Sixty micro, small and medium-sized enterprises (MSMEs) have benefited from critical support to grow their businesses under the Jamaica Business Development Corporation (JBDC) 2022 Accelerator programme.
The entity partnered with the Development Bank of Jamaica (DBJ) to deliver cohort four of the programme at a cost of $60 million.
The intensive training, undertaken over six months, covered six modules – Strategy Development, Financial Management, Marketing & Sales, Operational Improvement, Digital Transformation, and Business Valuation.
Participants also benefited from mentorship, networking, increased sales, business growth and financing opportunities.
One of the high points of the programme was a one-week boot camp where they were trained in deliver pitches to potential investors.
Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, who addressed the closing ceremony held recently at the AC Marriott Hotel in Kingston, commended the JBDC for undertaking the initiative, which is aimed at strengthening the local MSME sector.
“This Ministry is heavily invested in micro, small and medium enterprises,” he said, noting that the sector underpins the Jamaican economy.
He urged the entrepreneurs to utilise the skills garnered to tap into the export market.
Chief Executive Officer, JBDC, Valerie Veira, echoed the Minister’s call for the entrepreneurs to expand the market for their products and services beyond Jamaica’s borders.
“The global market space is there for all who are seekers and prepared to move. This is what the Accelerator programme is all about,” she said.
Ms. Viera said the JBDC remains committed to preparing MSMEs for the modern global market by staying abreast of contemporary trends in business.
“We, every day, look at how we can renew ourselves and bring new, relevant support for the sector, which we are charged to lead. We can’t do the same old thing that we were doing 20 years ago, because we would have been left behind long ago. We pride ourselves on being your searchlight, moving you forward, leading you forward,” she said.
The closing ceremony featured exhibitions of the products and services of the participating entities as well as the presentation of awards.
Implementation of the JBDC Accelerator programme is part of a broader, comprehensive framework to provide customised training and support specific to the needs of MSMEs as they transition along the business continuum.
Thirty of the MSMEs, deemed high-growth-potential clients, were targeted for full programme immersion, which involved scheduled and on-demand training, assessment, counselling, as well as handholding and practice in delivering pitches.