[CONTENTS] [News] 6 entrepreneurship partnering across the globe
The Mara Foundation and the Network for Teaching Entrepreneurship (NFTE) have formed a partnership for educating new entrepreneurs.
jamaican smes and international export standards
Small and medium sized enterprises are being encouraged by the Bureau of Standards to focus on meeting the food safety requirements for export.
world bank and idb support local development
The World Bank and the IDB have each preliminarily allocated US$510million in financing over the next four years.
[business lounge] 11 hope for the manufacturing sector
[insights] 13 the epa: what it is and why you should give a damn
[ c o v e r s t o ry ]
[tech 3] 14 facebook home + more
[do good] 15 jps does good for jamiacan youth 8 douglas lindo: the iron giant
At 9 years old, Douglas Lindo made an early foray into entrepreneurship while in Preparatory School buying and selling comic books.
[editor’s note]
D
espite being faced with formidable challenges, our manufacturers have demonstrated resilience, and continue to innovate, invest and expand Jamaica’s reach in the global marketplace. ‘Brand Jamaica’ is stamped worldwide thanks to premium products from Appleton, Blue Mountain Coffee, Continental Bakery, Caribbean Producers, Excelsior, Juici Patties, GraceKennedy, Red Stripe, National Bakery, Pickapeppa, Walker’s Wood and WISYNCO.
[ s ta r t u p s ]
[ s ta r t u p s ] 16 johnsonbenjamin and associates
The lime green interior decor of the JohnsonBenjamin and Associates Ltd offices sends the message of just how vibrantly they take on the real estate business.
[app.titude]
18 apps for manufacturers
[1o things]
20 books every entrepreneur should read To glean wisdom from those who’ve tasted success, we’ve polled entrepreneurs to find out what books inspired them.
Last year, the manufacturing industry contributed 8.6 per cent to GDP, employed 6.8 per cent of the labour force, contributed J$30.5 billion in taxes and earned US$739.2 million in foreign exchange. The 2030 Vision Statement for the manufacturing sector is “a dynamic, vibrant, market-led manufacturing sector making high value-added world-class products desired by consumers everywhere, using appropriate technologies and environmentally sustainable processes, linked to other sectors, with motivated, productive employees, within an enabling business and regulatory environment.” A strong sector can assuredly provide Jamaica with the core for sustainable economic growth – securing a more encouraging future for all Jamaicans. This issue of Your Money zones in on the manufacturing sector and spotlights Douglas Lindo, Managing Director of one of the Caribbean’s leading manufacturer of designed metal products for the commercial and residential sectors – Belindo Ironworks. Do enjoy this issue on our behalf and we welcome discourse as we explore Innovation and creativity as the primary engines of growth.
Camille Campbell
2013 business
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(CeO ian k agenCies) thalia lyn (CeO island grill)
sessions incLude
raising business Capital aChieving FinanCial eFFiCienCy using teChnOlOgy platFOrms eFFiCiently using Creativity tO spark business pOtential
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Facebook /Katalyxt | Twitter: katalyxtja | www.katalyxt.info | Youtube: Katalyxt Jamaica | katalyxt@gmail.com
[news]
Entrepreneurship partnering across the globe
T
he Mara Foundation and the Network for Teaching Entrepreneurship (NFTE) have formed a partnership for educating new entrepreneurs. Working together they plan to develop the next generation of entrepreneurs through programs and courses in educational institutions the world over. Youth unemployment is a worldwide problem and so it has become even more important to provide opportunities for people to make their own money. The NFTE was started in 1987 by a former entrepreneur turned high school teacher. His passion for helping at-risk students led him to realize how easily street smarts could translate into academic smarts and business smarts. The Mara Foundation is a non-
profit social enterprise for emerging African entrepreneurs that believes in the potential Africa has for innovation and prosperity. Both organisations have features that when combined can provide tremendous benefit for those involved. The Mara Mentor is one such feature which is an online mentoring platform that assists emerging entrepreneurs with having access to advice and information from various business leaders. The partnership with NFTE intends to address the educational gap that prevents potential entrepreneurs from developing sustainable SMEs. Since its founding in 1987, the NFTE has impacted more than 500,000 young people across the world.
Jamaican SMEs need to be brought up to international export standards
S
mall and medium sized enterprises are being encouraged by the Bureau of Standards to focus on meeting the food safety requirements for export. There are growing concerns about Jamaican products meeting the criteria for export into major markets like the United States. At a session organized by JAMPRO, a representative from the Bureau of Standards, Garth Smith spoke and recommended that the international quality standards be implemented every step of the way in the ‘farm to fork’ production process. This is also endorsed by Dalton Your Money eZine
Hastings of the Ministry of Agriculture and Fisheries, saying “if we maintain our quality we minimize rejection”. The National Certification Body of Jamaica (NCBJ) points out that by ensuring that Jamaican companies meet the export criteria it sends a clear message to international consumers, distributors and the export community that Jamaican products can be trusted. Being quality conscious and compliant allows producers to compete effectively in their target market.
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World Bank and IDB support local development
T
he International Monetary Fund’s (IMF) consideration of a new Extended Fund Facility (EFF) in Jamaica has been recognised by the The World Bank and the Inter-American Development Bank (IDB). This shows the confidence that the IMF has in Jamaica’s ability to turn things around for the better. The EFF is an arrangement that gives struggling countries a chance to implement medium-term reform in order to improve the structural issues hindering their growth and development before having to pay back the loan. The repayment period is also longer than in standard loan arrangements, 4.5-10 years to be paid back in installments. The amount borrowed under the EFF is guided by the countries need for financing, the ability to repay as well as the history of how the IMF resources were previously used. The World Bank and the IDB have each preliminarily allocated US$510million in financing over the next four years which will supplement the support provided by the IMF. Since the financial crisis of 2008/9 the World Bank and its private sector arm, the International Finance Corporation (IFC) have provided more than US$800million supporting local development and natural disaster risk management. The World Bank and the IDB are in support of the government implementing strategies to ensure sustained growth to the benefit of all its citizens. www.ezinesreader.com
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Are Entrepreneurs Born or Made?
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t 8 years old, while at Preparatory School, Douglas Lindo made an early foray into entrepreneurship by buying and selling comic books. At 10, he opened a bank account at First Caribbean (approximately $100). By age 13, he sought a stockbroker in his neighbourhood and invested in stocks of Jamaica Producers, Telephone Company of Jamaica (TOJ), NCB and First Caribbean. Douglas made impressive strides in his early professional life. He was appointed the youngest General Manager in the company’s history at Jamaica Broilers at the age of 23 and at JAMPRO as the Assistant VP of Investments and Export Promotions, at age 26.
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The Birth of Bellindo Feeling that he made a good contribution in both the private and public sectors and that he learnt tremendously, Douglas felt “it was time” to move on. The risk of giving up a comfortable corporate salary, which, at that time, was comparable to 60% of Bellindo’s total sales, was daunting. “A big part of entrepreneurship is managing risk”. Free of the corporate world he joined his wife and partner, Lisa, full time, at Bellindo Ltd. Bellindo Ltd, located on Windward Road, downtown Kingston, operates out of an 11,000 square foot factory that once housed a church dating back to 1823. The company is one of the Caribbean’s leading manufacturers of designed metal products for the commercial and residential sectors – operating three divisions, “Bellindo Iron Works™” concentrating on custom architectural ironware, “Perimeter Systems™” which focuses on providing standardized metalwork solutions to commercial and residential clients, and “Bellindo Special Projects™” engaging in engineered products and solutions.
A 30-strong team complement, including a designer, factory manager, project manager, administrator, fabricators, finishers and installers; put fire to the iron at seven a.m. every morning. Bellindo’s offerings in terms of design and delivery are based on a commitment to international standards and the company prides itself on being highly solutionsoriented and innovative. With more than 800 clients, gained solely through referrals, Bellindo has maintained an intense focus on building value, assessing client needs, providing innovative solutions and working quickly without compromising quality. The company has recently concluded two major projects – Megamart in Mandeville and Vista Print in Montego Bay. Many of Bellindo’s projects can be seen throughout the country and chances are, we see their works every day, whether at Emancipation Park, Devon House, the University of the West Indies or both international airports.
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Manufacturing In A Challenging Economy The beautiful works of art created by Bellindo Ltd have been making bold statements in homes and businesses for more than a decade. Douglas describes being an entrepreneur as “rewarding” and is motivated by “seeing potential realised in both business and people.” As small as Jamaica is, it is a large enough economy that must have manufacturing as a part of its economic base. “The reality is, if the government better invests in the education of our people it can create the right economic context for growth.” In the course of operating in the industry, Douglas has found that the average welder for instance, with 20+ years of experience comes to the table with a weak educational base. Talent is not in question, but mathematical skills for example, leaves much to be desired. In the “creative industries that are more valued-added, there are pockets of opportunity that have been overlooked.” We cannot move towards a more productive society without clear government policies around growth and stability. Examples of opportunities to create a competitive environment for manufacturers, involve a review of our labour laws, the Bankruptcy Act and areas of the bureaucracy that makes doing business difficult.
“The reality is, if the country better invests in the education of our people it can create the right economic content for growth.”
In terms of the immediate future, Bellindo is looking to export its products across the Caribbean, while continuing to be innovative in the local market – in spite of the challenges. Your Money eZine
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Hope for the Manufacturing Industry A
pril marks Manufacturers’ Month and the Jamaica Manufacturers’ Association (JMA), led by Brian Pengelley has big plans for the future of Jamaican manufacturing. The economic climate in Jamaica has long been gloomy but the last year’s accomplishments have left them hopeful for the future. Maintaining employment levels in harsh economic conditions is no easy feat, that, along with the fact that no major companies succumbed to the recession leaves Brian hopeful, “we think that’s a major accomplishment.” Additionally, the JMA was able to bring in approximately 22 MSMEs (Micro, Small and Medium-sized enterprises) to the association. “These were people who were basically running home based businesses, we’re looking to mentor them to become large manufacturers”, said Brian. Mentorship from the JMA for these MSMEs will include aiding with the technical side of going through processes and regulations required when running a company as this tends to be a troublesome area. Going forward, the association is looking to grow their new members as well as double the number of current members. At the moment, members are primarily from Kingston and so the association is planning to diversify and court manufacturers from all over the island.
“We want to make sure we broaden our horizons and services offered across the country” Your Money eZine
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“We want to make sure we broaden our horizons and services offered across the country”, said Brian. Constant growth is one of the areas the JMA is looking at improving, their goal for 2015 is to raise their contributions to the GDP from the present 8 percent to 12 percent. Another area they are looking to grow by 2015 is the employment opportunities available through the manufacturing sector. Currently those directly employed through the manufacturing industry number 77,000 and the JMA is looking to add another 30,000 workers to this figure. Despite their successes and positive attitude towards the future, it has not been a walk in the park for the manufacturing sector. The rising cost of energy as well as the steadily devaluing Jamaican dollar are two main issues that face them now. For most manufacturer’s their raw materials come from outside the country. “The majority of raw materials are purchased outside of Jamaica. As the dollar devalues it pushes up costs,” said Brian. For Manufacturers’ Month the JMA is looking to continue the thrust on the Buy Jamaica, Build Jamaica campaign, which encourages consumers to look to Jamaican made products to suit their needs. They will also be having a prayer breakfast in April as well as doing factory visits throughout the month.
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13 [insights]
EPa
What It Is And Why You Should Give a Damn by Andrew Raymore
T
he Economic Partnership Agreement (EPA) signed between CARIFORUM (CARICOM + Dom. Rep.) serves to progressively eliminate tariff/duties on imports to Jamaica originating from the European Union (EU). The EPA has been touted as many things; economic imperialism, uneven trade, a ‘Trojan horse’, but these are all fallacies, perpetuated by those who don’t understand the agreement, and for whom protectionism is a knee-jerk reaction.
For The Consumer One major benefit to consumers is access to more affordable goods from the European market, many of these can be used for further manufacturing/processing or are critical elements in industries in need of a stronger bottom line (think renewables for example), but quite simply, a reduction or elimination in tariffs means more disposable income for consumers, who can then spread their funds around the economy, in a manner that will still garner revenue for the Government (think GCT). For The Entrepreneur Outside of agricultural products and what is commonly referred to as ‘ethnic foods’ for export, most of our Your Money eZine
export sectors, manufacturing sector in particular, all use imported inputs the opportunities are limited only by your imagination, and of course the list of items which will have duties removed. The Customs Tariff (CARIFORUM/ EC Economic Partnership Agreement) Resolution, 2013 passed in Parliament on February 19th, 2013, is now waiting to be gazetted and the Government has been taking administrative steps towards making the changes at Jamaica Customs. Once gazetted, the reductions will be automatic. To address concerns regarding the destruction of local industries and mitigate a sense of panic – the EPA will not eliminate local industry, in fact the Government has discretion for some tariffs to be eliminated on a phased basis and some will not be removed at all – 13.1 percent of products imported from Europe will continue to be subject to tariffs, these products constitute the Exclusions List. This allows the government to insulate critical or infant industries from a ‘savaging’ by an influx of European products.
+
What is critical is that business operators and those planning to be business operators examine the EPA to see: a) How will this affect the cost of my inputs? b) Would a European supplier now be a better option than my current supplier? c) Does my manufactured product come under threat in the next 10-20 years? If so how can I plan now to mitigate this? This is all of course a simplification of a very detailed international trade agreement and for further information you should contact the TAICU (Trade Agreement Implementation Coordination Unit) of the Ministry of Foreign Affairs Foreign Affairs and Foreign Trade at 9264220. Persons in the agricultural/agro processing industries should also reach out to the Bureau of Standards Jamaica (BSJ) for advice on ensuring their products comply with required export standards.
*Also, see this informative document
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tech
RING, RING! THE FIRST CELL CALL, 40 YEARS AGO This year marks 40 years since the first public cellular phone call was made. This mobile phone was a massive device by today’s standards – weighing two and a half pounds and 10 inches long it could only be used for 20 minutes before the battery died. In 1991 the second generation (2G) cell technology hit the market, after being launched by the Finnish company RadioLinja. 3G hit the market another 10 years down the track in 2001 and by 2009 these networks experienced enormous demand, giving rise to the recent 4G technologies. Read more
Samsung launches the Galaxy S4 Samsung launched their newest generation handset, the Galaxy S4 on April 27 all across the world. The Galaxy S3 won the T3 Gadget Awards 2012 phone of the year and the S4 builds on the S3’s features: • The world’s first full HD super AMOLED display, with a 5-inch screen with 441ppi. • 13-megapixel rear camera, dual camera allows the simultaneous use of both front and rear cameras. • ‘Air Gesture’, ‘Air View’ and ‘Samsung Smart Pause’ lets you operate the phone without having to touch a button.
FACEBOOK HOME Earlier this month, Facebook launched ‘Facebook Home’ -- a set of the network’s apps that become the home of your Android devices. With Home, the device’s home screen transforms into “Cover Feed,” or a visually rich and swipe-able version of News Feed for your phone. Home also includes a more picture-perfect version of messaging, complete with a Facebookinvented feature called “Chat Heads,” with colorful notifications that include friends’ pictures. Read more
Read more
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JPS Does Good
[DO GOOD]
For Jamaican Youth
T
he Jamaica Public Service Company (JPS Co.) is doing their part to make Jamaica a better place by engaging the students who need it the most. Their Grade Six Achievement Test (GSAT) Prep Programme helps students to prepare for the exam that determines the future of their secondary school career. By ensuring that these students are as well prepared as possible, JPS helps these students take control of one of the biggest challenges they’ve likely faced. The White Marl Primary and Junior High School received support from the JPS leading up to the GSAT exam held in March 2013. Since the beginning of 2013, the JPS helped with the Saturday class programme for the grade six students, which were held from 9am until 2pm. All participants were provided with a light meal courtesy of the JPS. The school administration and parents were thrilled with the assistance because of the challenges faced leading up to the examination. The Saturday classes not only gave students additional structured time to prepare for the exam but also allowed teachers more time to cover subject matter that was not touched on during regular weekday classes. For the upcoming (2013-2014) school year, the JPS intend to begin preparations earlier. Some parents were unable to provide the additional support the students needed in order to
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prepare for the exam. Students would turn up to school without having eaten breakfast, the parental support at home was at times inadequate resulting in incomplete homework assignments and in some cases absenteeism. Other community development programmes the JPS operates are free homework centres in Old Harbour, Denham Town and Farm Heights in Montego Bay and an outreach programme for early childhood nutritional support which has positively impacted approximately 20,000 children across the island. The JPS also conducts a summer employment programme each year where young people can sign up for jobs. Audrey Williams, Corporate Communications Officer explains that “last year approximately 125 young people were employed.” The JPS hires some but without the capacity to accommodate them all, donates the services of the summer interns to different organisations such as the Kingston Public Hospital, Bustamante Children’s Hospital, the Fish Clinic among others. They are placed at these other institutions and the JPS provides their salary. The JPS’ various contributions demonstrate just how much they value the Jamaican youth and how willing they are to contribute to their development and by extension Jamaica’s future.
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T
[start-ups]
he lime green interior decor of the JohnsonBenjamin and Associates Ltd offices sends the message of just how vibrantly they take on the real estate business. Despite being a young company (they began operations in January 2012), the two partners, Howard Johnson and Judy Benjamin have years of experience in the industry and their partnership was “a match made in heaven” according to Johnson. Johnson got started in the real estate business in 1997 and started his own company in 2005. With this experience under his belt he began looking for a partner in order to be more competitive in the market. Benjamin at the time was also looking for a partner and so they decided to work together and JohnsonBenjamin was born. JohnsonBenjamin offers their clients services in buying, selling and renting properties and will also soon be offering property management services. Located in Barbican Business Centre, they deal with clients and properties from all across Jamaica. The team currently has ten agents all of whom are highly experienced and professional.
“If you invest in the right technology, it makes your operations run smoother. It takes a lot of the kinks and headaches out of the operation and at the end of the day it must benefit the consumer because that’s who we serve”
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Johnson Benjamin & Associates Ltd One thing that sets Johnson Benjamin apart from the competition is Johnson’s distinction of being the only e-PRO in the region. e-PRO is a designation given to a realtor after completing a course that focuses on the use of technology in the field. The National Association of Realtors based in Chicago administers this, once attained it lets the public know that your company specialises in the use to technology to the customer’s advantage. “If you invest in the right technology, it makes your operations run smoother. It takes a lot of the kinks and headaches out of the operation and at the end of the day it must benefit the consumer because that’s who we serve” said Johnson. Although their operations is highly invested in the use of technology, they also still use the more traditional methods of their field. JohnsonBenjamin’s signs outside buildings and newspaper classified listings, using a combination of modern and traditional designs to ensure that they do not alienate any potential clients. As a relatively new company the main challenge was building the right team, one that represented the mission and vision of JohnsonBenjamin. Both Johnson and Benjamin have been ‘around the block’ in the local real estate industry which made their transition into the marketplace easier. When asked about the rewards of being in real estate their answer has nothing to do with the financial side of it. Rather it is the human element they find most satisfying, “you know, when you see a baby say ‘that’s my room’, I love to see that. You know a young couple starting out and they need an apartment, a starter home, I want to play that important role, years from now they will look back and say ‘I got my start from JohnsonBenjamin and Associates”. www.ezinesreader.com
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18 [App.titude]
April is Manufacturer’s Month so we’ve put together a list of the top three apps that we think can help you best. Manufacturer’s have their app needs as well and developers are beginning to tap into that market.
SAP RealSpend (Available for iOS) For all manufacturers already using SAP software, this app allows you real time access to accurate information about your company’s expenses and budget. Using this app you can also keep track of and resolve issues with other team members and analyse data spent in any area over a given time frame.
top 3 apps for manufacturers
SAP has other apps that you can use to help your business run more smoothly.
DataVault Password Manager (Available for iOS, BlackBerry, Mac and Windows) This app is ideal for storing confidential information about various accounts. It uses powerful encryption and advanced security features to keep the information safe. There are also organisational features that help to keep this information structured and easy to manipulate. DataVault can be synchronised among various devices.
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TypeDrawing Mailbox (Available for iOS) The highly anticipated mail app allows for you to take an immediate action on your emails allowing you to easily get to a zero count. Whether you want to archive them, trash them, have it sent back to you later or to list it, these decisions are only a swipe away. The latter two features make this app practical for those with a busy on the go lifestyle.
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20 To glean wisdom from those who’ve tasted success, we’ve polled entrepreneurs whom we’ve featured in Your Money to find out what books inspired them. In no particular order, these 10 topped our list. #YourMoney10
[10 things]
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Tipping point - Malcolm Gladwell
Steve Jobs - walter isaacson In Steve Jobs: The Exclusive Biography, Isaacson provides an extraordinary account of Jobs’ professional and personal life. Drawn from three years of exclusive and unprecedented interviews Isaacson has conducted with Jobs as well as extensive interviews with Jobs’ family members, key colleagues from Apple and its competitors, Steve Jobs: The Exclusive Biography is the definitive portrait of the greatest innovator of his generation.
2 Outliers - Malcolm Gladwell In his provocative and inspiring book, Malcolm Gladwell looks at everyone from rock stars to professional athletes, software billionaires to scientific geniuses, to show that the story of success is far more surprising, and more fascinating, than we could ever have imagined. He reveals that it’s as much about where we’re from and what we do, as who we are - and that no one, not even a genius, ever makes it alone. Your Money eZine
Inside Coca Cola: A CEO’s Life Story of Building the World’s Most Popular Brand - Neville Isdell, david Beasley This first book by a Coca-Cola CEO tells an extraordinary personal and professional worldwide story, ranging from Northern Ireland to South Africa to Australia, the Philippines, Russia, Germany, India, South Africa and Turkey. Isdell helped put out huge public relations fires (India and Turkey), opened markets(Russia, Eastern Europe, Philippines and Africa), championed Muhtar Kent, the current Turkish-American CEO, all while living the ideal of corporate responsibility. Isdell’s, and Coke’s, story is newsy without being gossipy; principled without being preachy. Inside Coca-Cola is filled with stories and lessons appealing to anybody who has ever taken “the pause that refreshes.” It’s also a readable and important look at how companies can market and govern themselves more-ethically and to great success.
The tipping point is that magic moment when an idea, trend, or social behavior crosses a threshold, tips, and spreads like wildfire. Just as a single sick person can start an epidemic of the flu, so too can a small but precisely targeted push cause a fashion trend, the popularity of a new product, or a drop in the crime rate. This widely acclaimed bestseller, in which Malcolm Gladwell explores and brilliantly illuminates the tipping point phenomenon, is already changing the way people throughout the world think about selling products and disseminating ideas.
5 Rich Dad, Poor Dad - Robert Kiyosaki Anyone stuck in the rat-race of living paycheck to paycheck, enslaved by the house mortgage and bills, will appreciate this breath of fresh air. Learn about the methods that have created more than a few millionaires. www.ezinesreader.com
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Think And Grow Rich - Napoleon Hill THINK and GROW RICH has been called the “Granddaddy of All Motivational Literature” and was the first book to address What makes a winner. In THINK and GROW RICH Napoleon Hill draws on stories of Andrew Carnegie, Thomas Edison, Henry Ford, and other millionaires of his generation to illustrate his principles.
The 4 Hour Workweek - Timothy Ferriss Forget the old concept of retirement and the rest of the deferred-life plan - there is no need to wait and every reason not to, especially in unpredictable economic times. Whether your dream is escaping the rat race, experiencing highend world travel, earning a monthly fivefigure income with zero management, or just living more and working less, this book is the blueprint.
9 The Accidental Billionaires: Sex, Money, Betrayal and the Founding of Facebook - Ben Mezrich Eduardo Saverin and Mark Zuckerberg - an awkward maths prodigy and a painfully shy computer genius - were never going to fit in at elite, polished Harvard. Yet that all changed when master-hacker Mark crashed the university’s entire computer system by creating a rateable database of female students. Narrowly escaping expulsion, the two misfits refocused the site into something less controversial - ‘The Facebook’ - and watched as it spread like a wildfire across campuses around the country, along with their popularity.
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The Toilet Paper Entrepreneur - Michael Michalowicz A business book that is so uniquely useful, so raw and entertaining, it reads like the brainchild of Steve Jobs and Chris Rock. The founder of three multimillion-dollar companies, including Obsidian Launch, a company that partners with first-time entrepreneurs to grow their concepts into industry leaders, Mike Michalowicz knows what it really takes to spin your great idea into pure gold.
10 The $100 Startup: Reinvent The Way You Make A Living, Do What You Love and Create a New Future - Chris Guillebeau In The $100 Startup, Chris Guillebeau shows you how to lead of life of adventure, meaning and purpose – and earn a good living. Still in his early thirties, Chris is on the verge of completing a tour of every country on earth – he’s already visited more than 175 nations – and yet he’s never held a “real job” or earned a regular paycheck. Rather, he has a special genius for turning ideas into income, and he uses what he earns both to support his life of adventure and to give back.
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