FOR IMMEDIATE RELEASE: AUGUST 19, 2022
KINGSTON, Jamaica – The Jamaica Business Development Corporation (JBDC) explores innovation and technology with local business and technology experts in its upcoming Business Dialogue Forum. Micro, Small and Medium-sized Enterprises (MSMEs) will benefit from a conversation surrounding the theme: Retooling MSMEs through Innovation and Technology. The forumwill be hosted on Monday, August 22, 2022 via the Zoom platform at 1:00pm and will tackle the necessity of local businesses digitising and navigating various financial realities.
The “post-pandemic” era has brought with it many changes, and the push toward digitalisation is undoubtedly one of them. The need for technology and innovation became widely important as employees and employers embraced the concept that business and work can be conducted from anywhere once the right infrastructure is in place. The COVID-19 pandemic demonstrates the importance of business innovation and the value of technology in achieving business transformation.
Deputy Chief Executive Officer, Mr. Harold Davis said, “The Ministry of Industry, Investment & Commerce (MIIC) is keen on digital transformation within the MSME sector and JBDC has been playing a significant role in delivering this message to the ecosystem. Digital innovation is here to stay and MSMEs must leverage it as we see digital technologies as business drivers and enablers. As a by-product of the organisation’s push for digital transformation within the sector, JBDC recently launched its newly designed website which provides for the MSME community the ability to directly register to become a JBDC client, among other interactive features.”
Persons who do business with the JBDC can make payments via the website using the Fygaro ecommerce platform, made available through a partnership with the MIIC.
With the JBDC’s thrust to encourage the use of technology and innovation as fundamental elements for business transformation, the agency has partnered with the Organisation of American States (OAS) through its Development Cooperation Fund (DCF). A grant of US$100,000 has been approved to support the JBDC with its project to accelerate the growth of MSMEs in Jamaica through innovation and technology. The JBDC’s overall aim with this project is to improve access and dissemination of technological and non-technological tools and resources to ultimately support the reactivation of the economy
An additional variable that local businesses must contend with while in this era of transformation, is the truth that access to financing for technological and innovative retooling can prove challenging. During the early stages of the pandemic many small businesses struggled with technological and innovative adoption which resulted in reduced economic activity, decreased production, loss of business and jobs and in some cases a complete halt in business.
There are many businesses still recuperating from this shift and trying to find footing in this post-pandemic era. This is why a critical part of the forum will be discussions surrounding financial management as well as the exploration of various economic factors that influence small businesses’ ability to retool and regroup.
The discussion will be facilitated by JBDC’s Deputy Chief Executive Officer, Mr. Harold Davis as he takes the responsibility to rally the conversation around Digital Transformation, The Future of Work, Supply Chain and Business Continuity. The panellists that will explore these sub-themes include:
Mr. Kavin Hewitt – Caribbean Business Consultant, CIALDun & Bradstreet
Mr. Jermaine McDonald – IT & Digitisation Consultant & Founder
Mr. Wayne Johnson, Relationship Executive – Investor Relations, Development Bank of Jamaica
Mr. Donovan Wignall, President – MSME Alliance
The JBDC Business Dialogue Forum is the organisation’s bi-monthly initiative to provoke necessary conversations within the MSME sector and provide relevant perspective from thought-leaders in various fields. For individuals interested in participating in the upcoming forum, they can register at www.jbdc.net.