvement of JNBS alleviates many of the complications with processing cross-border payments and soliciting funding from donors worldwide. Entrepreneurs need only have a Jamaica National (JN) account for funds to be directly deposited to them.

Members of the diaspora can make donations on-line through either on-line banking or Paypal, or through their local Jamaica National branch.

JN will then distribute the money directly to the entrepreneurs within 14 working days. Even before this latest partnership, the JN Group was facilitating low-interest loans to Branson Centre Official Entrepreneurs, making this ramped-up agreement a natural progression in line with both organizations’ mandate of Jamaican and

Caribbean advancement.

Needless to say, it’s an exciting time to be an entrepreneur. Ayanna Dixon, founder of ASD Clothing knows only too well the difficulties of growing a business with little more than a dream.

“You have this vision, this idea that you want to build, but it’s so hard to get started. It’s very hard to get a loan in Jamaica as a start-up. It’s slowly getting better but it’s no walk in the park, especially in a creative industry where not many people understand just how much you put into it.”

Ayanna has been working with BCoEC to refine her business model and her crowdfunding campaign and is especially excited at having new markets opened up to her through the JNBS partnership. “The videos we create for the crowdfunding platform will be looped in JNBS locations everywhere. Small businesses don’t have the money to pay for that kind of advertising. It gives people everywhere the chance to connect with the product and even if they don’t donate right away, the interest is created. That kind of visibility is priceless.”

The campaign videos in question are perhaps the most important part of a crowdfunding strategy.

Says Lisandra, “the visual story is important. You want footage that will get people excited, that they can connect to emotionally. It’s not enough to say ‘I want to raise money’— you have to appeal to the heart. Tell them who you are and why they should support you.”

to raise money for their business. Gradually though, they’ve all come to understand that a crowdfunding campaign is not asking for charity.

Rather, it’s about rallying people around individual stories that are all part of a greater narrative: Jamaican pride and economic advancement.

As Heneka Watkis-Porter of Patwa Culcha International Limited says, “brand Jamaica is hot, and promoting the culture is a high priority for everyone.”

JNBS, BCoEC and ISupportJamaica are driving a movement of sorts, one that will no doubt reverberate positively throughout generations.

Seeing the way that crowdfunding has enabled social change in other markets only further fuels the desires of Jamaican entrepreneurs to do their part in contributing positively to the economy and to the overall well-being of the Jamaican people.

Staysean Daley created Krass Images to show the world a different, more authentic side of the Caribbean, one that truly reflects the nation she loves. “Stereotypes of Jamaica and the Caribbean tend to be negative, or people think we’re just one large beach. I want Krass Images to change those perceptions people have of us. We’re not any one thing, but so much more. By promoting our crowdfunding campaign and getting our name out Heneka Watkis-Porter

Many of the entrepreneurs had some initial reservations about using crowdfunding

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there, we will help to educate local and global audiences about our culture.”

Lacey Ann Bartley of Bartley’s All In Wood is turning her family woodworking business into a beacon of environmental sustainability and employment opportunities for young people. With ISupportJamaica and so many other avenues opening for entrepreneurs, she encourages those just starting out to do just that—start. “Stop obsessing over the ‘idea of the idea,’” she says.

“Some things you only learn by doing. The sooner you get started and get your idea off the ground, the sooner you’ll get feedback to improve.”

Randy McLaren knows all about learning on the job. He knew next to nothing about designing backpacks when he and his brother launched their company, Bresheh, yet here they are: creating

Every challenge is an opportunity for growth.

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a fashion statement while advocating for youth empowerment. As he executes his crowdfunding campaign, he is enthusiastic about meeting the challenges that will come with it. “The success of a campaign boils down to the strategies employed. Building this campaign is forcing us to dig deeper into our story and how we’re going to make people gravitate to it.”

Twenty-eight years ago, five young men dared the world to believe that Jamaicans could be Olympic bobsledders. Two years ago, the world told Jamaica that they believed in us. Today, these entrepreneurs, and so many others like them are proving that Jamaicans believe in themselves. Just imagine what we’ll do tomorrow.

Go to www.isupportjamaica.com to support these entrepreneurs’ campaigns.

Testing the Market, Through Crowdfunding By: Colin Duncan, Senior Manager at Deloitte & Touche LLP and a Branson Centre Professional Service Provider

Since migrating to the U.S., and throughout my career, I have remained deeply committed to paying it forward and helping others accomplish their dreams. Completing my education in the U.S. and then working with Deloitte, one of the premier professional services firms in the world, I have gained extensive training and experience that benefit both the clients I advise and the teams I lead. Beyond this, I thrive on spending time with ambitious individuals to share the lessons learned that shaped my success so that they can avoid common pitfalls and roadblocks.

This is the passion that made it an easy decision to commit my time to helping entrepreneurs, especially those of my Jamaican heritage, to launch, scale and advance their businesses.

My friend Bobby Honeyghan introduced me to the Branson Centre of Entrepreneurship – Caribbean (BCoEC) eight months ago and I was immediately inspired by its vision. Shortly thereafter, a small team from Deloitte was in Jamaica to meet with BCoEC leadership and a specially selected group of entrepreneurs from their Official Entrepreneur programme. One of those entrepreneurs was Jovan Evans of Aquaflow.

The Pump-n-Spray device that Jovan invented was of particular interest to my wife Essita who had also joined me for the trip. She quickly identified the synergy between the Aquaflow product, the company vision and the water crisis in Flint, Michigan where the city’s water supply has been contaminated with lead. Residents are unable to drink, bathe, or shower with city water. As Chair for Servants Without Borders, a 16

Washington DC based not-forprofit organization, Essita quickly gathered a team to validate that the Pump-n-Spray would be a viable solution for the residents in Flint.

With the help of the Servants Without Borders board members and friends, a crowdfunding campaign was launched to purchase, ship and deliver Pump-n-Spray devices to Flint residents. Through strategic media coverage and grassroots efforts, Servants Without Borders raised more than US$10,000 in less than three months. The campaign’s success demonstrates the potential for Jamaican entrepreneurs to get their services or products overseas and also to contribute to solving global issues. To this end, many in the U.S. media are intrigued that a solution designed for a developing country is being used to solve a first world city’s crisis.

Crowdfunding campaigns are becoming a common phenomenon to generate attention for a variety of social impact and business projects. This

campaign proved the benefits of not only raising money, but also how Jamaican entrepreneurs can successfully test their product in the U.S. market without leaving the island. In fact, the campaign created such a buzz that Servants Without Borders, and Jovan directly in some cases, received phone calls, emails, and social media links from across the U.S. and as far as Uganda and Australia regarding the Pump-n-Spray device.

Further, the feedback from Flint recipients has been incredibly helpful in influencing Aqua Flow’s expansion strategy.

This has been a tremendously exciting journey and the opportunity to connect a Jamaican entrepreneur’s product to help people dealing with an unfortunate crisis is incredibly rewarding.

That being said, it is evident that careful attention needs to be given to developing and executing crowdfunding campaigns. Planning is critical to not only create a Go Fund Me (or equivalent)

page, but also to create a campaign that includes marketing, media management, building a community to support your product, leveraging your network, facilitating avenues to gather feedback and pivoting with change in demand requirements. The familiar adage of having one chance to give a first impression should not be ignored, and as a result I would caution anyone from launching such a campaign until they are fully ready.

As a member of the Jamaican diaspora, I am excited to be part of Jovan’s journey, and thrilled to support other entrepreneurs in the Caribbean.

In turn, the entrepreneurs should be encouraged that their ambitions, products and businesses can address global needs and help promote sustainable solutions. Despite the challenges that will come, entrepreneurs should persevere to realize their dreams because the world needs them!

Expanding Branson Centre’s Footprint Beyond Jamaica This year has already turned out to be a milestone one for Branson Centre of Entrepreneurship – Caribbean (BCoEC). Almost 4.5 years after launch and successfully testing and iterating its accelerator programme in Jamaica, BCoEC added its first new island, or in this case, group of islands.

The British Virgin Islands, or BVI, are part of the Virgin Islands located in the Lesser Antilles. In 2015, foundation partners, Virgin Unite, introduced BCoEC to professional services company, KPMG (BVI) Limited, and a beautiful match was made.

KPMG was looking for a way to make a meaningful impact in the community and has signed on to deliver BCoEC’s accelerator programme in the territory. Together, BCoEC and KPMG will work together to expand BCoEC’s footprint and enable a stronger entrepreneurial ecosystem in the BVI. Branson Centre of Entrepreneurship – Caribbean powered by KPMG was officially launched on March 1st, and here are some highlights from that week.

Panel discussion on entrepreneurship in the BVI with Gumption (Entrepreneur), Sir Richard Branson (Virgin and BCoEC Founder), Lord Dr. Michael Hastings (KPMG Global's Head of Corporate Citizenship) and moderator, Sachkia Barnes of Barnes PR.

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The KPMG (BVI) Limited launch team.

Elena Tereshonok (Virgin Unite), Lauren Kiel (UNITE BVI), Lisa Lake (BCoEC) & Toby Abbott (Virgin Unite)

BVI Entrepreneur, Ursuline Joseph of Longevity, gets to ask the panel her burning question.

Sir Richard Branson with Premier, Doctor D. Orlando Smith, OBE and First Lady, Lorna Smith.

A captivated audience listening to the panel discussion.

Jacques Roux (KPMG); Melissa von Frankenberg (BCoEC); Hubert Akeem Lennard Jr. (BVI Entrepreneur); Sachkia Barnes (Barnes PR)

The BCoEC and KPMG Project team celebrating their success with Virgin & BCoEC founder, Sir Richard Branson.

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Managing your Campaign Operations for Crowdfunding Success

By Jennifer Bailey Innovation & Operations Management Consultant Babson College Professor

When you hear the words “Crowdfunding Campaign Success,” what comes to mind?

Raising money? Campaign donors? Operations, perhaps?

Director of CaribShare Biogas, set a goal of US$20,000 for her crowdfunding campaign on the Indiegogo platform to complete the construction of her Biogas plant.

Don’t worry. If Operations didn’t come to mind, you’re not alone. Most entrepreneurs often forget to consider this critical factor that can make or break a successful crowdfunding campaign. Here are three common operations-related mistakes which entrepreneurs make before, during and after their campaign.

Once you have estimated the capital required to fund your upcoming operational milestone, it’s important to set a realistic fundraising goal that considers not only the donations collected from the campaign, but also takes into account all of your campaign expenses. Remember - in terms of “true” capital raised, you’ll only benefit from the campaign’s profits, and not from the gross funds raised. This is because you’ll have to pay to produce and deliver your rewards. Where possible, consider using low cost or free rewards offered to donors, in order to maximize your campaign profits. CaribShare Biogas offered rewards that included a tour of their Biogas facility (no cost to them), as well as complimentary hotel accommodations that were donated by the hotels with whom they partner to generate biogas from hotel waste. And, don’t forget other campaign costs and expenses, such as the platform administration fees, which are typically a percentage of the funds raised. In the end, your net capital raised should equal the funds required to build your prototype, to acquire your equipment, to purchase your start-up inventory or to achieve your specified project goal.

Mistake#1 Before the Campaign - Not setting a realistic fundraising goal to achieve your operations milestone You should treat your crowdfunding campaign like you would any other investment pitch.

It’s important to be clear on the operational milestone that you’re trying to achieve and understand the capital required to get you there.

Typically, crowdfunding campaigns are used to raise money in the early stages of a business to achieve a critical operational milestone, such as building a prototype, acquiring equipment or purchasing start-up inventory. In order to know how much money you need to raise, you’ll need to generate a solid estimate of the budget required.

For example, Branson Centre Official Entrepreneur, Carol Lue, who is the Founder and Executive 20

Campaign Funds Donated Campaign Reward Costs (Materials, Production & Delivery Costs)

Campaign Profits

Mistake#2 During the Campaign - Not having an operations plan to generate campaign traffic You’re excited about your campaign and launch day has arrived. Lights, Camera, Action!

Unfortunately, nothing happens, no one visits your campaign page and no funds are raised. Sadly, this is a reality for many campaigns. To avoid having a poorly supported campaign, you will need to define a plan which outlines an actionable strategy for driving donor traffic to your campaign and which includes specific donation goals and metrics to be monitored during the campaign.

Mistake#3 After the Campaign - Not identifying an operations strategy for delivering your campaign rewards Now that all your campaign funds are in, it’s time to thank your donors. But, this isn’t as simple as

Campaign Fees�

Capital Raised

you may think. Regardless of whether you’re a consumer goods company, a service business or a non-profit, it’s typical to deliver rewards to your donors. Sending out campaign rewards is just like filling customer orders and this requires three important operational steps: Forecasting Rewards Your donors were kind enough to donate to your campaign and they’re excited about your venture, so don’t disappoint them by not having enough inventory to fulfill all rewards for donors. To avoid this situation, you’ll need to forecast ahead of time and estimate how much of each type of reward you’ll need. The fewer reward options you have, the easier it will be to forecast the quantity for each reward. So keep it simple.

Producing Rewards You’ll need to have the rewards designed and ready for production before the campaign. This 21

means identifying your raw material suppliers and the producers who will make the rewards. If your reward is your actual product, and especially if this will be the first time you’ve produced your product in large volumes, then all the kinks should be ironed out of the manufacturing process well before show time. Pay close attention to quality and delivery time, and be prepared for unexpected delays and unanticipated quality problems.

Delivering Rewards Once your rewards have been produced, you’ll need to get them from the producer to the donors. You have to sort out some key things, such as who will be responsible for shipping your rewards to donors and how long it will take for them to get their rewards; whether or not you will

allow international donors to request rewards that need to be shipped across the globe; how you will store inventory before delivery; as well as keeping track of your rewards inventory and rewards shipped.

These are just a few of the important operationsrelated elements that you should think about ahead of time when planning and executing your crowdfunding campaign. Once you’ve had a chance to devise strategies for managing these common operational challenges, you’ll be on your way to having a solid fundraising campaign plan.

Remember a good plan is a roadmap to success! @Ops4Entreps jbailey@babson.edu

We've reached the double digits. Here they are,

Cohort 10

and some Jamaica's next great enterprises.

This dynamic group comprises a mix of businesses from fashion to farming. Tap into your family tree with The Generation Tap, a genealogical research company that does everything ancestral from lineage research to arranging family reunions.

Jamrock Marble is gearing up to mine marble to tap into a rare chemical element to be used for manufacturing fertilizer, bricks and cleaning agents, while Transformational Life solutions offers products, services and events geared towards empowerment – helping individuals, entrepreneurs and organizations to realize their full potential. FMJ Essential Oils grows and extracts some of the world’s most highly sought after essential oils to tap into the demand for organic, locally-grown and processed essential oils for cooking, pharmaceuticals, aromatherapy and more. Unleash Business Transformation

Services is a business development organization specifically for businesses in the entertainment industry. They aim to help entertainers and their businesses increase efficiency and grow. Then we have Devena Levy Clothing Designs – led by a designer with a strong technical background this clothing design company offers well-tailored clothing for Jamaican men and women. Last, but certainly not least, Karebean is a bespoke purveyor of Caribbean chic. They source, ship, trade in and advise on the best in food, style, travel and design across the Caribbean region.

There you have it – a small but powerful group of emerging business leaders whose individual gusto, dedication and passion represent what it means to be a Branson Centre Official Entrepreneur.

Welcome Cohort 10 to the Branson Centre family and its unique community of entrepreneurs!

Rachael Barrett, Karebean; Cordell Williams-Graham, Transformational Life Solutions;

Mark Tracey, Unleash Business Transformation Services;

Latoya Williams, The Generation Tap;

Elliot Jones, FMJ Essential Oils; Devena Levy, Devena Levy Clothing & Designs;

Denise King (not in photo), Jamrock Marble.

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Motivation Behind…

Funding Opportunities

Jamaica National is leading the way for Caribbean crowdfunding with their IsupportJamaica platform. B Inspired sat down with Jason McNeish, Team Leader for the platform’s development and launch, to find out more.

B Inspired: Tell me about JNBS’s involvement in developing the ISupportJamaica platform.

Jason: ISupportJamaica is an initiative of the Jamaica National Building Society and the JN Small Business Loans Limited. Launched in 2013, the platform was conceptualized as a solution to allow small businesses and non-profits to identify non-traditional funding options for the growth and success of their ventures.

B Inspired: Why was the idea of a crowdfunding platform catering specifically to Jamaicans appealing?

Jason: Access to capital has been a common obstacle for many aspiring entrepreneurs and social project owners. In recognizing the potential impact of many of these businesses on Jamaica’s socio-economic development, ISupportJamaica was created to serve this need. Offering non-traditional lending options, this platform allows project owners and entrepreneurs on the site to benefit from donations from registered users both locally and globally.

B Inspired: Many Jamaican entrepreneurs find it difficult to get loans or start-up capital for their small businesses. Why is that and how do you think this platform will change things for them?

Jason: There are many factors that can contribute to an entrepreneur’s inability to secure financing through traditional sources; two of which are the inherent perceived risk of the venture and lack of adequate collateral.

Through ISupportJamaica, persons who are seeking financial assistance for their respective ventures are remotely connected to interested donors in a workable and transparent environment that facilitates convenient payment options, via PayPal, direct deposit across the JN branch network and JN Live online banking portal.

B Inspired: Why should entrepreneurs choose ISupportJamaica?

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Jason: ISupportJamaica is one of the largest crowdfunding websites based in the Englishspeaking region, which is backed by Jamaica National, the region’s largest building society.

This portal was tailored to address the financial needs of entrepreneurs, who will also benefit from useful interval training, as well as resources aimed at boosting their online campaigns to achieve their respective targets. While emphasizing that each project holder is responsible for their marketing campaigns to achieve their targets, Jamaica National markets the platform to regions in which it operates, attracting both Jamaican residents, as well as friends of Jamaica and the Caribbean.

B Inspired: How is the Branson Centre working with JNBS to make the platform’s launch a success?

Jason: The Branson Centre has been an integral partner in this new phase by referring some of their most promising and fitting entrepreneurs.

Based on the partnership, the Centre has also agreed to train and coach participating entrepreneurs and to accept referrals for their training programme from Jamaica National.

B Inspired: What do you think the Branson Centre offers to the ISupportJamaica project?

Jason: The Branson Centre is aligned with ISupportJamaica’s mission of propelling entrepreneurs to realise their true potential through the creation of avenues and accessibility to useful resources to develop and grow. In addition to the reputation of the Branson Centre, the calibre of referrals through its Official Entrepreneur Programme will assist to enhance and maintain the standards of ventures featured on the platform; as well as to increase the visibility of ISupportJamaica through collaborative marketing efforts.

B Inspired: Entrepreneurs can process payments from all over the world with a JN account, and people everywhere can make donations from any JN branch. What is the importance of global accessibility to small businesses in the Caribbean?

Jason: We live in a global marketplace, where information, products and services are a click away, despite geographical location. Enhanced global connectivity, like that enabled through ISupportJamaica, is vastly important to enabling success and expansion of Caribbean ventures.

B Inpired: Have you encountered any challenges with developing and launching the platform? Also, what challenges do you foresee as the program grows?

Jason: Online crowdfunding sites are still a relatively new concept to Jamaica and by extension, the Caribbean. We, therefore, put prime emphasis on sensitizing persons about this type of platform to attract increased awareness and users. We also recognise that apprehension may also arise due to security concerns as it relates to donations and collection, but as an initiative of a reputable building society with operations spanning nearly 142 years, security is never compromised. All information is highly secure and confidential.

B Inspired: What are some of the long-term goals for ISupportJamaica? How does JNBS plan to expand the platform’s capability and offerings?

Jason: ISupportJamaica is poised to become the Caribbean region’s leading crowdfunding platform and in the medium term, aims to expand the platform’s capabilities to allow loan and equity funding.

25

in association with

Presents

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World-class training that influences business growth, and is led by savvy international and local facilitators.

For more details, email:info@Bransoncentre.co

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IMPACT

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On Average a Branson Centre Official Entrepreneur

Supports

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New Jobs

Existing Jobs

93%

Revenue Growth Baseline as compared to data as of January 2016

Team: LISA LAKE

KERRIE-ANN RICHARDS

MELISSA VON FRANKENBERG

TRUDY HYLTON

SHARON JARRETT

Entrepreneur Relations Manager

SHADWAYNE GORDON

GREGORY EVERETT

KHALIA CAMPBELL

Chief Entrepreneurship Officer Partnerships & Communications Director

Operations Manager

Entrepreneur Development Manager Communications Coordinator Accounting Manager

Team Admin Assistant

LISANDRA RICKARDS

Entrepreneur Programme Director

Follow us www.bransoncentre.co info@bransoncentre.co

27

P.O. Box 43 Fairview Shopping Centre Montego Bay Jamaica 1.876.632.5134 www.BransonCentre.co

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876. 665. 0772