Young Entrepreneur Urges Leveraging of Global Networks in Business Development

Young Jamaican entrepreneurs are being encouraged to leverage global networks to expand and grow their businesses.

United Kingdom-based entrepreneur, Nathaniel Peat, who was a presenter at the Global Young Leaders Forum at the Jamaica 55 Diaspora Conference in Kingston on July 26, said young people engaged in business should connect with others in their field and combine their skills and talents into their operations.

“Find individuals that are better at doing it than you and incorporate them into your team. That enables you to negate the challenges and to get into a position where you can foresee the hurdles that enables you to progress,” he said.

One such network highlighted was the Global Entrepreneurship Network that connects entrepreneurs from across 170 countries.

Mr. Peat, who is the Chief Executive Officer of GeNNex Elite, a company that manufactures and distributes renewable technology products, said that young Jamaicans can use models of entrepreneurship networks that exist to create a platform for themselves and youth within the Diaspora.

“Take advantage of what already exists in the global space of entrepreneurship and introduce something like this in Jamaica where we can have some level of upskilling for individuals…where we can connect with global organisations and find the Jamaicans within these global networks and create the teams and the partnerships,” he said.

“Once we engage the global network, we then have the ability for Jamaicans to be in a better position because the network is strong. It is not about who you know, (but) who knows you. The key thing is creating a global entrepreneurship ecosystem. When you have this, it means that if you sow a seed in an area where there is a lot of entrepreneurial growth, thinking, connectivity and partnerships, you are then able to support each other and rise higher.”

Mr. Peat also stressed the importance of mentoring young entrepreneurs.

“When you add a mentor or coach directly into your business, the statistic associated with successful businesses jumps. The sustainability that exists is solidified because you have somebody that gives direction,” he said.

Additionally, he impressed upon the gathering the benefits of technology in promoting their brands to the global market.

“There is augmented virtual reality where you can showcase your brand, image, product, service or whatever your business may be worldwide, while still in Jamaica. There are also communication platforms that you can utilise like Zoom, Skype and WhatsApp. All these eliminate travels costs and can engage multiple people from a wide spectrum,” he said.

Augmented Virtual Reality is a technology that superimposes a computer-generated image on a user’s view of the real world.

Several initiatives were proposed during the forum to help young entrepreneurs. These included: the development of a database of social entrepreneurs and their companies where youth and other persons in the Diaspora can connect with them and offer support.