YourMoney June 2013 by eMedia Interactive Group Limited

[CONTENTS] [News] 6 toon into kingstoon

The first event of its kind to ever hit Jamaica, Kingstoon is a two day animation conference and festival being held at the Mona Visitors Lodge and Conference Centre.

6 On your marks, get set, go!

June 30 marks the date of the CARICOM Youth Ambassador’s (CYA) Twitter Relay. A regional initiative to get the Caribbean’s youth talking about issues that are relevant to them and looking at ways in which these can be solved.

7 Web Entrepreneurship Bootcamp

The Scotia Bank Chair in Entrepreneurship and Development, the Sapna Initiative in the School of Computing and Information Technology at Utech, Internet Income Jamaica and the Institute of Law and Economics have come together to hold a series of Web Entrepreneurship Bootcamps (WEB). promote renewable energy, energy efficiency, and energy access in rural areas.

[insights] 11 the “say on pay” debate

[t e c h 3] 12 google, sony and apple

[do good] 13 windows to the world

9 g e t u p , s ta r t u p

Julian Robinson isn’t your average politrician – tall, dark, handsome and brimming with promises. As State Minister in the Ministry of Science & Technology, Energy & Mining (MSTEM), Member of Parliament and Deputy General for the People’s National Party; his plate is full and his ambitions grandiose.

[ c o v e r s t o ry ]

[editor’s note]

It’s tech time!

t’s 2013 and technology is more accessible than ever, almost anything you want to know you can Google it. This issue of YourMoney looks at the tech scene in Jamaica and what we’re doing to leverage it.

[ s ta r t u p s ]

In Business Lounge, we sit with Julian Robinson and hear his take on where Jamaica has the potential to go and grow with ICTs. Not your average politician, this State Minister is up to date and in the know about technology and he’s looking to leverage his know how and bring Jamaica to the 21st century and beyond. Starting out by targeting youngsters so that they grow and learn with the technologies around them is one way to go and the One Laptop Per Child initiative does exactly that. The Jamaican arm of the project has been in operation since 2008 and has distributed more than 100 laptops.

[ s ta r t u p s ] 14 Transcel

is not a household name, in fact, unless you’re involved in the tech or financial sector, you might not have ever heard of them.

[app.titude] 16 3 apps for techies

[1o things]

18 habits that’ll help you look on the bright side

In an ideal world all our problems would be solved overnight but reality is far from ideal, but with a little bit of patience and a lot of perseverance the goals we seek are achievable.

[news]

Toon in to Kingstoon

The first event of its kind to ever hit Jamaica, Kingstoon was a two day animation conference and festival held at the Mona Visitors Lodge and Conference Centre. The animation industry generated more than US$100 billion last year and Jamaica is looking to become the next big thing in this burgeoning industry. The festival’s aims to highlight the prodigious talent that can be found in Jamaica and to expose them to the rest of the world. The interactive dialogue that took place will also help to identify the potential setbacks in developing this industry to its fullest and provide solutions for them. The festival was put on by the Government of Jamaica in collaboration with the World Bank, the Government of Canada and Toon Boom, Inc.

On your marks, get set, go! J

une 30 marks the date of the CARICOM Youth Ambassador’s (CYA) Twitter Relay. A regional initiative to get the Caribbean’s youth talking about issues that are relevant to them and looking at ways in which these can be solved. The relay will begin with Angullia and Antigua & Barbuda leading the discussion and then the baton will be passed on to The Bahamas and Barbados. The day will continue in this fashion ending with Surimane and Trinidad & Toago. The CYA celebrates its 20th anniversary this year while CARICOM celebrates its 40th. As such the Caribbean Youth Ambassador Programme will be hosting several events of which this is a part.

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he Scotia Bank Chair in Entrepreneurship and Development, the Sapna Initiative in the School of Computing and Information Technology at Utech, Internet Income Jamaica and the Institute of Law and Economics have come together to hold a series of Web Entrepreneurship Bootcamps (WEB). Participants will learn about using social media in business, how to monetize blogging, website development, freelancing among other things. The WEBs will be held over the period of June 2013-May 2014. With the IMF 2013 arrangement, local entrepreneurial development is a key goal of the nation to spur on economic development. Because of the nature of technology and the speed at which technologies evolve, web entrepreneurship is the next frontier for entrepreneurs to tackle.

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business lounge

ulian Robinson isn’t your average politician – tall, dark, handsome and brimming with promises. As State Minister in the Ministry of Science & Technology, Energy & Mining (MSTEM), Member of Parliament and Deputy General for the People’s National Party; his plate is full and his ambitions grandiose. If we’re to go by the speed with which Your Money’s emails to were answered, ease of access via phone and social media, the regular updating of his website and the fact that he turned off an undoubtedly scintillating match between West Indies and India to facilitate this interview --- we can cursorily say he’s a new age politician and we’re hopeful, sorta. Perched like the star of David in Bethlehem’s night sky is an ICT Road Map of action-oriented initiatives stretching into March 2014 which he will be implementing and by which his tenure will ultimately be judged. Just so you know, (and this is the point where you make notes) they span four major pillars which includes strengthening of the ICT governance and administrative framework, building out Jamaica’s ICT infrastructure, solidifying the capacity of public institutions and stimulating new business opportunities, innovation and entrepreneurship in our ICT sector. ICTs have become engines for social and economic growth globally and the vision for Jamaica is to utilise ICTs to attain developed country status by 2030.

Get Up,

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Enchanted by the green, green grass that is the flip side of $102:1 what reason does the impressive talent and creativity of Jamaicans, as acknowledged by foreign investors, have to stay? Be still and know, that according to the Minister, the primary goal of our Administration is the facilitation of an environment for the harnessing and growth of our talent. How will this be achieved? Via systems to fund creative ideas and start-up businesses as well as making available mentorship and business support geared towards educating entrepreneurs. The Kingstoon Animation Festival is one notable project facilitating the exposure of local talent to a global industry with an output value of US$222.8 billion. On the horizon too is Start Up Jamaica, for which a physical space will be erected or determined and play host to local early stage innovators and entrepreneurs who are utilising ICTs to create their businesses. S’Up Jamaica (we just came up with that, catchy right?) is envisioned as a public-private partnership that would see entrepreneurs networking and participating in activities within communities whilst being provided with coaching and mentoring. The raft of National ICT Strategy, Policy & Legislation delves into the ambitious portfolio of initiatives and deliverables of his Ministry.

five questions with minister robinson What do you want to be when you grow up? I wanted to play cricket for the West Indies cricket team. I even made the national under-19 junior squad growing up. What’s on your iPod? I don’t own an iPod. I am not much of a music fan. I only listen to soothing music at nights before bed. Do you have a daily routine? I am an early morning person. In the mornings, after I wake up, I have devotion and read the Daily Bread. Then I exercise, which normally includes pilates, running and riding. What are your weekends like? Most of my weekends are working weekends --- government meetings, launches, corporate lunches, or tending to other ministry affairs. My ideal weekend would involve rest. I’d like to stay at home, or enjoy the scenery while riding on a Sunday and chill by a river. Apple, Android or Crackberry? I have all three, and that’s the problem with being so in tune with digital and new media technology. However, I prefer the iPhone.

ICTs have become engines for social and economic growth globally and the vision for Jamaica is to utilise ICTs to attain developed country status by 2030. Your Money eZine

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[insights]

ecently, local press has been inundated with sensational pieces regarding executive compensation among some of the nation’s corporate leaders - one glaring headline highlighted that at one financial titan, three executives “share $172 million dollar salary”. The disparity between top executive and general staff compensation in the average Jamaican company has been brought to light and leads to a few differing arguments.

Argument for Compensating Talent:

The New York Times’ Gretchen Morgenson in her article “C.E.O.’s and the Pay-’Em-or-Lose-’Em Myth” . Morgenson explains the ‘brain-drain defense’. She cites research by Charles M. Elson, director of the John L. Weinberg Centre for Corporate Governance at the University of Delaware whose research shows “it is a false paradox…the peer group is based on the theory of transferability of talent.” But we found that C.E.O. skills are very firm-specific. C.E.O.’s don’t move very often, but when they do, they’re flops.” Now, theoretically compensation should be kept in check by corporate boards – but a cursory glance of some of Jamaica’s top firms reveals that almost all have a number of executive board members – in essence, persons on the board, voting on their own, their peers’ or in some cases, their boss’s compensation. Follow with me and I’m sure you can see a conflict of interest developing here.

Argument Against Compensating Talent:

At the heart of the matter is the rather contentious idea in corporate governance or management theory as an agency problem, a corporation’s directors are likely to overpay themselves because, directly or indirectly, they are allowed to pay themselves as a matter of general management power. As is expected, Jamaican statistics on this topic remains elusive, but stats for the US indicate that from 1978 - 2011, CEO compensation increased more than 725% (no, that wasn’t a typo), substantially higher than stock market growth, and 127 times higher than the 5.7% growth in worker compensation. Some argue that lower level employee compensation is linked to productivity – another fallacy – despite substantial gains in productivity since the 1970s, worker pay has remained flat. According to US Labour Department data cited by the Huffington Post, inflation-adjusted wages fell 2% in 2011.

The

“Say on Pay” Debate by Andrew Raymore

Shareholder Rights And The Activist Shareholder

‘The activist shareholder’ remains a thorn in the side of any company board, but the fact is the phenomenon is likely to grow. An increased access to information and sense of entitlement to said information is seeing the advent of shareholders not content to simply reap benefits – or ride out rough patches, but wanting demonstrable input in the affairs of the firms in which they invest. And, one cause most recently championed by activist shareholders is a crusade against self-determined executive pay scales.

The International Trend

The European Union’s Financial Services Chief, recently announced he will seek to give shareholders more power to veto compensation packages, including payouts to exiting managers, in a draft law later this year. Executive pay is trending downwards....just not in Jamaica. In the beginning of June the Israel Securities Authority released the results of a study showing that in 2011 and 2012 there was a substantial decline in the salaries that the top people at publicly traded companies received. A decline attributed to social protests against massive executive compensation packages and is also in contrast to the period from 2003 to 2010, when salary costs were on a steady rise. The fact is, in austere times, investors are a lot less forgiving of perceived waste, and who can blame them? Business leaders need to develop equitable and engaging corporate cultures if they ever hope to motivate their staff and increase productivity – setting a golden egg in the top floor, corner office that average Joe knows he won’t reach – isn’t going to cut it. It’s yet to be seen if Jamaican executives will get the message but Your Money looks forward to the debate.

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12 [tech now]

tech news

Google formulated personalized maps Google announced the launch of personalized maps for its users through the use of data from their friends on social media. The initial version features only restaurant recommendations, but will eventually lead to a transformed navigation experience based on the collection and analysis of data representing the emotions, movements and actions of other people. Recommendations are based on ratings given by the user’s friends on Google’s social network, Google+.

Sony tackling competition with a more convenient PlayStation 4

Apple unveiled cleaner iOS 7 with 3D icon display

Multinational tech corporation, Sony, dropped the bomb with the release of specs and information about their latest, next generation game console, PlayStation 4. The new console is said to be both more liberated and affordable than the Xbox One. No online restrictions, no required checkins, just virtual epicness!

Apple revealed their revamped operating system with several significant changes to display, navigation and radio. The home screen of your iPhone will now have a flat interface, and a new “parallax” effect paired with 3D icon display. Navigation is made easier with a centralized control interface, with a new flashlight feature, and a scroll interface for tabs in the Safari browser. .

Throwback Philippe Kahn, French technologist, took the first cameraphone photograph in June 1997! He then wirelessly transmitted the photo to more than 2,000 people around the world after combining a digital camera and a phone.

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13 [DO GOOD]

Windows

To The World

ne Laptop Per Child (OLPC) is a non-profit international organisation providing children from all walks of life access to a computer. “To empower the world’s poorest children through education” is the mission and that is exactly what they have been doing. The computers made by OLPC are inexpensive, childfriendly and designed for all kinds of environments. OLPC Jamaica handles OLPC initiatives locally since September 2008 and have since distributed more than 100 laptops. After seeing the potential that OLPC has for improving early childhood education, the local group saw where this could be an effective way of enhancing the education experience of Jamaica’s children. The laptops have a marked difference on the lives of students. Many have never even used a computer prior to their exposure to XO laptops but in no time they are navigating their devices like professionals.

The first programme in Jamaica was launched at the August Town Primary School in Mona and began in 2011. This looked at the grade four students being given laptops which would guide them over the next three years whereupon the impact would be shown in the results of the GSAT exam. Over the three year period there would be consistent project monitoring and evaluation to see the overall effectiveness of the project. Since then two other programmes have been launched, at the Providence Basic School in Liguanea and the Mission Home Basic School in Gordon Town. Partnerships with companies and organisations such as LIME; PACE Canada; UWI Township Project; PACT; Western Union Foundation; Moneague College; Centre of Excellence; Mona School of Business; OLPC San Francisco and the Early Childhood Commission have contributed to making this all possible. OLPC’s impacts more than 40 countries and over 2 million individuals across the world have benefitted from the XO laptops. The XO is a connected linux based device with two display modes, one that is full-colour and transmissive and one that is black and white, reflective and sun readable at all times. The importance of these features is that the device should be usable in all conditions. In some developing countries, this is the first time there has been any interaction with an electronic device of this nature. And they prove to be learning tools not just for the child but also for the community.When laptops are disseminated like textbooks and the child can carry it home, a family that was previously ignorant and unexposed finds that they now have a window to the world.

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14 [start-ups]

Transcel

making mobile money accessible

ranscel is not a household name, in fact, unless you’re involved in the tech or financial sector, you might not have ever heard of them. Don’t let that fool you, they are currently poised on the brink of changing the way Jamaican companies do business. This software technology company was started in 2010, Hugo Daley, Chairman and CEO says, “We are the first mobile money solution for Jamaica. In Jamaica our focus is to providing a simple yet effective method for Microfinance Institutions (MFIs) to provide and manage loans to Jamaica’s vast unbanked population and for those customers to receive loans, transfer funds or buy goods using a mobile phone account”. A novel idea, and one that has gained traction all over the world. In developing nations, mobile banking targets the unbanked population, these are adults who for one reason or another do not have bank accounts. It has been estimated that half of the world’s adult population falls into this category. Transcel was started by a group of techies with an entrepreneurial mind, all looking to make a difference in Jamaica. Presently, the company is made up of the best, as Daley tells us, wherever they saw the best talent they went after it and wooed them to the team. The team at Transcel is made up of members who have Your Money eZine

varying levels of experience, from those with more than 30 years in the tech industry to Aston Hamilton who just finished his first degree in computer science and electronics at the University of the West Indies. Aston was approached by Dr Ashley Hamilton-Taylor, a founding member of Transcel, who lectured him in his first year. After meeting the Transcel team, Aston was inspired by the team and the work that they were doing and decided to join in 2011. What sets Transcel apart however is the innovation behind what they are doing. “In Jamaica we are the first mobile Money solution and our focus and approach to Microfinance organizations is unique. Globally, there is no mobile money gateway that exists that connects the various players in the reasonably young mobile money market together. Doing so will enable greater movement of money across borders and facilitate remittance payments which is not available via mobile money yet. Finally, we have built a very unique feature in our product called the ‘Conversation Manager’ which simplifies and reduces the cost of delivering customer service while simultaneously improving it. All of these together make us quite a formidable force in the mobile money market.” said Chief Commercial Officer of Transcel, Racquel Moses.

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apps for techies

[App.titude]

These days apps are everywhere. You go into the App Store app and you’re overwhelmed with their top 25 or the newest ones to hit the virtual shelves. Here we cull through and select the ones we think are best for you.

Saver This is an Apple app for iPhone, iPad and iPod touch devices that allows you to track your expenses and control your budget. For entrepreneurs, managers and workers alike, Saver offers the mobile digitizing and personalizing of your funds while making budgeting a whole lot easier.

Google Sky Map If you’re a science geek or freak, you can proudly embrace it with this app from Google for Android devices. Through simply launching the app and positioning your phone’s camera towards the night sky, Sky Map shows you the star or constellation you’re seeing. The app uses GPS and compass data to derive astronomical locations. You can also search for specific celestial objects and the app will provide the position of that object based on your time zone and position.

AutoCAD 360 For the more advanced techies, AutoCAD allows you to share, view and edit design files. Created for the fields of architecture, construction and technology, this app for MacBook is made specifically for the modification and transferal of DWG (drawing) and DXF (drawing interchange file) two and three dimensional design data. Users are able to upload files to your account for sharing or save files locally for future modification offline. The app can be download from both the Mac App Store and the Google Play Store.

Sky Map is free to download from the Google Play Store.

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18 [10 things]

ten Habits

That’ll Help You Look On The Bright Side

2 3

Share Your Stories: Sharing our experiences, inclusive of our successes and our failures, allows us to take comfort in the fact that others share our trials and adventures. It’s a symbiotic process through which we build, evolve, and move forward.

Forgive: Forgiving allows us to move past indiscretions and have a better chance of living a happier life. The easiest way to forgive is to remember that the past is the past, and we have the opportunity to prevent spoiling the present. Your Money eZine

1 Have Gratitude: Be grateful by counting the blessings you have been bestowed with, for from this comes true personal satisfaction. Also, have equal gratitude for your hardships because they improve your strength, perseverance, and resilience.

Be A Better Listener: Being a better listener improves your ability to take in more knowledge. This also portrays confidence and respect, which alludes to self assurance and optimism.

Turn Envy And Jealousy Into Energy: Transform your “haterism” into positive energy and productivity. Use other people’s success as encouragement to achieve your own.

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Smile More, Frown Less: Smiles generate a happy environment that encourages those around you to adopt the same attitude. Sporting a frown might disintegrate relationships and result in less productivity in the office and within your personal space.

Be A Positive Forward Thinker Finding optimism in the face of gloom is a great way to think forward and move on. It’s better to utilize that energy you’d waste worrying over disappointment on an activity that contributes to and facilitates your progression.

Stop Blaming Others Instead of attributing your trials to external factors such as the economy, politicians, bosses, or whatever, take control of your will. Once you stop placing blame, take full control of your actions and milk all opportunities presented to you, success comes naturally.