Comprehensive Business Support to Be Provided under Amber UTech Launchpad Initiative

Through the Amber UTech Launchpad, the operators of 100 technology-driven startups will be provided with the financial support, resources and mentorship necessary to facilitate the establishment and growth of their businesses within a span of 1,000 days.

The Launchpad, which was officially unveiled last month, is a collaborative effort between the Amber Group and the University of Technology (UTech), Jamaica.

It is geared to be a full-service incubator for digital start-ups operating in the local tech industry.

This initiative is intended to also strengthen the growth and development of these startups, with the goal of nurturing and advancing entrepreneurial ventures.

The Launchpad offers comprehensive support, including training for entrepreneurs, mentorship, full end-to-end IT development to bring products to the market, and workspace facilities.

UTech’s President, Dr. Kevin Brown, says the facility is providing a platform for tech entrepreneurs to build out their products with the required support readily accessible.

“The Amber UTech Launchpad signals a significant and meaningful opportunity for Jamaican citizens of all ages and socioeconomic backgrounds, including tertiary students, to realise their dreams of establishing thriving businesses.

“So this programme is going to offer an awesome opportunity, like no other, to ignite tech-focused business ideas that are relevant to Jamaica’s development agenda, and is well poised to add significant value by creating jobs and ultimately stimulating economic growth,” he says.

Dr. Brown welcomes the collaborative effort underpinning the Launchpad along with associated benefits available for prospective entrepreneurs.

“Through this programme, we are going to finance these startups. We are going to train [the entrepreneurs], we are going to give them access to software and other resources. [This] demonstrates what is possible when academia, the private sector and the Government come together and partner to grow and develop our country,” he adds.

Dr. Brown informs that as part of the collaboration, UTech’s Technology Innovation Centre (TIC) will provide incubation services to the selected startup businesses in the programme.

He says the initiative is aligned to the mission of UTech, which aims to positively impact Jamaica, the wider Caribbean and elsewhere through high quality learning opportunities, research and value-added solutions to Government, industries and communities.

Amber Group Chief Executive Officer (CEO), Ambassador Dushyant Savadia, says the initiative is another vehicle to support entrepreneurial growth through innovation.

Jamaica currently ranks 78th out of 132 countries on the Global Innovation Index, and Ambassador Savadia says, through the launchpad, there is an opportunity for the country to elevate its ranking.

“Our motivation behind this [is] to underscore our commitment for nurturing entrepreneurship and driving economic development; and this public/private partnership with UTech, the Government and Amber together, is what we really wanted to move to the next level,” he adds.

The CEO highlights that the operators of many start-ups have difficulty sourcing funding in the early stages, noting that the launchpad will provide financial support.

“It’s a comprehensive support system, end-to-end development and founder protection for any founder who wants to work with us under the Amber/UTech umbrella. So what we do [is] we provide to the founders… a whole end-to-end development of the product. You will never have to beg for money to finish your product and roll in out into market, ever,” he says.

Ambassador Savadia adds that the protection of ownership would be provided to these entrepreneurs for them to retain control of their respective products.

“We provide full founder protection; that means there will be a capped equity. So that also means, you will always remain the majority shareholder of this business no matter what [needs] to [be spent] to get your business into a hundred countries. It’s complete concept to company support and we provide global sales and marketing support, because we already built the rails to go into the whole world from here,” he explains.

Ambassador Savadia points out that the collaboration with UTech will give the budding entrepreneurs the physical infrastructure to work on their own projects.

“UTech is going [to] provide the office infrastructure to all these startups. They will be receiving full support in terms of office space, electricity, internet, and proper training at the same time. So, it will be a one-year project. In one year, our intention is that we take you from training while you are building out your product, and we launch you out into the world through our marketing channel,” he further explains, noting that Amber currently serves millions of customers globally.

In lauding the initiative, Prime Minister, the Most Hon. Andrew Holness, describes it as critical, particularly at this time in Jamaica, pointing out that entrepreneurship is an essential driver of economic growth and prosperity.

“It is the driver of innovation. It is what drives us to take advantage of opportunities; it hastens structural changes in the economy. It attracts new resources towards new products and services, while reallocating resources away from products and services that are becoming obsolete. The entrepreneur is, therefore, an important, indispensable economic agent,” he underscores.

For further details on the initiative, persons may visit the websites of either UTech at www.utech.edu.jm, or the Amber Group at www.myambergroup.com/amber-launchpad.html.