Your Money eZine by eMedia Interactive Group Limited

[CONTENTS] [News] 6 scotiabank launches smartenergy calculator

Scotiabank officially launched its innovative SamrtEnergy Calculator on December 7. The calculator helps borrowers determine potential loan payments based on their electricity consumption. The launch, titled ‘Power Up’, took place at Scotiabank’s Constant Spring Financial Centre.

8 Jamaica’s SmartTab outpaces the iPad in benchmark tests

Jamaican technology startup, JL Mobile, has again placed our nation amongst the world’s best with its tablet, SmartTab. The SmartTab, one of a line of mobile and tablet devices produced by the company, was recently outpaced Apple’s fourth generation iPad in benchmark tests conducted by GeekBench and AnTuTu software.

[business lounge] 10 top 10 business moves of the year

Twenty-twelve has been a year of major political, economic and technological standout moments, some groundbreaking, others a sign of the times and a few that were not so nice. Here, we look back at some of the highlights of year from Jamaica and overseas.

[ c o v e r s t o ry ]

[insights] 17 three business lessons from the Hostess bankruptcy

Although famous for its sweet snack cakes Twinkies, Ho Hos and Ding Dongs, Hostess Brands reached a bitter end when it opted to shut down due to bankruptcy in November.

14 microsoft shows commitment to

doing business in jamaica

Successful businesspeople often attest to the benefits of having a mentor who can help guide them with advice and opportunities to grow their companies and develop themselves. This is especially helpful for small businesses competing against much larger corporations. In today’s global economy, Jamaica is essentially one of these small companies and technology giant Microsoft has just assigned us our very own ‘mentor’ – Jacky Wright, the company’s Vice President of Microsoft IT Strategic Enterprise Services.

[do good] 19 reach 4 more: helping to level the education playing field

When Reach Academy opened its doors this past August, it did so with the aim of providing an environment for all children to learn effectively, catering to each child’s specific need. The school boasts a unique programme that makes use of both modern technology and extra-curricular activities to expose students to a well-rounded and comprehensive education.

[editor’s note] Before the world ends…

here has been much speculation that the world will end on December 21, since the last cycle of the Mayan calendar is completed this month (it corresponds with the Winter Solstice, which is significant to many cultures around the world). While many wait to see if we will still be here on December 22, Your Money eZine is content to reflect on an eventful 2012 and – yes – look forward to the future. One of the most significant moves of any kind in 2012 was the US presidential election, which saw the reelection of the incumbent, Barack Obama. This election was marked by increased acrimony between the Democrats and the Republicans and was almost overshadowed by the horror of ‘Frankenstorm’ Sandy, which battered the east coast mere days before the nation voted. The subject of the economy was a sore point all throughout the process and continues to be, as the country hurtles towards the ‘fiscal cliff ’. This combination of tax hikes and spending cuts will take effect at the end of the year in the absence of a compromise in the House. Whatever decision is reached will have a major impact on small businesses in the US and fiscal decisions in that country are always of great interest to us here in Jamaica, due to our close trading ties and the large Diaspora population living there and helping to sustain our economy through remittances.

[ s ta r t u p s ]

21 Warren Cassell, Jr: Montserrat’s teen tech tycoon-in-training

Like most adolescents, Warren Cassell, Jr balances his schoolwork with extracurricular activities. But that’s about all he has in common with his peers, because unlike the average teen, this 13-year-old is a businessman. And we’re not talking about a lemonade stand. Cassell is an investor and serial entrepreneur who registered his first company, Emerald Greeting Cards, at eight years old. Three companies later, he is the Caribbean’s youngest tech entrepreneur with his own operations, ZapSocial, Carib Creations and Chupz.co.

While we wait to see how that unfolds, we look back on the big moves – good, bad and ugly – of 2012 in business and technology. Locally, we saw a renewed interest in the productive sector and one of the country’s leaders in that field, Wisynco, had quite an eventful year. Overseas, the business news was often dominated by technology, from Facebook’s much hyped IPO and surprise purchase of Instagram to the death of several traditional print publications as ad spending continues to shrink and online media takes a firmer hold. These and other occurrences are firm indicators of exciting times ahead in the business world and we can’t wait to see what 2013 will bring. In the meantime, we thank all our readers and partners for your support in 2012 and wish you all a peaceful holiday season and prosperity in the new year.

Tracey-Ann Wisdom

[news]

Scotiabank launches SmartEnergy Calculator

cotiabank officially launched its innovative SmartEnergy Calculator on December 7. The calculator helps borrowers determine potential loan payments based on their electricity consumption. The launch, titled ‘Power Up’, took place at Scotiabank’s Constant Spring Financial Centre. The loan calculator complements the bank’s SmartEnergy Loan, available to SMEs and householders to fund energy efficiency projects that will help the environment and cut energy costs. It gives actual loan payment information in a few simple steps. Your loan payment amount is determined by entering your electricity consumption in kilowatts and your desired repayment period. Based on this information, the energy tool then calculates the estimated cost of an alternative energy system and your monthly loan payment. “Alternative energy is not seen as a viable option by many consumers because they are of the opinion that the setup costs are expensive; therefore, this is an option that is only taken up by persons enjoying a certain financial standing,” said Wayne Powell, executive vice president of retail at Scotiabank. “The Energy Loan Calculator helps consumers counter this premise. By entering their current monthly electricity usage, the calculator will choose the alternate energy system that best suits the customer’s requirement, calculate the cost to 100 per cent finance the system and provide the monthly payment for the period of five years.” The calculator will also compare monthly payments versus the cost of electricity for that year, giving customers an idea of what the variables involved in acquiring the system would be and “sets the foundation for them to meet with the partner energy companies and their private or business banking officer,” Powell added. The rollout of the Smart Energy Calculator follows the SmartEnergy Loan, made available at interest rates as low as 9.75 per cent per annum for amounts of up to $2 million, with a repayment period of up to five years and up to 100 per cent financing on equipment and installation costs. The loan may be used for installation of solar panels, solar water heaters and grid panels and the purchase of equipment to support green energy systems.

Your Money eZine

www.ezinesreader.com

Jamaica’s SmartTab outpaces the iPad in benchmark tests

amaican technology startup, JL Mobile, has again placed our nation amongst the world’s best with its tablet, SmartTab. The SmartTab, one of a line of mobile and tablet devices produced by the company, was recently outpaced Apple’s fourth generation iPad in benchmark tests conducted by GeekBench and AnTuTu software. The tests measured flexibility, performance and features. The SmartTab 9 IPS registered a benchmark score of 2421 while the iPad scored 1757 points. SmartTab’s technical services manager, Geordi Duncan, stated, “The SmartTab, though designed by Jamaicans for the Jamaican market, has performance features that are a cut above the market dominant brands such as Apple, Amazon and Samsung.” Antutu, the world’s leading benchmark aggregators, scored the SmartTab 9 IPS at 7458 points placing it amongst the world’s top 30 tablets, outtranking brands such as the iPad 3, Kindle Fire HD, The Samsung Galaxy Tab 10.1, the Asus Transformer and the LG optimus. SmartTab is a series of android tablet PCs that, unlike most popular brands, come standard with USB, HDMI and SD ports, features not found in the more popular brands’ designs. The line is designed in Jamaica and manufactured in China and comes in a range of sizes: seven, nine, 9.7 and 10.1 inches, all equipped with capacity screen technology. This August, the SmartTab was selected to drive the e-book initiative of the University of the West Indies, Mona campus, jointly creating the first successful educational e-book programme in the English speaking Caribbean. Currently, the SmartTab is only available at the University of the West Indies, Mona bookshop at a starting price of less than US$200 for its seven-inch model. The SmartTab 9 IPS is priced at US$300 and the 10.1-inch device at US$350. The tablets will be officially launched in January 2013.

Your Money eZine

www.ezinesreader.com

[business lounge] r e a l b u s i n e s s . r e a l ta l k

Top ten

business moves of the year

wenty-twelve has been a year of major political, economic and technological standout moments, some groundbreaking, others a sign of the times and a few that were not so nice. Here, we look back at some of the highlights of year from Jamaica and overseas.

3 pan caribbean and sagicor become one

Local

1 NCB makes big off-shore moves

Twenty twelve was a watershed year for National Commercial Bank (NCB) as it celebrated 175 years of existence and made good on its 2011 intentions of listing on an international stock exchange. In May, the bank filed with the US Securities and Exchange Commission (SEC) for an initial public offering of US$225 million ($19.5 billion) on the New York Stock Exchange (NYSE). NCB is the largest and most profitable banking group in Jamaica and represents an attractive value proposition to American investors. The bank is already cross-listed on the JSE and the Trinidad

and Tobago Stock Exchange (TTSE). Closer to home, the banking group extended its reach into the English-speaking Caribbean’s strongest economy when its subsidiary, NCB Capital Markets, was given board approvals to acquire Trinidad-based AIC Finance in late November. AIC Finance has a reported asset value of TT$130 million (approximately US$20,344,350), but the company has been racking up losses since 2009. The purchase still requires regulatory approval in Jamaica and Trinidad and Tobago.

2 A good year for Junior Market IPOs The Jamaica Stock Exchange (JSE) Junior Market expanded with three new listings, taking the number of companies up to 15. All three IPOs were oversubscribed as savvy local investors snapped up shares in Caribbean 2 World Music, the first intellectual property company to list on the JSE; the long-standing, asset-rich Consolidated Bakeries Limited and Kingston Live Entertainment (KLE) Group, which overshot its target by 13 per Your Money eZine

cent within an hour of opening. Among the perks of listing on the junior market is a 10-year tax holiday, which makes it an attractive prospect for developing companies. In early October, it was reported that the 13 companies on the market at the time had raised $2.1 billion in capital since 2009, which helped to create 311 new jobs in a contracting economy.

By the time the new year dawns on January 1, 2013, PanCaribbean Financial Services (PCFS) and its subsidiary PanCaribbeanBank (PCB) will be no more. No, the profit-making entity is not folding – it is just being rebranded. In a move to take advantage of the vast benefits of being more closely aligned with the regionally formidable Sagicor Life Jamaica, which owns 85 per cent of the company – and perhaps end any confusion between itself and Chinese-owned Pan Caribbean Sugar Company, shareholders gave the green light for the name change in mid-October. PCFS will become Sagicor Investments Jamaica Limited (SIJL) and PCB will become Sagicor Bank Jamaica Limited. The rebranding will no doubt increase Pan’s visibility in the financial market and further improve its reputation and recordbreaking profit margins, but there is now one other problem – it will now have to differentiate itself from Scotia Investments Jamaica Limited, which is already known by and trades under the SILJ acronym on the stock exchange.

www.ezinesreader.com

Wisynco vs Pepsi: Soft drinks, hard battle

If you’re not one to read product labels, you wouldn’t have even realised that Ocean Spray was missing from the branding for CranWata, Wisynco’s popular thirst-quencher. In early September, Ocean Spray and Wisynco parted ways after 17 fruitful years and the US-based juice makers moved to Pepsi Jamaica, which swiftly debuted its own cranberry water, Flavour Splash. Wisynco boss William Mahfood made light of the loss, which accounted for only about five per cent of the company’s business. By the

end of the month, Wisynco would stage its own coup, as Juici Patties dropped its 10-year partnership with Pepsi in favour of a new arrangement with Coca-Cola, which is bottled and supplied by its archrival. The head-to-head competition continues as Pepsi Jamaica launched Pink Ting, a pink grapefruit twist on the local classic, while sales of Wisynco’s Schweppes Grapefruit soda continue to skyrocket, setting it up to become the top-selling beverage in the country by year end.

International

6 Facebook gets camera ‘app-y’ with Instagram purchase Facebook had a pretty big year in 2012, going public in May with an IPO priced at US$104 billion, with shares valued at US$38. That didn’t last long, however. By August, the company was trading at US$19 and is currently valued at just over US$27. As the stock price seesawed, Facebook founder Mark Zuckerberg made perhaps the biggest tech move of the year with a billion-dollar bid to purchase photo-sharing app Instagram. According to various news outlets, Zuckerberg didn’t inform Facebook’s directors about the buy until a few hours before the deal was closed. The deal was officially finalised in September with a cash-plus-shares offer worth closer to US$700m, after Facebook’s stock prices plummeted. The main attraction for Facebook was Instagram’s 50 million users and that number has now more than doubled. At the time of the initial offer, Instagram was only 551 days old with 13 employees and no revenue to speak of, but practically overnight, it was reportedly more valuable than the 161-yearold New York Times. Go figure.

Columbus Business Solutions takes Jamaican companies to the cloud Large corporations and SMEs are often so far apart in scope that they don’t even play the same sport, let alone exist on a level field. But with the latest portfolio of cloud-based systems from Columbus Business Solutions, they can now play together in the cloud. The three new CBS systems are versatile enough for large, multi-department corporations, but affordable enough for small businesses, which can benefit most from the savings associated with cloud technology. With Columbus Cloud Voice, use your PBX phone to make ‘local’ calls while abroad; clients can call you for free and an app allows you to control your phones at the office while you are offsite. Columbus Cloud IT Security gives local companies the same level of protection Fortune 500 companies in the US receive – integration of enterprise-class firewalls, anti-malware, anti-virus, URL filtering, network management and more. As the name suggests, Columbus Cloud Video Conferencing allows clients to conference into meetings, training sessions and just about anything that used to require face-to-face communication. Your Money eZine

www.ezinesreader.com

Patent wars: Apple and Samsung duke it out in court

The technology world is so interconnected these days that patent infringements are bound to happen. This prospect usually leaves many developers and small tech innovation companies aquiver, but if you are Samsung and the company accusing you of grand theft patent (times seven) is Apple, you don’t quake in your boots – you counter sue. The longstanding battle between the two tech giants reached a climax in August when a San Jose, California court ruled that Samsung had indeed infringed on several of Apple’s patents in more than 18 devices and ordered the Korean company to pay US$1.049 billion in damages. The jury rejected Samsung’s counterclaims that Apple had infringed on its patents with the iPhone and the iPod Touch. But Samsung snapped back a week later, threatening to sue the American tech giant if it released the iPhone 5, which uses LTE technology that Samsung has significant claims to. The iPhone 5 went on sale in November, so round two of the dustup is on the horizon.

microsoft’s re-‘Surface’ with Windows 8

Microsoft was all but pushed to the back of the technology line by Apple and Google, but the company staged a daring comeback with the dramatically new-look Windows 8 software and the Surface tablet on October 26. Stores opened at midnight and there was even a trendy pop-up store in New York City’s Times Square. Windows 8 is designed to run on PCs and tablets, marking the biggest change to the company’s operating system in the last two decades. It features a number of business-friendly applications and an ever-growing apps store for all users. The Surface, which received a coveted endorsement from Oprah (on Twitter via her iPad), is expected to make an impact on the tablet market, currently dominated by Microsoft’s rivals at Apple. Critics are divided on whether the redesigned software will alienate longtime users or attract a younger market and since Windows device sales have actually fallen 21 per cent since the launch, some are quick to cite the dramatic changes as the reason.

Your Money eZine

Anakin Skywalker and Indiana Jones move in with mickey mouse

Eyebrows were raised when news broke in late October that Lucasfilm, producer of the iconic Star Wars and Indiana Jones franchises, was being sold off to Disney for a whopping US$4.05 billion. After all, Disney is most famous for a whitegloved mouse and princesses in distress, not the science fiction fare of Star Wars, Lucasfilm’s most successful and enduring product. While some critics - mostly aggrieved fanboys - believe the price was too low for George Lucas’ groundbreaking works and have also taken to panning the announced three new episodes before they even begin production, others are salivating at the myriad prospects for furthering the reach of these beloved

productions and cementing Lucas’ legacy afforded by the deal. We’re talking the power of the Disney branding machine here: toys, fast food chains and theme park synergies; two major franchises that can be prequelled and sequelled to infinity and beyond, in addition to Disney’s phenomenal market size and its solid reputation for high quality family entertainment. Star Wars in particular is already well-branded, but Lucas’ vision was to pass on his works to new generations and he has chosen the best team to ensure that - a smart business decision, indeed. Also, his plans to use his earnings from the sale towards educational philanthropy has further endeared him to loyal fans.

Newsweek goes out of print

There was a time when publications like Time and Newsweek set the agenda of American conversation on business, culture and politics, but come December 31, the world will turn the final page on an era as the latter goes out of print after 79 years of existence. But don’t sound the death knell just yet – the beloved publication will enter the afterlife in an all-digital format, Newsweek Global, in early 2013. In preparation, the magazine will continue to expand

its rapidly growing tablet and online presence, as well as its successful global partnerships. Newsweek Global will be supported by paid subscription and will be available electronically for both tablets and the web, with select content available on The Daily Beast, the online publication it had merged with in 2010. This move signals the changing nature of the publication industry and the rise of online media that is projected to get more prominent in coming years.

www.ezinesreader.com

uccessful businesspeople often attest to the benefits of having a mentor who can help guide them with advice and opportunities to grow their companies and develop themselves. This is especially helpful for small businesses competing against much larger corporations. In today’s global economy, Jamaica is essentially one of these small companies and technology giant Microsoft has just assigned us our very own ‘mentor’ – Jacky Wright, the company’s Vice President of Microsoft IT Strategic Enterprise Services, has been appointed its executive sponsor for Jamaica.

Jacky Wright, Microsoft’s executive sponsor to Jamaica

Microsoft shows commitment to business in Jamaica

Wright is an accomplished information technology specialist with more than 20 years of technical and business experience. After teaching herself programming on an unused computer in her first job as a statistical typist at a New York City bank while in college, she went on to a successful career in fields such as banking, government and logistics before catching Microsoft’s eye. Today, her main responsibility is to drive product and operational excellence and customer centricity across the company, which includes running and monitoring the performance of Enterprise products in Microsoft’s First and Best Program, which comprehensively tests out and uses new product developments before they are deemed ready for the market. Wright, who is also the executive sponsor for Africa, will bring this valuable experience to the role, acting as a “trusted advisor” to help businesses become more competitive internationally. One component of this will be educating various local stakeholders on Microsoft’s products and services and promote their usage within the country. Microsoft appoints sponsors to various countries and corporations worldwide to help them make better use of technology and narrow the ‘digital divide’. “Whether you’re a small, medium or largescale corporation, the intent is that when you’re thinking about solutions, Microsoft comes top of mind,” she said. Although born and raised in England, Wright’s family is Jamaican, so she has an affinity for the country. “It’s important for me that I believe we can provide a lot of opportunities, partnering not only with the government but private corporations in areas such as health care, agriculture and private enterprise,” she said.

Your Money eZine

www.ezinesreader.com

15 Since her appointment in September, Wright has been learning about doing business in Jamaica by participating on a number of boards and in other activities. She has also hosted a major local corporation at her offices at Microsoft headquarters in Redmond, Seattle. Earlier this year, Wright was in Jamaica for DigiGirlz, a Microsoft initiative to help girls explore careers in IT. Last month, she presented on the topic ‘New developments in digital technology and implications for the financial sector’ at the 39th Caribbean Association of Banks, Inc (CAB) Conference, highlighting four technology mega trends – cloud, big data, social and mobile – and the opportunities and threats they pose to the financial sector. However, with Microsoft, these companies can exploit the mega trends of big data and social simultaneously. “For example, financial institutions need to explore the use of customer relationship management tools, such as Microsoft CRM and data analysis tools such as Microsoft SQL, to allow for a 360-degree view of their customers, which incorporates data from the banking applications and social networks such as Facebook and Twitter,” explained Microsoft country manager Marcelle Smart. Mobile commerce is another key area Wright will be focusing on. “Everyone has a mobile device. If Jamaicans can leverage the development of apps that are mobile-ready for your region, I think it will be a win/win for Jamaica, the region and globally,” she said. With only 30 per cent of financial transactions electronically, Smart said, Jamaicans’ lack of affinity for doing business electronically is hindering our ability to be globally competitive. The Boston Consulting Group predicts that the Internet economy will grow more than 10 per cent a year through 2016 in G20 nations. Jamaica, although not in the G20, can reap some benefits. Wright said regional companies can create a tech innovation/app development hub. “The Windows 8 platform will help to drive e-commerce as local apps and products can be readily marketed to the wider international audience. Over one billion Windows devices are deployed globally and as they are upgraded to Windows 8, we will see greater economic potential for businesses that promote their products through the Windows 8 App marketplace,” added Smart.

About Jacky Wright

Education: BBA, City University of New York (CUNY) Baruch College Technical skills: IT strategy development and deployment, mergers and acquisitions, large scale programme development and implementation, global multiindustry know-how, Quality Six Sigma Master Black Belt Previous posts: VP/Chief Information Officer (CIO) of Corporate Functions at BP; CIO roles at GE and senior management roles at Accenture, AutoNation and Ryder Interests: Advocating for women and minorities in technology and the sciences; traveling and spending time with her family

Microsoft has also identified as an opportunity in YouthSpark, an initiative developed to drive youth innovation and entrepreneurship. One component is the Imagine Cup, which Team Xormis from Northern Caribbean University won in 2010. “What we are looking forward to creating public/private partnerships that will help to incubate the successes that we are seeing from the Imagine Cup. We’ve had a lot of ideas, but we need to create something that will last,” said Smart.

Your Money eZine

www.ezinesreader.com

three business lessons

[insights]

from the hostess bankruptcy

It is never a good practice to fleece or short-change your employees. They are the soul of a company and if they are not being suitably compensated or treated well, your entire operation suffers.

lthough famous for its sweet snack cakes Twinkies, Ho Hos and Ding Dongs, Hostess Brands reached a bitter end when it opted to shut down due to bankruptcy in November. Hostess closed its operations, comprising 33 bakeries, 565 distribution centres and 570 outlet stores, leaving 18,500 employees out of work. There is still some on-going controversy over the closure and as information is revealed, it is clear that more could have been done to save the iconic company. For entrepreneurs looking on, here are three vital business lessons to keep in mind as you build and operate your own companies:

1 Keep your financial affairs in order

The reason behind the Hostess closure was revealed to be financial mismanagement or just poor fiscal decision making. This is the company’s second chapter 11 bankruptcy in less than a decade. From court filings, it is clear that Hostess was burdened by unsustainable debt levels – approximately US$860 million – and crippling legacy costs: Hostess participated in 40 multiemployer pension plans, which are structured to place the financial burdens on the companies that have active union employees. As the number of companies in these plans dwindled, the burden gets heavier for those that remain. The lesson: Always be prudent in managing your company’s finances. Try to avoid debt as much as possible. And when it comes to staff benefits, it’s important to have well-tructured insurance and pension packages in place. The economy has changed to the point where companies, especially smaller operations, can no longer bear the full burden of their employees’ retirement benefits, but with wise planning, balance can be achieved.

Treat your employees fairly 2 After Hostess first filed for bankruptcy Your Money eZine

in 2004, the typical

worker saw his pay cut from US$48,000 to US$34,000. The latest contract demands would have cut pay to about US$25,000, along with significantly higher out-of-pocket expenses for health insurance. This is such a bad deal that many workers would have received more on unemployment. Hostess also admitted to using wages earmarked for employee pensions to fund the company’s operations as it sank toward bankruptcy this time around. To make matters worse, while being unable to pay retirement benefits (about US$1.1 million a month), the company was also granted approval by a federal bankruptcy judge to pay out executive bonuses totalling US$1.8 million to 19 corporate officers and high-level managers. The lesson: It is never a good practice to fleece or short-change your employees. They are the soul of a company and if they are not being suitably compensated or treated well, your entire operation suffers. While Hostess was able to get away with it, most other companies, especially smaller operations, wouldn’t be so lucky. Be prepared for changing 3 always customer tastes

Hostess CEO Brian Driscoll laid the blame for the company’s demise at the feet of changing customer tastes. It is true that people have become more health conscious over the past few years and many have switched to more nutritious snacks, but although Hostess did introduce Nature’s Pride in 2009, which was the first completely all-natural line of bread to be available across the United States, it simply didn’t do enough to be competitive. The lesson: Your business must always be prepared to adapt when you notice a shift in what consumers spend their money on. Customer taste is never static, so do your market research, make your preparations and be ready for action.

www.ezinesreader.com

19 [DO GOOD]

Reach 4 More:

Helping to level the education playing field By Sean A Bennett

hen Reach Academy opened its doors this past August, it did so with the aim of providing an environment for all children to learn effectively, catering to each child’s specific need. Founded by Jodie Williams, Vanessa Khouri-Salazar, Sean Williams and Kanna Coore, the school boasts a unique programme that makes use of both modern technology and extra-curricular activities to expose students to a well-rounded and comprehensive education. Reach Academy educates from a combination of the National Curriculum of England and the Jamaican curriculum as outlined by the Ministry of Education. The school utilises several methods of teaching, some of which have been taken from the United States, to effectively deliver the lessons to the students. “We examine the different learning styles of our students and adjust our teaching accordingly,” said Williams. “The school must adjust to the student, not the student adjust to the school.”

(L-R): Jodie Williams, Kanna Coore and Vanessa Khouri Salazar, co-founders of Reach Academy and Reach 4 More

Your Money eZine

A shared passion for educating children and a need to reach out to the ones in our society who lacked the necessary tools birthed the charity arm of the institution, Reach 4 More, in October. The ultimate goal of the foundation is to level the educational playing field by furnishing under-resourced schools with the necessary textbooks and utensils needed for the learning process. In addition to providing material, they will also host training sessions to assist in preparing the schools’ staff to use them effectively.

The first project, which will be done next August, Reach 4 More will hand over books and supplies to the Alpha Boys’ Home, which houses a school where wards of the state are also trained in music. “We will be working with the boys’ home in setting up their recycling system in terms of textbooks as well as monitoring the condition of the books so they can be reused every year,” said Coore. “We aim to have the charity operating on an annual basis with a different school being the focus each year. The charity’s year will run concurrently with the school year. In time, we hope the charity will grow in size allowing us to focus on more than one school a year, enhancing its impact on the schools affected,” Khouri-Salazar explained. Initial funding will sourced from Reach Academy’s directors themselves, but they are now seeking donations. There is currently a Christmas drive, which encourages members of the public to contribute educational items. For now, the donation centres are currently only in Kingston. “We are creating awareness of these centres and the ways one can donate through print ads in the Jamaica Observer, our print sponsor and through ads at different Visual Vibe locations,” said Williams, the man who controls the business aspects of the operations. Kingston Bookshop has also come on board to offer textbooks at discounted prices.

www.ezinesreader.com

[ s ta r t - u p s ] read

believe

succeed

[start-ups]

Warren Cassell, Jr: Montserrat’s teen tech tycoon-in-training Cassell in a chartered helicopter on his way to Antigua for a business event

Your Money eZine

ike most adolescents, Warren Cassell, Jr balances his schoolwork with extracurricular activities. But that’s about all he has in common with his peers, because unlike the average teen, this 13-yearold is a businessman. And we’re not talking about a lemonade stand. Cassell is an investor and serial entrepreneur who registered his first company, Emerald Greeting Cards, at eight years old. Three companies later, he is the Caribbean’s youngest tech entrepreneur with his own operations, ZapSocial, Carib Creations and Chupz.co. “As early as I could remember, I always had a vast fascination with the business world. My childhood was unlike most of my peers: Mario and Luigi nor Spongebob interested me,” he declared. “Instead, I would be reading about successful entrepreneurs, watching CNBC and playing real estate simulation games. There is something about business and entrepreneurship I cannot resist; it’s a very fun path.”

www.ezinesreader.com

There are no mentions of video games on Cassell’s Twitter timeline, but you’ll find inspirational quotes, comments and links on the world of technology and business. It’s only when he mentions school and exams that you wonder about his age – if you failed to check his bio. The US-born Cassell is an avid tweeter, which is necessary as his tech companies are all geared towards helping businesses and brands become more aware of the importance of a strong online presence. ZapSocial takes care of social media needs; Carib Creations develops web, mobile and social applications for practical usage and Chupz.co allows businesses to generate their own online presence with easy web hosting, domain registration and website creation. ZapSocial was born in March of this year as Cassell noticed that many regional companies were not as social media savvy as they should be. “With months of research and hours of networking with like-minded individuals, I was able to make the first couple months of ZapSocial a success so far. We have a team of strategists who have worked with companies such as AOL and Nokia on our board of advisors and have partnered with companies who desperately want to make a large mark in the universe,” he explained.

Cassell in St Vincent last year

“With months of research and hours of networking with like-minded individuals, I was able to make the first couple months of ZapSocial a success so far.”

While most parents would dismiss their eight-year-old’s ideas as mere childish ramblings, Cassell’s mom and dad were his first investors. Now, he said, they are proud of all he has accomplished. But the Cassells were alone in their joy for a while, as several of the companies ZapSocial encountered in the beginning were not as impressed. Cassell, who lives in Olveston on the island’s western coast, pointed out that Montserrat is a difficult place to start a business generally, adding that some people were suspicious, since he was the only employee. Now that he has built out his team and attracted important clients, others trust the business. Still, many company heads are shocked that the person responsible for overhauling their web presence is young enough to be their child. “A lot of them go straight to search engines to see if I’m really my age and, during conversations about their projects, they would mention it about six or seven times,” he noted. “However, not everyone accepts it. The minority of persons thinks it would not be appropriate to do business with a 13-year-old. The majority of clients are very happy for my accomplishments, though.” Even though business gives him a “warm and fuzzy feeling”, Cassell is also a full-time ninth grad student at Montserrat Secondary School with plans to study economics in college, so balancing all his responsibilities is a must. “Most of the times, I can say that I’ve been able to manage my time wisely and business work doesn’t interfere with my school work. I believe that starting a business at an early age... prepared me to manage both my education and business,” he said. In addition to his own companies, the business he invested in last year, Cari Market, is still in beta, so Cassell is keeping a close eye on its development. Cari Market, which will be similar to amazon.com, was founded by a Caribbean immigrant in the US. In the meantime, Cassell still finds time to be a ‘normal’ teen. “I am a candidate for black belt in… Tae Kwon Do. I practice every day of the week. I am an active tweeter. Twitter is a very fun social network for me as I can connect with my school friends on it and share what I have to tell the world. And when I’m not tweeting or doing some kicks, I can be found in a book. Apart from business, I also like to read biographies and romance,” he shared.

Your Money eZine