Katalyxt’s Team Message

Business Continuity PlanningTime is Money - Be Prepared or Else! Part 3Bruce Scott

Am I Well Suited For Entrepreneurship?Winsome Minott

Propelling Growth In The SME SectorPresented by EXIM Bank

Building A Nation: Katalyxt Youth InnovatorsDerefe Chevannes

Generation ZAriel Barrett

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Table of Contents

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The Infokat: Soothing An Itch for KnowledgeWinsome Minott

Investing For IncomePresented by Scotiabank

Balancing The Logistics Equation: A Win-Win SituationStefanie Thomas

MSMEs Must Take Advantange Of PSOJ MembershipRalston Hyman

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We thank our partners from the Government Sector, Private Sector and the In-

ternational Community. Together we continue to build capacity with a view to improving service and product delivery. To date we have:

• trained over 500 entrepreneurs through our intervention points, which include: 1) the Business Develop-ment Conference; 2) the Round Ta-ble Live- Streamed Events; and 3) our content-based training in-struments, including the eKatalyxt;

• provided business development coaching for approximately 20 small and medium-sized business owners,

through our incubator programme;

• developed the Infokat, a digital information portal that provides the op-portunity for entrepreneurs to access ex-pert advice and information that may aid efficiency and build capacity for growth;

• fostered strategic engagement of 400 students from 30 high schools across Jamaica via our Youth Innovators’ Competition. The competition provides training, motivation and seed funding for the development of promising ideas.

We hope that our vision of impacting job creation by improving efficiency and enabling product/service delivery will become the vision of all entrepreneurs.

Team Message

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The last segment ended with a discussion on the cost of implementing

a business continuity strategy. This article will seek to address Business Impact Analysis (BIA) i.e. how BIA results influence recovery strategy selection.

The BIA is perhaps the most im-portant exercise in the business continuity process. The BIA will clearly indicate to senior management the business case for preparing a business con-tinuity plan. Some of the crit-ical outputs of the BIA include:

• Identification of time sensi-tive business processes that are required after a disaster;

• The downtime tolerance in terms of IT systems for the business units;

• The financial, customer and regulatory impact of a disas-ter on the company;

• Minimum resources required for continuity after the disas-ter has occurred.

Therefore, if your BIA suggests that the minimum downtime tol-erance of your key business pro-cesses is three (3) hours, then the most likely implication is that you should have a replica of your IT resources at another location, as any other recovery option is unlikely to restore your business processes within three (3) hours. Alternately, the BIA might sug-gest that thirty (30) days is the

minimum downtime tolerance of your key business units and that the financial and non-finan-cial impact would not be mate-rial for the duration of the thirty (30) day period, in which case a formal business continuity plan may not be necessary, as you may be able to get back your processes up and running long before the thirty (30) day period.

The implications of this last point is powerful. Many companies automatically assume that they need to have a replica of their computer room at another loca-tion or that they need a reciprocal arrangement with another com-pany that has a similar computer system. In fact, this may not be the most efficient strategy. In rare cases, a company could chose a “do nothing” strategy. The Board should approve the outputs of the business impact analysis and the final recovery strategy selected.

BUSINESS CONTINUITY PLANNING

This article was written by Bruce L Scott CBCP, Partner, Risk & Internal Audit Services at PwC Jamaica. He can be reached at bruce.scott@jm.pwc.com.

3Time Is Money - Be Prepared

Or Else!

Part

4

AM I WELL SUITED FOR

ENTREPRENEURSHIP?

Winsome Minott

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T he journey can be a lonely one for an en-trepreneur. The en-

trepreneur often spends many hours dreaming, conceptualiz-ing, and working out kinks. We have little time to worry about work-life balance, and are fre-quently called workaholics, party poopers, too serious, and too dominant. But what our friends and associates are col-lectively saying is, “We want to come first in your life, at least sometimes.” Believe it or not, we want to change the dynam-ics of our lives too. We want to create the balance, we want to be more fun-loving, anxious to turn off the room lights assigned to our work sta-tion, and lock the door to the room called, “work on week-ends.” But it is just impossible.

Personality factors play a big part in the equation. Would-be entrepreneurs should con-sider getting tested. Test results may not be 100% ac-curate, but may be a good indicator, like a wind vane.

Are you more worried about an idea than about people and their responses? Are you goal-oriented and pur-pose-driven? Do you consis-tently want to create change, to improve your deliverables? If your answer to each ques-tion is yes, you may have strong entrepreneurial potential.One test that has gained

acceptance as articulated by De Radd in his writings, is

which records personality traits capable of capturing the gamut of meanings of per-sonality characteristics. This test enables the systemat-ic mapping of the total spec-trum of everyday language of individual differences.

This ‘Lexical’ approach for personality is actually nothing more than a desire to formu-late an optimal procedure for selecting a representative set of traits from the complete lingual lexicon. The tests take into consideration entrepre-neurial cognitions, best de-scribed as knowledge struc-tures that people use to make assessments, judgments, or decisions involving evaluation, venture creation and growth.

I remember as a teenager studying in bed, reading, but not being able to find a posi-tion that was comfortable and facilitated reading. I went through the house and found a tray from the liquor trol-ley and used pillows to prop up my innovative bed-desk.

PERSONALITY FACTORS PLAY A BIG PART IN

THE EQUATION. WOULD-BE ENTREPRENEURS SHOULD

CONSIDER GETTING TESTED.

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I also remember using elastic bands and hair slides to make clips. Since that time, I have seen more refined versions of my clip on the market, but none as effective, if my hairdresser’s fascination is any-thing to go by. What am I say-ing? Dissatisfaction often in-vokes solutions. How many times have we shrugged off a good idea that could change lives positively? Karl Hen-drickson did not. When he went to university in Canada and worked part-time with Continental Bakery, he was exposed to the manufac-ture of sliced bread. He knew that this was a product that could change how the market would demand bread in Jamaica. He came home with-out finishing his degree, having persuaded his parents to allow him to set up business in Kingston. Was it luck, or was it vision, and insight? I say it was

all that and more. He had the discipline, the de-termination, the drive to succeed, the resourc-

es, the willingness to risk it all, to give all to the big idea. It was not just about money, it was

about a passion that focused him like a laser beam on the pathway to success. With success, money will always come. Entrepreneurs are risk takers. It is not so much that we don’t hear the haunting voices of everything that can go wrong. We just do not allow fear to paralyze and cripple our dreams. We keep focused

on the product or service, because we want to deliver the best prod-

uct no matter what. Entrepreneurs can taste success, as you would

good wine, hence the term workaholic. Most entrepre-neurs can differentiate between

an illusion and reality. Success-ful entrepreneurs take measured

risks, as they chart new waterways, climb rug-ged hillsides, wanting in their quest to impact the conventional wisdom, providing new solu-tions that will make life different, if not better. What is important is to know yourself; don’t try to be who you are not. Never wor-ry about failure as an entrepreneur, just en-sure you learn what not to do next time around.

“Entrepreneurs are risk takers. It is not so much that we don’t hear the haunting voices of everything that can go wrong. We just do

not allow fear to paralyze and cripple our dreams”

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ProPelling growth in the SMe Sector

The EXIM Bank has set it-self an aggressive growth

agenda over the short to medi-um term with particular focus on new or emerging growth streams in the SME sector, as it seeks to expand its support of the sector for greater im-pact. To enhance this thrust, the Bank is mobilizing vari-ous teams across the island to have targeted meetings with SMEs engaged in produc-tive endeavours and services.

In support of this growth strategy, the Bank has also rolled out a new and inten-sive marketing campaign that is highly client-focused and reinforces the Bank’s

value proposition, which is encapsulated in the tagline: “On the road to SUCCESS you are going to want us in your Business!” The Bank is also bolstering its support of the SME sector by push-ing out more creative pro-duct offerings tailor-made to the specific needs of custom-ers. This focus also includes a deepening of the customer engagement process and re-lationship building through the expansion of the service offerings of the Bank’s Busi-ness Advisory Services. Ac-cording to Mrs. Lisa Bell, “The Bank’s main agenda for the 2013/2014 financial year is to stay ahead of the curve

of change and be a catalyst forinnovation, achievement and sustainable economic devel-opment.” Looking ahead, theBank will continue its drive to identify and develop business opportunities particularly in fledgling but highly prospec-tive sectors such as: energy, the creative industries, sports and entertainment, as it rec-ognizes that these areas are potential wealth creators and export earners for the coun-try. This strategy will be sup-ported by the Bank’s ongo-ing quest to source low cost funds and to increase its capi-tal base in order to offer more meaningful debt financing to assure higher levels of impact on the Jamaican economy.

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Building

NationA

Derefe Chevannes 9

I Innovation continues to be the name of the game for 2014. The rise to fame and wealth can be achieved with only one app. Whatsapp, a mobile messaging software, was currently bought by Facebook for 19 billion US dollars, from co-founders and former owners Jan Koum

and Brian Acton. Only a few months ago, they were hardly recognizable, now they are household names.

Jamaica should seek to benefit from these ground-break-ing, and in many ways, simple inventions. The United States has a well-known culture of enterprise. The ev-eryday Joe (or Jane) can expect to monumentally change their stock in life and achieve the American dream. The Jamaican dream must be encouraged and should be equally attainable. For some aspects of our culture,

we have done that. In entertainment, Reggae music and Bob Marley are household staples across the globe. Similarly, we have created an unbeatable empire in Track & Field, from our Queen of the track Mer-lene Ottey to the newly-minted King, Usain Bolt. We need only to review the national infrastructure that has been in place for the last fifty years, to un-derstand Jamaica’s dominance on the track, beat-ing most of the world’s top athletes in sprint events. The annual “Champs” event, which dates back over 100 years, spotlights Jamaica’s commitment to youth excellence. This nurturing environment fostered much. For a country with such a small population our athletic achievements are truly phenomenal.

Von White

Von has been the Managing Di-rector of OMNI Industries Ltd for over

25 years. He too can chronicle his current success from his early days when he worked in a bar that his father owned and operated. And it

was this beginning that provided the neces-sary footing that led to the development

of his business acumen.

ian LeVy

Ian is the CEO of Ian K Agencies

Limited. He shared his story at Katalyxt’s 2014

Conference. As a child about 7 years old, Ian sup-

plied dills to a Chinese restaurant. His father encouraged

the trade and this went well for a few years. As a teenager

he bought and sold old cars. Later in life he became one

of the most successful deal makers, calling on skills

such as astuteness, integrity, and perseverance. He

has helped to shape the business landscape of

Jamaica

Winsome Minott

Winsome is the CEO of Mint Man-

agement and Finance Services Ltd. She

has many feats under her belt, including being

the visionary of Katalyxt. This savvy business

woman learned her trade at home, working with her

mother who, at the time, operated a boutique. Her

business skills were honed and she learned to mar-

ket products while meeting customer needs. She

took these principles from the boutique to

the board room, where she “accounts”

for business success.

Karl HendricksonKarl founded National Bakery, the “go-to” place for sliced bread. His success

was nurtured when he was a young teenager. “My parents moved to Mandeville when I was thir-teen and opened a bakery, where I grew up learning about the bakery business. The name was Nation-

al,” he told the Jamaica Gleaner. Today, Karl heads a multi-million dollar enterprise.

We must borrow from our discipline and com-mitment in Sports and Music and apply these to business innovation. To foster entrepreneurship we must nurture an unbowed spirit and an in-satiable appetite for creativity and success. Here are a few examples of ordinary lives, achieving the extraordinary:

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Youth InnovatorsKatalyxt’s

These stories show at least a common thread: early nurturing of enterprise appears to contrib-ute to success later in life. From Minott to Hen-drickson, starting in a business and learning the craft of the trade was the key to opening doors of opportunity. Katalyxt’s Youth Innovators’ Com-petition seeks to put enterprise and entrepreneur-ship in the hands of our students with the aim of cultivating innovation. This year’s competition engages over 100 students from approximately twenty two of the nation’s best high schools, vying for the most innovative, original business-ready product or service. This year’s competition has innovative and challenging products and ser-vice offerings. Schools that made the first “cut”:

Ardenne High Central HighPapine High Campion College Kingston Technical Guy’s Hill HighExcelsior High Kingston High Waterford High Mona HighCalabar High Lennon High

But Katalyxt is not alone. The Government of Jamai-ca, in collaboration with The World Bank, private sector ICT companies and international develop-ment partners, staged Digital Jam 3.0, a competition for young Jamaican (and Caribbean) innovators to submit their best app that can change the econom-ic landscape, with a first prize of US $10,000.00

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Generation Y, a demographic cohort born be-tween the early 80s to mid-2000s, are catego-rized as Echo Boomers and Millennials and are the real movers and shakers in the technology

world today. I was born in the 90s; I’m one of them. We are known to be sophisticated, advanced, techno-savvy and more racially diverse than our older counterparts from generation X. We think radically having been born into the era where technologies changed rapidly. This quotidian change became a part of us, every morning we expected some-thing new on our horizon. Cable TV, satellite radio, the internet, cell phones and us, all grew up together. The tech-nology scene is evolving rapidly, what does this mean for Generation Z, i.e., everyone born after Millenials? This generation never knew a world with-out cell phones, the internet and iPods.

Although technology is all around us, a study by the Georgia Institute of Technology and the Internation-al Telecommunications Union in 2013 showed that only about 30% of youth in the world between the age 15 and 24 are actually technology savvy. Many high in-come developed countries have over ninety percent of their youths being considered digital natives while in de-veloping countries, this number falls considerably low.

Why do statistics matter? Technology plays a big role in our lives. This is evident by the extensive use of social media platforms by the youth to propagate ideas and generate discussions whether political, social or cultural. Social me-dia has changed our everyday lives as millions of young people check their social profiles everyday. The fact that it has grabbed our attention with an iron fist has caught the attention of many businesses. Facebook, Instagram, Twitter and LinkedIn have revolutionized advertising.

These websites facilitate advertising and closer relation-ships with customers. In Jamaica, big businesses like Digicel, as well as the smaller ones including Katalyxt and Quest Security Services can access opportunities for growth.

“Only about 30 % of youth in the world between the age 15 and 24 are actually

technology savvy”

Ariel Barrett

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It is critical to have greater access. Governments should build education systems that equip stu-dents with not only theoretical knowledge but also with marketable skills that will facilitate entry into the competitive digital economy. The

benefit of students groomed in the era of technol-ogy is that we are well-positioned to create jobs. Digital technology has made it easier and cheap-er to start a business. Take 23 year old Gordon Swaby, a student at the University of Technology who has aggressively pursued building his busi-ness. Using skills he developed from the age of 13, Gordon has turned determination, a passion for computers and the internet into a lucrative busi-ness called Edufocal. Edufocal is an education-al program focused on GSAT and CXC students that makes learning and preparing for “big ex-ams” fun. This idea continues to benefit children all over Jamaica. The main thing to take from Gordon’s experience is that he received no pro-fessional web design training but had achieved so much because of interest and willpower.

The music world is big business. Beyonce, with the release of her latest album demonstrat-ed to the world how amazing intersections

between innovation and technology can be. Her new self-titled album could be down-loaded worldwide over a million times in a few days, all with-

out traditional methods of publicity.

Young people have a head start in entrepreneurship. Our vision is more expansive with all the online tools available to us. We have fewer responsibilities and more time, so business failures won’t hit as hard. There is nothing much to lose. What better way to spend the time than developing new skills? One of my favorite innovations from our generation is the SnapChat application created by Bobby Murphy 25 and Evan Spieleg 23. This app allows users to take photos, record videos, send text and drawings to selected recipients. There was a race for SnapChat where Silicon Valley giants like Facebook and Google have offered billions of dollars for the company. Neither company has been able to acquire SnapChat but it shows that the owners have really disrupted the market.

“Digital technology has made it easier and cheaper

to start a business”

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Katalyxt is a company that also promotes inno-vation by working with schools including Campion College, Merl Grove High School, Wolmer’s Trust High School for Boys, Bridgeport High and St. George’s College over the past two years. Katalyxt annually hosts its Youth Innovator’s Competition. Students are allowed to propose a new product or service which is judged based on marketability, ex-

ecution, value added and creativity. The school with the most innovative product is awarded prizes and the opportunity to work with Katalyxt’s incubator program to further devel-op their product. This promotes an entrepreneurial spirit and the inven-tion of authentic Jamaican products. The relationship with the schools has sparked the creation of products in-cluding a mosquito repellant from Bridgeport High School, a transform-

er bag from Campion College and many others.

But technology is not only for innovators. You may choose to join an organization that is al-ready established, technology is still a huge asset. The types of companies that hire technology ex-perts include retailers, insurers, retail banks, tele-communication companies, investment banks, accounting firms and investment management firms. It is safe to say technology is interwoven with all business endeavours. It will soon be all up to generation Z to be change agents of to-morrow. Their approach to life is different than generations before them as they readily have access to information. The fact that they con

stantly process massive amounts of information is just preparation for the mentally demanding jobs they will encounter in the future. Genera-tion Z can literally exist in a completely virtual paradigm. Who knows where they will take it?

The challenge is for generation Y and Z to use all the information and resources for empowerment. We must ask how can we create more jobs, be-come more productive, help to provide the world with food, clothing and shelter. I’m doing my part by learning as many skills as I can, keeping up with the latest technology and shedding light on how important it is. So, how do youth, technology and business integrate? Technology plays a big role in our lives; it empowers. As young people, we have the power, the tools and the time to start busi-nesses now. We don’t have to wait until gradua-tion day to become successful. Let us start today.

“Promoting an entrepreneu-ral spirit and the invention of authentic jamaican products”

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Members of the MSME Alliance who also became members of the Pri-vate Sector Organizations of Jamai-

ca (PSOJ) recently when both organizations signed a memorandum of understanding (MOU), must take advantage of this new relationship.

This new relationship will give members of the MSME Alliance greater access to training and men-torship, which will assist them to obtain the capi-tal they so badly need to expand their operations.

The expansion of the sector is one of the pillars on which the current growth strategy is based. The MSME sector is seen as one of the main engines needed to

accelerate the process of economic recovery, which is so important to the creation of jobs, even within the sector. This realization is forcing many institutions to design innovative programmes for this vital sector.

The Jamaica Business Development Corpora-tion (JBDC) is currently conducting a series of seminars on energy efficiency and the impor-tance of online marketing to the sector. Mean-while the country’s two largest commercial banks have been developing training programmes, while conducting workshops in conjunction with the Inter-American Development Bank (IDB) to help these enterprises deal with the paperwork necessary to access credit and new markets.

The Jamaica Microfinancing Agency and JN Small Business are also two other financial insti-tutions which have been providing training and fi-nancing for members of the sector. Many more of these opportunities are expected to flow from

“MSMEs... the key to fast-track economic growth”

Ralston Hyman

MUST TAKE ADVANTAGE OFMSMEs

PSOJ Membership

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the membership of the MSME and Small Busi-ness Association of Jamaica (SBAJ) in the PSOJ.Speaking in an interview recently, PSOJ pres-ident Christopher Zacca stressed that mem-bership in the PSOJ would give members of the MSME Alliance and SBAJ access to more training and mentorship, as well as financ-ing. He also stressed that this was due to the PSOJ’s greater focus on the sector this year in order to drive growth and employment creation.

Real GDP growth accelerated to 1.4 percent during the December quarter, up from 0.6 per cent during the September quarter of last fiscal

year. Unemployment is however still fairly high. The unemployment rate was 14.9 per cent in October, marginally down from the 16.4 percent recorded during the April unemployment survey. Year over year it was however higher than the 13.4 per cent recorded during October of 2013. Membership of the PSOJ will there-fore help to improve the governance and fi-nancial architecture of the MSME and

small business sectors, making them more bank-able. The members of the sector should take advantage of these opportunities that are now unfolding by availing themselves of all the train-ing that is being made available by the various public and private sector institutions mentioned above. This is absolutely necessary if the sector is going to take its rightful place as a major driver of economic activity and employment generation.

The training of the labour force, lower cost en-ergy, reductions in the bureaucracy, as well as crime and investments in new technology/re-search & developmenrt are all imperatives for the development of the MSEME and small business sector. It is therefore against this background that we are urging every small business opera-tor to take advantage of the various training pro-grammes being promoted by the various public and private sector organizations across the island.

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The Infokat is Katalyxt’s response to a growing demand for an-swers to the many questions entrepreneurs have while on

the journey to success. Just think of the entrepreneur as a traveller. Where he is going and what he is doing, may often seem a little confusing to the onlooker. However, although he is convinced that he is on the right track, he has to stop ever so often to check himself. This self-evaluation often leads to more ques-tions, many of which he can’t answer, but which must be answered if the en-trepreneur is to maximize the potential.

The INFOKAT: SOOTHING AN ITCH FOR KNOWLEDGE

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The INFOKAT: SOOTHING AN ITCH FOR KNOWLEDGE

This journey may have started with an idea of how to solve a problem; the breakthrough period may necessitate many years of testing, or could have happened over night, as it did for Mona High School’s entrepreneurs. On the other hand, imagine the entrepreneurs from Lennon High School, in Mocho, Clarendon walking through overgrowth to locate calabash trees, in their effort to harvest seeds that may one day become an everyday delicacy. Or, better yet, imagine entrepreneurs from Pap-ine High School as they went into the hills of St Andrew to obtain the pad-cow-itch, alter-natively called Mucuna pruiens, to produce a delicious tea, and a new substitute for coffee. All three products will be available for sam-pling at Katalyxt’s Innovation Center on May 14, 2014 at our annual Katalyxt Conference.

Winsome Minott

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It would be remiss of me not to point out that entrepreneurs usually have an itch. The itch may not be the result of the cow-itch har-vested by Papine High, but nevertheless it needs attention, before it will go away. Sev-eral of our youth innovators made the world a better place by tending to their creative itch. This resulted in unique products. These products include: The Wave Machine (King-ston Technical High), The Bridge Warning (Guy’s Hill High), The Anti-Praedial Larceny Device (Waterford High), The Energy Saving Chair of Guy’s Hill High, The JamIre Natu-ral Body Products of Ardenne High School, The Sweet Pumpkin Ice Cream presented by Excelsior High School The Extra Desk of Campion College, and Maderma cooling skin products from Central High School.

Entrepreneurs must first start with a good idea, but ought to move quickly to product documentation and develop-ment, and later to feasibility testing. At each stage, the entrepreneurs must ask and answer questions about: design, marketing and branding, attendant risks, availability of raw materials, availability of financing, and business structure. Many entrepreneurs do not have answers, nor are they able to liaise directly with an expert to obtain feedback. This un-satisfied demand has been identified by Katalyxt. We now introduce the Infokat, connecting you with expert answers, ar-ticles and opportunities. This is a ser-vice offered to entrepreneurs. The ser-vice is free of cost to the end-user. We answer routine and not-so-routine fre-quently asked questions (FAQs). We will also have a help desk. We want you to think of Katalyxt as your personal busi-ness friend, a friend on whom you can rely; a friend who will assist your growth.

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BALANCING THE LOGISTICS EQUATION:A W I N - W I N S I T UAT I O N

“The ‘Logistics Hub’ is the big story.” These are the words of Jamaica’s Ambassador to China, H.E. Ralph Thomas. Leveraging diplomatic relationships to foster the business exchange between Jamaica and China and

engaging companies to move resources to Jamaica and generate profits in ‘win-win’ situations is a major part his role.

At Katalyxt’s Business Development Conference this year, our opening panel will seek to look beyond the prom-ise of the Logistics Hub and into long-term sustainable training and opportunity-focused initiatives that can

bring greater capacity to Jamaica’s available human resources and capital infrastructure. Training facilitates growth, while creating strategic alignment with needs and opportunities. It is within this context that we contact-

ed Ambassador Thomas to get a first-hand perspective on forging bonds with China, a growing global powerhouse.

Stefanie Thomas

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RETHINKING THE LOGISTICS EQUATION

Ambassador Thomas’ view that greater engagement with the emerging powerhouse China is not a question of whether we should, but, how best to capitalize on ad-vantages. We must consider the possibility of the chance that the project billed as “the Logistics Hub” will fail to deliver expected returns? Of course. It is therefore prudent to minimize this risk by put-ting in place sustainable building strategies that are independently advantageous with or without the development of the Logistics Hub.

FOLLOW SUCCESS PATHWAYS

Ambassador Thomas encourages businesses interested in export to follow success pathways. Examine companies that have successful-ly distributed in China and follow a success model. It is important for any business approaching Chi-na to think about restating how they label, categorize and market goods. For example, the Chinese consumers are “accustomed to very attractive packaging,” and so Jamaican companies approaching the market must figure out how to package their goods in a distinct-ly attractive way that will entice Chinese consumers. If you are in the beverage market, lowering the sugar content in juices is a likely strategy, as the Chinese palate has a penchant for unsweetened bev-erages, often categorized as ‘teas’.

FINDING THE GAPS

Nothing beats immersing yourself in a culture to understand the gaps to be filled. Ambassador Thom-as shares the story of a Chinese businessman who spoke no English when he decided to “set up shop” in Downtown, Kingston. While monitoring his shop downtown, he would explore the Blue Mountains and study the coffee production process. He found a way to supply coffee beans to China within two years and became quite wealthy as a result. Jamaicans should sim-ilarly capitalize on all opportu-nities and resources available to them to immerse themselves in the Chinese culture and learn where the gaps and opportunities exist.

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TAKING ADVANTAGE OF THE GROWING TIDE

Ambassador Thomas noted that the strategic en-gagement of Chinese interests in Jamaica occurs on three value levels: (1) establishing stable trade re-lationships; (2) increasing investment in infrastruc-ture; and (3) deepening the level of capital invest-ment in Jamaica. The building of the Logistics Hub is an amalgamation of these engagement points.

The story of the partnership to develop the Logis-tics Hub emanates from years of functional rela-tionships between Chinese business interests and Jamaican stakeholders. The Ambassador suggests that greater levels of Chinese investment resulting from the development of the Logistics Hub should be expected to generate additional investments. Worthy of mention is Jamaica’s engagement with

‘China Harbour’ to build roads financed by loans from China. Business interests associated with Chi-na Harbour recognized strategic possibilities that could flow from a deeper engagement with Ja-maica’s business community. They have since made inroads into other development projects.

Possibilities that may accrue from greater interaction with Chinese business interests are one side of the equation. On the other side, Jamaican stakeholders must account for, and be ready for, the increased traffic likely to result from the expansion of the Panama Ca-nal and the multiplier effect of deeper levels of trade, infrastructure development and capital investment. Jamaican interests who take advantage of the rising tides will likely emerge stronger global trade players.

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5 6SKILLED LABOUR

Business interests are likely to be attracted to a highly skilled, amenable workforce with the technical and soft skills necessary to foster business growth. In planning skills-training agendas in line with the “build- out” of the Logistics Hub, opportunities accrue not only from pro-viding these services for Jamaicans, but also for provid-ing overseas interests, such as providing Chinese work-ers with culturally relevant training courses to facilitate an easier integration into the region. A company such as Manpower and Maintenance Services Ltd., with an inbuilt understanding of standardizing training for specific skill levels, is well-poised to capitalize on such opportunities.

BALANCING THE EQUATION

Sustainable Growth through partnership with China = capacity building + increased exports + political will. Katalyxt focuses on business growth through in-creased innovation and efficiency. In light of this, I encourage policy makers, influencers and private sector stakeholders to be innovative in how they uti-lize the already available opportunities that exist, as the momentum for the development of the Logis-tics Hub grows. Capacity building through invest-ment will provide greater growth potential. However, an export-focused private sector along with a strong trained workforce with a collective will undoubted-ly will increase productivity and encourage growth.

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Investing is critical to wealth creation, as it will be dif-ficult for you to amass a

large net worth with just your regular savings. However, the financial marketplace in Jamai-ca is filled with many invest-ment choices, and sometimes it might be difficult to decide where to invest your money.

Before making any major in-vesting choices, you first need to think about what you expect to gain from your investments. Do you want your investments to grow significantly over time, or is it more important for you to realise immediate gains from investing your money?

While investing is definitely an important route to accumulate wealth for the future, there are several reasons why you may also need to invest towards short-term goals or to satisfy your cash flow requirements. Let’s look at some of the ben-efits of investing for income:

Supply retirement income

One reason to own investments which supply income is to en-sure that there is a steady stream of cash to cover your retirement

needs. Sometimes your pension payments may not take care of all your expenses when you’re retired, so these investments can help to boost your cash flow.

Supplement working income

You don’t have to wait until you’re retired to benefit from your investment income. Plac-ing a lump sum on a short-term income-generating in-vestment can provide you with regular cash flow to help cov-er your regular bills, or a pe-riodic amount to take care of expenses such as school fees.

reinveSt to build wealth

Another reason to invest for in-come is that you can reinvest the earnings from your investments. Instead of just using your work-ing income or other personal sources of funds to purchase in-vestments, you can utilise your returns to buy additional units or to invest in other options.

chooSe appropriate inveSt-mentS

To ensure that your objective of receiving an income is met, you have to consider investments

which are designed to provide cash flow. Some options include money market instruments such as government treasury bills, debt instruments such as bonds, and stocks which pay dividends.

underStand your optionS

Money market instruments are ideal for meeting your short-term income needs, while bonds can supply you with a fixed income amount for several years. Stock companies with established div-idend payment policies will con-sistently pay out some of their annual profits to shareholders.

get expert advice

When making investment deci-sions, it’s always best to consult with a professional who can help you to select the types of invest-ments that will suit your needs. Speak with a Scotia Invest-ments advisor who will guide you in creating an investment portfolio that’s perfect for you.

INVESTING FOR INCOME

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