SMALL BUSINESS EXPO EDITION // MAY 2019
CONTENTS
STAFF ADVISORS
05 06 09 11
THE ORANGE ECONOMY
AGENDA FROM SIDE HUSTLE TO REAL BUSINESS: MAKING THE CHANGE INTELLECTUAL PROPERTY: CREATE IT. PROTECT IT. OWN IT.
14 16 18 22
GET ANIMATED: EXPORT WEALTH FOR JAMAICAN YOUTH RESHAPING ART IN THE 21ST CENTURY: DON’T BE A SLAVE TO YOUR PASSION LAUGHING ALL THE WAY TO THE BANK: CREATIVITY MEETS BUSINESS BUILDING A TRIBE: THE ART OF CAPTURING AND CULTIVATING A LOYAL FOLLOWING
23 25 28 31
HOW ARTIFICIAL INTELLIGENCE IS REVOLUTIONIZING MARKETING THE EXIT: WHAT INVESTORS WANT ENTREPRENEURS TO KNOW A TOAST: TRENDS IN JAMAICAN POPULAR MUSIC EXPLORING THE RIPENESS OF THE ORANGE ECONOMY IN JAMAICA
Ms. Valerie Veira, J.P.
Design & Layout
Mr. Harold Davis
Editor-In-Chief & Content Coordinator
Photography
Assistant Content Coordinator
Chief Executive Officer
Dept. Chief Executive Office Colin Porter – Technical Services Unit
Dhaima Garrell – JBDC Visual Communications Unit Suzette Campbell – JBDC Corporate Communications Unit Sancia Campbell – JBDC Corporate Communications Unit
CEO’s MESSAGE
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oldness has always been at the heart of our culture at JBDC. Since inception, we have always had the confidence to take on what is unpopular or seems impossible to many. The 12th Annual JBDC Small Business Expo & Conference is reminiscent of when we launched the agency in 2001 and took on the yeoman’s task of providing business development services for the MSME sector. A significant portion of our audience hardly knew what we meant when we said “Orange Economy” at ‘Breakfast with the CEO’ in February 2019. Today, many of them know due to our robust marketing campaign. Indeed, getting our government, private sector, media and entrepreneurs to talk about the immense benefits of the Orange Economy is the first step. The conversation has begun and it is our intention to keep it going until Jamaica buys in fully and our Cultural & Creative Industries get the level of investment required to propel our entrepreneurs to realize their potential. As such, I wholeheartedly commend the Ministry of Industry, Commerce, Agriculture & Fisheries for believing in and supporting our vision as an agency aiming to fulfil its mandate. The government holds the key to the development of the Orange Economy and this is an encouraging sign. We welcome our Title Sponsor – Sagicor, as this signals the beginning of an extensive partnership. Sagicor’s investment in the Expo is significant in that it shows they are taking a seat at the table to support the growth of the Orange Economy. Our job at JBDC is to ensure that our cultural and creative entrepreneurs are ready and this Expo aims to bring them in an environment where they get exposure to critical information on how they can monetise their creativity. I thank all our sponsors and partners and congratulate our entrepreneurs for taking this bold step with us.
Valerie Veira, J.P. Chief Executive Officer Jamaica Business Development Corporation
CONTRIBUTORS
SUZETTE CAMPBELL is a multi-award winning communications practitioner with 13 years’ experience spanning Public Relations, Journalism and Marketing in both public and private sector organizations. With a highly competitive spirit and creativity, she enjoys a good challenge and prides herself on leaving an indelible mark of success in her endeavours. Using her gift of writing, she hopes to win hearts and positively impact the lives of those on whose behalf she tells stories. Suzette is currently the Corporate Communications Manager at the Jamaica Business Development Corporation.
SANCIA CAMPBELL is a PR Practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading, project management and events planning. She is currently the PR & Events Coordinator at the Jamaica Business Development Corporation (JBDC).
ANDRE HESLOP is the Public Relations Assistant at the Jamaica Business Development Corporation. He is a graduate of the University Of Technology, Jamaica and holds a BBA in Business Administration with a major in Marketing. He has worked in a range of capacities within the marketing field from Marketing Officer to Customer Care Representative and has extensive experience with customer relations. Mr. Heslop is also a managing partner of the emerging Social U Consultants company, a social media marketing firm.
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SMALL BUSINESS EXPO EDITION
The Orange Economy M
ade in Jamaica. These are words that bring a sense of pride to those who have been bold enough to use their creativity and entrepreneurial spirit to make this label go viral. They are also sentimental to fellow countrymen and women who delight in the reality of Brand Jamaica. There is no denying the creative genes that Jamaicans have been blessed with but not enough can boast of successfully monetizing their creativity. In 2012, the income generated from the Orange Economy globally was estimated at US$547 billion! This year the Small Business Expo & Conference urges Jamaicans to squeeze all the juice they can under the theme: Monetizing the Orange Economy: The Future is Creative. Here’s why: nn It generates value and wealth nn It generates jobs nn It generates social impact!
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ho would have thought that part of the response to the development challenges of Latin America and the Caribbean would be in the hands of creative talents, designers, artists and entrepreneurs? Creativity as a driver of innovation can contribute to diversification as a necessary tool for having a globally competitive knowledge-based economy. One of the areas of development is the so-called orange economy, that is, the set of activities that, in combination, allow for ideas to be transformed into goods and services whose value can be based on intellectual property, according to the definition of the Inter-American Development Bank (IDB). The orange universe has two parts: 1) the cultural economy and creative industries and, at their point of intersection, the conventional cultural industries, and 2) areas of support for creativity. With the publication of the book, The Orange Economy, the bank focused on a phenomenon that awakens more and more interest in the development agendas of the Latin American and Caribbean countries. The reason: Operation of the orange economy not only stimulates economic growth through creating value, but also its initiatives have become innovative systems in priority sectors for the region.
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ervices based on creativity generated globally, in 2012, a total of US$547 billion (Unctad) and in 2015 accounted for 29.5 million jobs, comparable to all jobs generated by the economy of Great Britain. For Latin America and the Caribbean, the orange economy meant 1.9 million jobs in 2015, comparable to all jobs generated by the economy of Uruguay or Costa Rica. – IDB As with previous years, the expo will be an informationfilled experience with presentations in myriad areas including Innovation, Intellectual Property Management, Marketing, Social Entrepreneurship and Financing. These presentations are of interest to every entrepreneur and will be hosted in the Grand Ballroom under the sub-theme: EVERYBODY’S BUSINESS. Creative Entrepreneurs will benefit from presentation on topics including Animation, Artificial Intelligence; Art, Music, Dance, Publishing among other creative disciplines. These sessions will be hosted at the Talk of the Town under the sub-theme: THE FUTURE IS CREATIVE.
12TH ANNUAL JBDC SMALL BUSINESS EXPO & CONFERENCE 2019
MONETIsING THE ORANGE ECONOMY THE FUTURE IS Creative
WEDNESDAY MAY 15, 2019 • JAMAICA PEGASUS HOTEL
AGENDA GRAND BALLROOM: EVERYBODY’S BUSINESS 8:00am - 9:00am
1:00pm – 5:00pm
9:00am - 12:00pm
PRESENTATIONS
PRESENTATIONS
BUILDING A TRIBE: THE ART OF CAPTURING AND CULTIVATING A LOYAL FOLLOWING Geoffrey Fullerton – Managing Director & Founder, Fullerton Management Group
REGISTRATION & Opening MORNING SEGMENT
FROM SIDE HUSTLE TO REAL BUSINESS: MAKING THE CHANGE Althea West-Myers Manager, Business Advisory Services, JBDC INNOVATE OR DIE: HOW TO KEEP RELEVANT IN CHANGING BUSINESS TIMES Leighton Brown Business Development Officer, JBDC
INTELLECTUAL PROPERTY: CREATE IT. PROTECT IT. OWN IT. Cavelle Johnston Attorney-at-Law, Townsend, Whyte & Porter
12:00pm - 1:00pm KEYNOTE ADDRESS
KEYNOTE ADDRESS
LAUGHING ALL THE WAY TO THE BANK: CREATIVITY MEETS BUSINESS Mr. Ian ‘Ity’ Ellis Director, Ellis International
AFTERNOON SEGMENT
HOW ARTIFICIAL INTELLIGENCE IS REVOLUTIONIZING MARKETING Rasheed Girvan Regional Digital Manager, Yello Media Group SOCIAL ENTREPRENEURSHIP: WHO’S DOING IT AND WHY IT MATTERS Saffrey Brown Head of Innovation, The LEAP Co THE EXIT: WHAT INVESTORS WANT ENTREPRENEURS TO KNOW Melissa Bennett Manager, Financial Support Services, JBDC
5:00pm - 6:00pm Networking
12TH ANNUAL JBDC SMALL BUSINESS EXPO & CONFERENCE 2019
MONETIsING THE ORANGE ECONOMY THE FUTURE IS Creative
WEDNESDAY MAY 15, 2019 • JAMAICA PEGASUS HOTEL
AGENDA TALK OF THE TOWN (17TH FLOOR): THE FUTURE IS CREATIVE 8:00am - 9:00am
REGISTRATION & Opening
9:00am - 12:00pm
1:00pm – 5:00pm
AFTERNOON SEGMENT
MORNING SEGMENT
PRESENTATIONS
PRESENTATIONS
A TOAST: TRENDS IN JAMAICAN POPULAR MUSIC Hugh Douse Lecturer, Institute of Caribbean Studies, University of the West Indies
GET ANIMATED: EXPORT WEALTH FOR JAMAICAN YOUTH Chevonnese Whyte Assistant Lecturer, Caribbean Institute of Media & Communication, University of the West Indies ARTIFICIAL INTELLIGENCE: THE FUTURE OF COMPUTER SCIENCE Dr. Stephen Rhoden Associate Vice President, Faculty of Engineering and Applied Technology, Caribbean Maritime University
EXPORT MOVES: DANCE A YAAD BEFORE YU DANCE ABROAD Marlon Simms Dean, School of Dance, Edna Manley College of the Visual & Performing Arts SELF-PUBLISHING IN A DIGITAL WORLD Latoya West-Blackwood Chairman, Book Industry Association of Jamaica
RESHAPING ART IN THE 21ST CENTURY: DON’T BE A SLAVE TO YOUR EXPLORING THE RIPENESS OF THE ORANGE ECONOMY IN JAMAICA PASSION Coleen Douglas Panel Discussion Director, Marketing & Communications 5:00pm - 6:00pm Edna Manley College of the Visual & Performing Arts Networking
12:00pm - 1:00pm
KEYNOTE ADDRESS (Grand Ballroom)
From Side Hustle to Real Business: Making the Change A
side hustle is any type of employment undertaken in addition to one’s full-time job. What if you could transform that side hustle into a real business? Transitioning from the security of the 9 to 5 can be risky business and quite scary for the faint of heart. This presentation provides a guided approach to strategically make the change to turning that additional income into your primary source of livelihood. Founder of Startup Circle.co, Abdo Riani describes entrepreneurs as problem solvers. “Whether it is on the side or full-time, a business starts when entrepreneurs recognize that a problem needs a solution and they are confident enough that their value proposition is going to solve this problem. Soon after taking the entrepreneurial plunge, what was once a challenge becomes the norm,” he said. When mulling over the idea of transitioning, entrepreneurs engaged in a side hustle often consider the time they will need to invest as well as financing for growth. Riani offers five additional things to consider: nn Adjust Your Mindset - Thinking big is one small part of the equation, acting big is what counts. For many entrepreneurs, this means investing more resources. In most cases, acting big simply means adjusting your mindset, believing and owning your belonging to a much higher level of performers and remembering that it is this attitude that took you from aspiring entrepreneur to side hustler. nn Pick A Specialty - Specialization is differentiation. Take the example of social media management. Chances are, virtually every business in the worlds needs social media support but do they all fall under your ideal customer persona? Pick a specialty that a certain group of people can identify you by. nn Double Down On What Works - One of the main responsibilities of entrepreneurs is to test a series of educated hypotheses. With the help of mentors and based on experience, those hypotheses can quickly become facts and wise business decisions. Although entrepreneurs should always be testing and innovating, the end goal is to find the things that work in pushing the company to the next bigger milestone. nn Implement Systems And Automation - It has never been easier to run an online business thanks to open source technology and cloud-based tools. Chances are, at least 20% of your repetitive tasks can be systemized and automated. nn Hire In Response To Demand - Most side hustlers make the mistake of hiring in anticipation of demand when the wiser decision is to hire in response to demand. Find the right fit for the project.
Let’s take that leap together… but with a parachute!
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SMALL BUSINESS EXPO EDITION
Innovate or Die:
How to Keep Relevant in Changing Business Times T
here’s nothing more powerful than an idea whose time has come. — Honoré de Balzac
Successful entrepreneurs do more than survive. They thrive! An Innovation strategy is critical to the growth and success of any business. According to Forbes, innovations can involve simply taking something that has long been utilized or enjoyed in one market, such as a food, or face cream, and introducing it to a market that has never seen it. Argan oil is a prime example: used for centuries by the Berbers in North Africa, over the last 5-10 years it has become a popular ingredient in many U.S. hair and cosmetic products, to protect and nourish hair and skin.
Associate Partner at Strategyzer , Tendayi Viki says, with the world changing so rapidly virtually every established company feels the imperative to innovate. “It is not about how much money a company spends but how the money is spent. We are also learning that merely training employees on how to use lean startup and design thinking methods is not enough. It also important for leaders to change how they manage innovation within their companies so that they can align with their innovators’ way of working,” he added. Viki cautions against random innovation projects and suggests that there should be some connection between our innovation strategy and the company’s overall business strategy. Viki sought answers to how companies can develop innovatio0n strategies from Volker Staack, who is the Principal and Global-US Innovation Leader within PwC’s Strategy&. According to Volker there are three main approaches to innovation strategy that they have identified over a decade of doing research: nn Need Seekers: Such as Apple, use their superior insights about customer needs to generate new product ideas. nn Marker Readers: Such as Samsung, focus on creating value by incrementally improving on products that have already been proven in the market. nn Technology Drivers: Such as Google, depend on their strong internal technology capabilities to develop new products. According to Volker, all three strategic approaches to innovation have been found to work well for companies. What is important is that corporate leaders are explicit about their chosen strategic approach. In addition to this, corporate leaders also need to connect their innovation strategy to the overall company’s business strategy. They should provide clear guidance on the role of innovation within the overall company portfolio. Only when such strategic alignment is achieved will companies be able to innovate in the long term.
SPECIAL EDITION • MAY 2019
10
Intellectual Property:
Create It. Protect It. Own It. J
amaicans are a dynamic, creative and talented people with a unique charm and spirit. Our rich culture is a major selling point for tourism and is often what sets us apart from the ordinary island with just sun, sand and sea. As we are also an entrepreneurial people, over the years we have found ways to make aspects of our culture a business, commanding international acclaim on the way to stardom. We need to look no further than cultural icons like the famed Bob Marley and Louise ‘Miss Lou’ Bennett-Coverly who paved the way for a cadre of talented Jamaicans in the performing arts. Brand Jamaica has reached far and wide, but there is much more we can to do to squeeze all the juice from this powerful brand. And in doing so, it is critical that we ensure that our Intellectual Property Rights are protected. The matter of geographical indication is an essential aspect of the discourse as we take steps in this direction. A geographical indication right enables those who have the right to use the indication to prevent its use by a third party whose product does not conform to the applicable standards. Brands such as Blue Mountain Coffee, Portland Jerk, among others, are pieces of Jamaica that ought to be owned by Jamaicans. They’re not only good products, but they tell stories about our history. According to JIPO, geographical indications may be used for a wide variety of products, whether natural, agricultural or manufactured. Examples of international GIs are “Champagne”,
“Tequila” and “Darjeeling Tea”. Examples of registered Jamaican GIs are “Jamaica Jerk” and “Jamaica Rum”. The main feature of these product names are their reference to a particular geographical origin. When we hear these names, we definitely think of special products which are in our perception deeply rooted in the places they designate. GIs help consumers around the world to identify the origin, quality and reputation of products. If these products are not adequately protected they can be misrepresented by dishonest merchants. Such commercial operators deceive consumers and lead them into believing that they are buying a genuine product with specific qualities and characteristics from a particular geographical region, when they are in fact, getting an imitation. As a result two things may happen: nnthe producers/ merchants who are holders of the GIs may lose business and suffer financially nnthe reputation of the product may be damaged. JBDC CEO, Valerie Veira believes that there is immense potential globally for MSMEs who use geographical indication as a marketing tool, particularly those in the creative industries, as they seek to launch or grow their businesses. “No longer should culinary artists, dancers, musicians, actors, poets, artists, designers, writers, etc. view their craft/talent as a hobby, but rather a sustainable business,” she said.
Hellen and Averell French, Owners of Mount Pleasant Chocolate
Tapping into Donor Funds A Proposal Writing Workshop July 23 – 25, 2019 • Pollyanna Caterers & Banqueters - Kingston, Jamaica
Over $197 Million in Grant Funding Awarded to Past Participants! You will: • Understand the dynamics of proposal writing from the donor’s perspective • Construct strategic proposals for business or development projects • BE EMPOWERED TO WRITE WINNING PROPOSALS! Testimonials: The JBDC Proposal Writing Workshop has again proven its worth in helping our group hone its proposal writing skills, and in identifying the right donor fit for our project that has mobilised 170 farmers across 13 parishes to grow castor bean, utilising 1000 acres of marginal lands. In February 2017 we secured phase 1-cycle 1 donor funding of US$197,000, bringing the total secured to date to US$597,000 – Dr. Judith Johnston, Project Manager – JBU National Grow Castor Bean Project
INSTITUTE OF LEADERSHIP & MANAGEMENT
The Tapping into Donor Funds Proposal Writing Workshop is an accredited ILM Development Course. ILM is the leading provider of leadership and management qualifications in the UK and part of the wider City and Guilds Group: a global leader in skills development.
Register Now! Project Management and Research Department • Jamaica Business Development Corporation 14 Camp Road, Kingston 4, Ja. W.I. Tele: 876-928-5161-5 • Email: jbdcpmrd@gmail.com • pmrd@jbdc.net • Website: www.jbdc.net
Get Animated:
Tech Wealth for Youth W
hen you watch local TV and you hear “a eediat ting dat!,” you know it’s iCat from the Broadcasting Commission’s PG ratings campaign. If you just read that line in his voice, you’re a fan! How about Cabbie Chronicles? This Jamaican animated series is about a taxi driver navigating the absurd complexities of modern Jamaican life. There are an estimated 30 to 50 animators in Jamaica navigating their way through what is a booming industry globally. According to PM Newswire, the total value of global animation industry was US$ 254 billion in 2017 and is projected to reach US$ 270 billion by 2020. The demand for animation, VFX and gaming has expanded with the increase in targeted broadcasting hours by cable and satellite TV, availability of low cost internet access, penetration of mobile devices along with the growing popularity of streaming video. In addition, the demand for Animation and VFX content to power immersive experiences such as Augmented Reality and Virtual Reality is growing exponentially.
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he rapid advancement of technology has made animation, VFX & games available to the masses, and this industry has become one
of the fastest growing segments in the global media and entertainment market. We are increasingly seeing more of the global animation, VFX and games production taking place in a globally distributed mode. Production work is becoming global with tax incentives, regional low labor costs and lower computing costs, which put pressure on companies to reduce costs and set up facilities in tax advantaged or low-cost regions. This is a model which is increasingly being tapped by content producers.
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lobal consumers are displaying a growing appetite for engaging, high-definition visual experiences. Moviegoers are demanding high quality productions with engaging visual effects and realistic animation and studios are including more animation and VFX shots into films. Consumers are consuming more immersive content across channels such as ultra-high-definition TVs, tablets and smartphones to head mounted devices. According to the World Bank, brimming with talented, techsavvy youngsters, Jamaica is a hub for innovation. And now, the visual arts have the potential to turn this talent into a meaningful and professional career, thanks to a growing demand for locally sourced animation products.
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hile currently home to just three “pure play” animation studios, the animation industry in Jamaica has the potential to create thousands of jobs. With students receiving grades 1 or 2 in Visual Arts at the CSEC level, there are thousands of young people aged 16-21 with the basic skills to become world-class animators. “Young Jamaicans have the talent. Through partnerships with educational institutions and the private sector, we can provide the opportunity to put them at use in a growing creative industry,” explained Fabio Pittaluga, World Bank Senior Social Development Specialist and the initiative’s coordinator.
SPECIAL EDITION • MAY 2019
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15
SMALL BUSINESS EXPO EDITION
Artificial Intelligence:
The Future of Computer Science Why Artificial Intelligence is Shaping our World - BBC News
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e stand on the edge of a crucial moment in the history of our species – a time when a creation of our own inventiveness has the potential to change everything. For some, it will be humanity’s salvation, while for others, it could be our downfall. We are entering the age of artificial intelligence (AI). While AI is still some way from the sentient machines portrayed in science fiction, the creation of algorithms that can learn, understand language and mimic some aspects of the human mind have led to huge advances. Today AI is being used in hundreds of different industries. The machines we use on a daily basis are getting smarter, meaning that AI is no longer a futuristic technology but is increasingly integrated into every realm of our lives. From suggesting what books we might like to buy online to powering the virtual assistants that inhabit our phones and smart speakers, some of the applications are more visible than others. In truth, AI is touching our lives far more than many of us realise. nn Banks are using it to detect fraud and predict changes in the stock markets nn Insurance companies are employing AI to help them produce policy quotes and assess claims nn It’s helping police forces to identify suspects from grainy CCTV images nn In courtrooms it’s offering advice to judges about whether to grant bail conditions to criminal suspects nn Machines with the capability to identify images are helping doctors spot disease. nn Algorithms that use machine learning – one of the leading branches of AI – are helping self-driving cars to navigate our complex roads nn They are helping linguists to decifer lost languages nn And it is helping firms make decisions about who to hire and fire nn Even on flights, AI is being used by air traffic controllers to help to keep us safe both in the air and on the ground. Yet there are also deep ethical questions about how and when AI should be used. And whether the hype surrounding this technology outstrips what is really achievable. One of the early pioneers of computer science Alan Perlis once quipped that “a year spent in artificial intelligence is enough to make one believe in God,” out of frustration at the problems of producing computer networks that could mimic the human brain. Is the prospect of creating machines that could possibly hope to compete with our brains still out of reach? Or are they now able to do the things humans can only dream of? What is AI really capable of? How can it help us solve our problems? And how should we feel about this future? Join us on our journey through the research, applications and future of AI.
Reshaping Art in the 21st Century: Don’t be a Slave to Your Passion A
rt is not just beautiful. It is also expensive. Why are some artists seemingly poor? Born with a unique skill and talent, many go as far as honing their skill at the tertiary level. There are others who do not get to that level academically, but still have dreams of making it big. They, like those who would rather acquire the art below value or refuse to finance it, simply do not treat it as a business and sometimes fail to keep pace with the changing times and needs of customers. According to writer, lecturer and futurologist Je suis Ploum, most artists don’t earn any money. Ploum points out that virtually anyone can be an artist but turning art into an income is another process. “You need to become an entrepreneur and create a business model. Proof is that the most talented artists are very rarely the best paid. Making money, being it from art or from anything else, is called entrepreneurship. Failing at creating a business can happen and is never the fault of the customers. If they don’t pay, it’s because the business doesn’t answer the needs of today’s world,” he added.
A Denisha Wright – D’s World of Art
rtist, Arree Chung says artists and entrepreneurs have a lot in common. They march to the beat of their own drum, both are risk takers and both are creators. Yet artists often fail at business. “The main reason why artists
fail at business is because they don’t identify a viable market to fill. Creating art is a self-indulgent activity. Artists listen to the inner voice that drives them to create…But creating good art isn’t enough to make a viable business. A lot of artists who go into business for themselves try to start a t-shirt or print business. They usually fail because there aren’t enough fans of their work to sustain the business,” Chung explained. Chung believes the solution is in the mindset. “The designer’s approach is completely different than the artist’s. A designer constantly thinks about the end user. They conduct market research, identify a problem, and then use their artistic skills to create something that fills a market need. This is why creative problem solving is one of the most important skills of a good designer. Artists will become more successful at entrepreneurship by thinking more like designers. They have to think about how they can take their art and leverage it in solving a problem.”
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n explaining further, Chung drew a comparison between Vincent Van Gogh and Thomas Kinkade. “The reason why Vincent Van Gogh died alone and broke wasn’t because his art wasn’t good. It was because he wasn’t an entrepreneur. There wasn’t a current market demand for his paintings and he didn’t know how to market or educate the public to create demand. As for Thomas Kinkade, despite the fact that art critics loathed his art, he was able to successfully market and sell his work to mainstream America. He was a very good entrepreneur and a savvy marketer. He coined himself the “Painter of Light.” Kinkade also built a scalable business model and a system for production. He had a factory producing prints and workers that dabbled paint onto prints to make them seem like unique paintings. By doing so, he was able to charge thousands of dollars for a print because it was more like a painting than a print. Consumers walked away delighted feeling they had bought a painting from the “Painter of Light.” So what will you be - just a magnificent artist or an entrepreneur?
SPECIAL EDITION • MAY 2019
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12TH Annual JBDC Small Business Expo & Conference
Keynote Speaker
Laughing all the Way to The Bank: Creativity Meets Business I
t is said that ‘laughter is good medicine’ and Ian ‘Ity’ Ellis is just what the doctor ordered. Ellis wears an infectious smile on and off the stage and those who come in contact with him can’t resist the urge to smile right back at him or fall over laughing. But the story of his ascension to one of Jamaica’s most notable talents is no joke.
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his half of the most popular and longest running Jamaican comedy duo Ity & Fancy Cat, is also an accountant, taking on the Association of Chartered Certified Accountants (ACCA) up to Level Two. His behind the scenes career was unknown to many until recently when he received widespread publicity upon graduating from the Mona School of Business’ MBA programme at the University of the West Indies. Ellis is also the younger brother of foundation comedian Owen ‘Blakka’ Ellis, whom he credits with awakening his talent leading to the perfect blend of creative and business.
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llis’ desire to enter the big stage began from the early days when he was employed to Island Jamaica as the accountant for the films including Dancehall Queen and Third World Cop. With this experience, he was well poised to serve as accountant in his family business – Ellis International, which deals primarily in comedy. Over the years, Ellis International has grown to producing arguably some of the nation’s top comedy productions including the annual Christmas Comedy Cook-up and The Ity & Fancy Cat Show. Today, Ellis is Director of Finance, Management and Marketing and is celebrating the recent release of the company’s first sitcom – Bigger Boss.
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BDC is proud to host Ian ‘Ity’ Ellis as the Keynote Speaker for the 12th Annual Small Business Expo & Conference as we look forward to an inspirational address to a packed Grand Ballroom. It promises to be a scintillating delivery of how a son of Trench Town successfully monetized the Orange Economy.
Ian ‘Ity’ Ellis Director, Ellis International
19 SMALL BUSINESS EXPO EDITION 12TH Annual JBDC Small Business Expo & Conference
Speakers
Melissa Bennett Manager, Financial Support
Leighton Brown
Saffrey Brown
Services Unit , Jamaica Business Development Corporation
Business Development Officer Jamaica Business Development Corporation
Head of Innovation The LEAP Co
Director, Marketing & Communications Edna Manley College of the Visual & Performing Arts
Hugh Douse
Geoffrey Fullerton
Rasheed Girvan
Cavelle Johnston
Lecturer, Institute of Caribbean Studies, University of the West Indies
Managing Director & Founder Fullerton Management Group
Dr. Stephen Rhoden
Associate Vice President, Faculty of Engineering and Applied Technology Caribbean Maritime Institute University
Regional Digital Manager Yello Media Group
Marlon Simms
Dean, School of Dance Edna Manley College of the Visual & Performing Arts
Latoya West-Blackwood Chairman, Book Industry Association of Jamaica
Coleen Douglas
Attorney-at-Law Townsend, Whyte & Porter
Althea West-Myers Manager, Business Advisory Services Jamaica Business Development Corporation
Chevonnese Whyte
Assistant Lecturer, Caribbean Institute of Media & Communication, University of the West Indies
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22
SMALL BUSINESS EXPO EDITION
Building a Tribe:
The Art 0f Capturing and Cultivating a Loyal Following S
tartups need a loyal following of people who aren’t just users of their product or service but also believers. According to Forbes, the newest way to sell is by getting your customers to sell for you. To do this, you need to build a community of customers who want to become brand advocates. In order for brands to build community, they need to identify the type of community they want. It could be tied to a worthy cause or common interest, act as a support group or a take on a number of other variations. Rashan Dixon writes in Entrepreneur that a recent survey found that more than 90 percent of them consider themselves highly loyal to their preferred brands. “The quality of products and services was the leading factor in that loyalty. Consumers won’t repeatedly purchase products or rely on services from a company that keeps letting them down. Good deals and customer service also contributed, but consumers’ level of interaction with a brand outside of sales also weighs heavily in their loyalty,” he added. According to Dixon, “in the survey, 80 percent of consumers considered themselves loyal after just three purchases, whereas it took 37 percent a full five purchases before they would declare themselves brand loyal. Once they’ve granted that loyalty, though, these consumers are more likely to become natural ambassadors for the brand -- as long as that brand reciprocates their devotion.” Engagement turns out to be more important to loyal customers than service. For example, the majority expect a fast response when the provide feedback. “This engagement takes more effort than servicing customers, which merely helps them make it through the sales funnel and to the checkout counter. Engagement means making consumers feel like part of a community and personalizing such things as loyalty rewards and exclusive sales,” Dixon said. Dixon points out that customers become loyal when your brand focuses on them. He suggests following these three rules: 1.
Cultivate a community – don’t just communicate, converse.
2.
Make loyalty rewarding - Providing loyal customers with perks will encourage repeat purchases and create vocal brand advocates.
3.
Personalize your communication – Reach out to customers on their birthdays, anniversaries and other life events
Be creative and authentic!
How Artificial Intelligence is Revolutionizing Marketing S
imply put, artificial intelligence is the science which creates machines that performs tasks which are usually carried out by humans. Increasingly, consumers are demanding personalized services that meet their needs. Getting into the minds of the consumer can be a time consuming challenge for marketers. How does AI solve this problem? According to CIO, AI technology enables marketers to separate their customers into distinct personas and understand exactly what motivates them. With this information in mind, marketers are able to focus on the specific needs of their audience and creating a long-lasting relationship with the brand. In the past, the availability of quality data was lacking and fueled mostly by demographics. Now, we’re entering an era of robust AI data analytics, that open the doors for marketers to fully understand their audience on a deeper level. Of course, like most things in life, AI isn’t 100 percent foolproof. However, AI predictive analytics aim to make the most accurate predictions by analyzing past and present customer behavior patterns. Using the data gathered, marketers can incorporate insights into their marketing efforts to create an optimized and targeted campaign. Social media is a great place to garner feedback on your brand. Forbes points out that Customers share this type of information on their social media platforms. With AI monitoring tools, you can keep tabs on just how your brand is perceived. The best tools allow you to do the following: nn Recognize thought influencers; nn Identify customer sentiment; nn Select trending phrases and/or topics; nn Segregate customer information; nn Listen for specific brand mentions. The quality of service and engagement an individual has with your company before, during, and after the sales process is pivotal. It can make the difference between finding a loyal customer or making a one-time sale. In 2018, Salesforce’s State of Marketing reported that 52% of consumers are more inclined to change brands if a company doesn’t offer personalized communication.
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SMALL BUSINESS EXPO EDITION
Social Entrepreneurship:
Who’s doing it and why it Matters I
magine making a profit in an environment where society benefits. Social inclusion matters because it allows for social inclusion which is critical for nation building. Today’s youth are all about making a positive impact on the world while making money. Forbes estimates that a whopping 94% want to use their skills to benefit a cause. New York Times best-selling author MeiMei Fox points out that social enterprise has taken off as a new formula for success, combining capitalism with a do-gooder mentality. “These self-funding, for-profit businesses also have a mission to tackle global issues such as alleviating hunger, improving education, and combatting climate change. To achieve their high-minded goals, the companies might fund specific programs, partner with governments or existing philanthropic entities, or follow a one-for-one donation model, and work on either the local or international level,” she explained. Continuing, she added “I spoke with several leading social entrepreneurs, all of whom are incredibly enthusiastic about what they do for a living because it allows them to live their passion, embracing a career with meaning.” Why social entrepreneurship? Fox offers 5 reasons: 1. It connects you to your life purpose. 2. It keeps you motivated. 3. It brings you lasting happiness. 4. It helps you help others discover their life purpose. 5. It is what today’s consumers want. The government of Jamaica recognizes the emergence of social enterprises as a vibrant complementary sector over the last few years has been impactful on communities. Social enterprises are agents for development and can play an important role in maintaining community infrastructure and providing services for the community while solving social issues; contributing to employment, and generating sustainable income. To this end, the government’s updated Entrepreneurship & MSME Policy serves as a platform for supporting the work of social enterprises and promoting social value creation.
The Exit:
What Investors want Entrepreneurs to know B
efore you make that pitch to a potential investor, you must be ready to provide a winning response to the question of the exit strategy. You want their money, but what will they come out with? According to Tim Berry, founder and chairman of Palo Alto Software exit strategies related to startup funding are quite often misunderstood. “The “exit” in exit strategy is for the money, not the startup founders or small business owners. The company brings in money and the investors get money out. So startups looking for angel investors or venture capital (VC) absolutely need an exit strategy because investors require it. The exit is what gives them a return,” he explained. Berry goes on to point out that the exit strategy related to startup funding is what happens when investors who had previously put money in a startup get money back, usually years later, for a lot more money than they initially spent.
“Investor exits normally happen in only two ways: Either the startup gets acquired by a bigger company, for enough money to give the investors a return, or the startup grows and prospers enough to eventually register for selling shares of stock to the buying public over a public stock market, as happened with Facebook in 2012 and Twitter in 2013,” he added. Berry explains that when investors sit for pitches from startups, they expect the startups to cover the exit strategy. That usually means talking, in the pitch and in the business plan, about how similar companies in similar markets have been able to exit via selling out to a larger company. The more sophisticated plans and pitches will mention recent exits and offer information about how the companies that exited were valued when they were bought. “You can understand how investors feel about exit strategy if you consider what happens to investors who don’t get exits. They don’t have a return. They put money into a company, but they get nothing back. Having a minority share in a healthy, growing company, without any prospect of an exit, is a terrible scenario for investors,” he added. There are other exit strategies to consider. Berry points out that “aside from the investor-oriented exit strategy, which is a factor in every outside investment, you’ll occasionally hear about a different kind of exit, when the startup founders, the entrepreneurs themselves, sell their company and turn their ownership in a business into money. This happens most often as people get older and want to finish their careers. More rarely, you’ll encounter younger entrepreneurs whose vision from the start was to establish a business, grow it fast to make it attractive to a purchaser, and sell. These are also exits.”
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SCIENCE & TECHNOLOGY AT YOUR SERVICE
If you are starting a business or expanding to the next level in Jamaica or internationally, it is recommended that your products conform to globally-accepted standards. BSJ’s scientists and technologists working in our ISO/IEC-accredited Chemistry and Microbiology laboratories are equipped to deliver world-class testing services for a wide range of industries.
GET READY TO SUCCEED! Bureau of Standards Jamaica. Making standards work for you. An agency of the Ministry of Industry, Commerce, Agriculture & Fisheries. For more information, visit www.bsj.org.jm or call (876) 632-4BSJ
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SMALL BUSINESS EXPO EDITION
A Toast:
Trends in Jamaican Popular Music T I he world thought Bob Marley was all Jamaica had to offer but every few years a new star emerges belting the unique sounds from the little island. Now when we speak of coffee, one has to clarify whether it’s the famed Blue Mountain beverage or the ultra-talented new kid on the block, Koffee who is currently making waves across the charts with her single Toast!
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n a review of the book, International Reggae: Current and Future Trends in Jamaican Popular Music written by Professor Donna Hope, Dennis Howard points out that the universality of reggae as a genre is unquestionable. Artistes such as Alborosie, Hirie, Gentleman and every other non-Jamaican forms of reggae, roots reggae, reggaeton - to name only a few - are obvious testaments to the reach of these Jamaican cultural markers. While there are concerns about who owns the music and where the music may go and what it may evolve into, there is no doubt about its genesis.
amaican popular music dates back with to the 1950s with the emergence of Mento and since evolved throughout the ensuing decades to include Calypso, Rastafarian, Rocksteady, Ska, Gospel, Reggae and Dancehall. Reggae is characterised by “As the book relates to future its heavy, often repeated bass trends, discussion of a new and has a strong element of genre is not mentioned. Chuck Rastafarianism. The genre was Foster writes that Jamaican made popular primarily by the music had gone beyond reggae, late Robert “Bob” Marley who but he’s not quite sure what died in 1981 and still remains to name what it is now, while the most widely acclaimed Sly Dunbar considers that as reggae artiste. Other popular long as the music keeps people artistes include Toots and the dancing, it will have a future. Maytals, Third World, Jimmy But regarding what is or what Koffee – Recording Artiste Cliff, U-Roy, Beres Hammond will Jamaica’s next genre of and Dennis Brown. Dancehall has evolved over popular music be, the verdict is still out,” he said. the years from a mere place where a dance is held to ontinuing, he pointed out that Jamaican popular an actual genre characterized by deejaying sometimes music exists in a global community to which it has raunchy lyrics. Popular deejays include Yellow Man, to constantly explain itself - it does not feel the need to Buju Banton, Beenie Man and Bounty Killa. reinvent itself. It has been discussing the same themes from the time of mento, right up to dancehall. “This is what makes the music Jamaican; the experiences, as the island goes through its sociopolitical struggles, natural disasters, civic upheavals etc., which inspire the creators. Asking Jamaican artists to morph to please international audiences is to seemingly make the music untrue, at the least. However, because of Jamaican popular music’s global reach and of the impact of capitalism and ethnocentrism, while Jamaican artists may maintain their polarity within other local cultures, they will face difficulties in leaving the island’s shores, while at the same time foreign reggae and dancehall artists will set the trends in the genres,” he said.
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Export Moves:
Dance a Yaad before Yu Dance Abroad “O
ne good thing about music, when it hits, you feel no pain,” words from Bob Marley’s song Trench Town Rock aptly describe the impact of music and the resultant movement which follows. Like ackee and saltfish, Jamaican music is synonymous with impressive dance moves that have crossed barriers into foreign territory. In fact, the Honourable Olivia Grange, Minister of Culture, Gender, Entertainment and Sport has identified Reggae music as Jamaica’s most valuable yet undervalued export.
It is not just a formal art form for theatres and film production; dance is part of everyday life in Jamaica, and so people dance everywhere at just about any time. And that makes it easy to keep pace with the ever changing music.
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ance has played a significant role economically as it served as a primary source of livelihood for Jamaican youth blessed with dancing feet and creative genius. Many popular dances were developed in the streets of the innercity by people who have never attended But where did it all dance school. With the begin? Dance is part dancehall as their school, of the rhythmic magic they created moves of our ancestry from, which have broken sociobruckins, dinky-mini, economic and geographic Bogle to flairy. According borders. The IMF’s World to the National Library of Economic Outlook GDP Jamaica, the dances are in Estimate for Jamaica was Prince Harry learns dance moves on a visit to Jamaica three categories – African-derived, US$14.6 billion of which creative Creole, and European-derived. Combined, they evolved industries represented approximately five per cent or to form traditional dances. US$730 Million and that music, represents close to two per cent of that total. ith the emergence of reggae and dancehall, Jamaican dance moves evolve as quickly as the till, some have failed to monetise and protect these music with dance moves developed to accompany unique dance moves and have been forced to watch as particular rhythms or specific songs particularly since the their creations are pirated internationally, receiving no 1990s. So strong is the dance culture that it resulted in the credit or money in return. Others have gone but have not development of icons such as the Dancehall Queen which managed to squeeze all the juice from the big stage. It’s time later made its way inside theatres in the form of a movie to learn to ‘dance a yaad before yu dance abroad’. of the same name.
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SMALL BUSINESS EXPO EDITION
Self-Publishing in a Digital World H
istorically, if you wanted to know how to publish a book, you needed an agent to get a traditional publisher to look at your manuscript. In fact, many publishing companies won’t even open a manuscript if it doesn’t come through an agent… Which makes learning how to publish a book way more difficult. Not to mention the fact that going through all that work to just land an agent isn’t necessary if you want to publish a book. What’s worse is even if they do open it, it’s still unlikely that your book will be published and sold in bookstores! *Cue the groans and grumbles of irritation* So is there a better method? Yes! In fact, there is another way for your book to not only be published, but to even become a bestseller! This method has led to the success of many authors and is changing the book and traditional publishing industry. It’s called self-publishing! Personally speaking, I’ve self-published 6 bestselling nonfiction books on Amazon, sold tens of thousands of copies, and continue to collect thousands per month in royalty checks. The success of my books has been directly responsible for the strong performance of my business, which has grown to over 7 figures in less than 2 years.
Five years ago, in order to achieve this level of publishing success, you would have needed to be extremely lucky to even land an agent who would attempt to find you a deal at one of the “Big 5” publishing houses. This is no longer the case. Not only do you no longer need one of the “Big 5” companies to publish your book, now self-published authors are actively turning down offers from publishing companies! So if you are trying to publish your book and are having no luck landing a publisher, self-publishing could be the best option for you. Better yet, making the decision to learn how to navigate the self-publishing world the right away can save you countless wasted hours. - Excerpt from How to Publish a Book in 2019: Thoroughly Detailed by a Bestseller Author: Chandler Bolt
Exploring the Ripeness of the Orange Economy in Jamaica
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lessed with a tourism mecca in sun, sand and sea, as well as charming and creative people, the linkages for a booming Orange Economy are on this little island. Still, many were confused at the beginning of the marketing campaign for this Expo; clueless as to what was meant by the Orange Economy. Is Jamaica’s orange ripe enough? Andrea Dempster-Chung is co-founder and executive director, Kingston Creative - a nonprofit organisation seeking to transform downtown Kingston through art and culture. Below is an excerpt from an article written by Dempster-Chung in the Jamaica Observer on January 27, 2019. Many successful creative entrepreneurs in Jamaica do not identify themselves as “creative entrepreneurs”, they call themselves “business persons”, even though they are clearly working in the creative industries. This may stem from the bias in our educational system toward herding young people into traditional career paths (doctor, lawyer, engineer, MBA’s) and dissuading them from pursuing creative careers, deeming those areas “hobbies”. However, the world has shifted — and we see that
globally, creative talents, thinking and skills are in high demand. “The creative economy has both commercial and cultural value. Acknowledgement of this dual worth has led governments worldwide to expand and develop their creative economies as part of economic diversification strategies and efforts to stimulate economic growth, prosperity and well-being.” – Mukhisa Kituyi, secretary general of UNCTAD So why hasn’t Jamaica, often labelled as a “cultural superpower”, tapped into its cultural capital and the creativity of its people to diversify and stimulate growth in its economy?
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n fact, Jamaica, a country rife with talent and a powerful brand name to boot, is running a creative goods deficit of US$147 million. In 2014 we exported US$5.98 million in fashion, accessories and publishing — and in the same year we imported design, publishing and audiovisuals for a total value of US$153.14 million. Barbados, by comparison, exported almost four times as much as Jamaica - US$19.2 million in couture, jewelery and handbags - and imported only US$65.79m worth of goods for a resultant deficit of US$46.59m. The report almost shakes its head in confusion, painstakingly pointing out that “Jamaica has a very rich history of original music and in particular, reggae“. This is not news to most of us, as Jamaica received the UNESCO intangible heritage designation for reggae in 2018, and our capital, Kingston, has been a UNESCO Creative City of Music for four years, But how have we leveraged that?
in the wider arts and our culture itself - Jamaica has a real opportunity to treat creativity not as a hobby, but as a sector that can be a catalyst for economic growth. Just last week I happened upon a film crew filming a video for Jason Derulo, an international pop star, at the new Kingston Creative Water Lane murals, located behind the old Swiss Stores building on Harbour Street. The simple addition of art on the walls made this an enticing location for filming — which generates revenue for the community and country.
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rake, DJ Khaled, Jay-Z and Beyonce are all just a few of the internationally known creatives that have come to Jamaica in recent months — not for the sun, sea and sand that we push to the forefront, but for our culture. Sadly, while Jamaica may receive a filming fee or a recording studio rental here and there, the large part of the earnings from these high -rofile visits are generated in home countries of those visitors. So many of our own successful creatives (in visual art, literature, film) have left Jamaica and are contributing to the growth of another nation’s creative economy. We can change this by investing in our own cultural infrastructure and developing the ecosystem that young creatives need to succeed right here at home, without migrating. Culture is our innate competitive advantage, and a focus on creative entrepreneurship is imperative for us to able to responsibly monetise our culture. If we can leverage arts and culture in the right way, we will see those resultant economic and social benefits manifesting right here at home.
With obvious competitive advantages - not just in music, but
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