JIS News

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  • The Scientific Research Council (SRC) and the Jamaica Business Development Corporation (JBDC) have signed a Memorandum of Understanding (MOU), which will provide faster and easier access to business-development services for the growth of the micro, small and medium-sized enterprises (MSME) sector.
  • Executive Director of the SRC, Dr. Cliff Riley, said the agreement will strengthen the relationship between the entities, allowing them to share expertise in the interest of their customers.
  • Dr. Riley, who was speaking at the signing of a MOU at the SRC recently, said that Jamaicans need support to move their business idea from its conceptual stage to market, which will be made possible through the agreement.

The Scientific Research Council (SRC) and the Jamaica Business Development Corporation (JBDC) have signed a Memorandum of Understanding (MOU), which will provide faster and easier access to business-development services for the growth of the micro, small and medium-sized enterprises (MSME) sector.

Executive Director of the SRC, Dr. Cliff Riley, said the agreement will strengthen the relationship between the entities, allowing them to share expertise in the interest of their customers.

He noted that clients will benefit directly from technical support and capacity building, among other offerings.

Dr. Riley noted that the SRC has a number of clients with formulations, who need assistance with getting their product to market and to attract investors, so the SRC will direct them to the JBDC.

From there, the JBDC will provide support in formalising the business, including registering the operation; identifying appropriate funding; and assisting with commercialisation, marketing and intellectual property issues.

Dr. Riley, who was speaking at the signing of a MOU at the SRC recently, said that Jamaicans need support to move their business idea from its conceptual stage to market, which will be made possible through the agreement.

He noted that there have been many concepts that have not been actualised as they are tied up in patents.

“We cannot solve our problems by patenting or keeping the idea in a folder on a shelf in a university or our homes, we have to bring the solutions to the people,” he said.    

“These are some of the challenges that we will try to address as we try to twin the science and the business to grow our country because they cannot be separated,” he added.

Chief Executive Officer at the JBDC, Valerie Veira, said the entities have an interest in stimulating growth in the economy through the development of the MSME sector.

She noted that the MOU will allow the agencies to offer clients a fulsome service “with each one providing different elements, and the whole thing coming together as one package in the end”.