Monthly Archives: February 2017

Deputy General Manager of the Jamaica Stock Exchange Robin Levy has revealed plans to assist investors in identifying impact enterprises through the launch of a Social Exchange by June 2018.

Levy, who was speaking at the closing of the Social Enterprise Boost Initiative (SEBI) 2nd National Summit held at the Jamaica Pegasus Hotel last week, reasoned that if Jamaica is to realise the objectives of Vision 2030, investors need to support the social enterprise sector.

The platform is expected to allow social enterprises to list on the JSE, thus enabling them to expand the line of business through greater visibility, profile and access to capital for high-impact debt and equity issues.

“Lighter regulations would be expected for this group and investors will be made to understand that the enterprises will be operated for people, planet and profit, rather than just for profit,” Levy stated in a release.

According to Levy, the JSE has been laying the groundwork for a Social Exchange since 2009. He noted that as a member of the Sustainable Stock Exchanges Initiative, the JSE is committed to the goals of long-term sustainability.

In response to the announcement, General Manager of Jamaica National Foundation, conceptualisers of the SEBI, Saffrey Brown, reasoned that the Jamaica Social Exchange will create a space where enterprises within the social economy are able to access real capital so the great work that these organisations do can be scaled.

Over the years, there has been a thrust to develop the social enterprise sector in Jamaica. The USAID in partnership with the Jamaica National Foundation began the SEBI roughly four years ago with hopes of boosting the sustainability of the sector.

Plans are also underway for the Planning Institute of Jamaica to include social enterprises in its surveys to determine the sector’s contribution to Jamaica’s GDP.

The USAID and JN are also working to have social enterprises not be viewed as “charities” or even cottage enterprises, but rather as viable businesses that emphasise the needs of people over the demand for profit at any cost, and businesses which also operate with respect for the physical and social environments as a whole.

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Let’s grow the social economy. This was the message of a large and very successful meeting last week in Kingston.
At the meeting I spoke on the topic of social media marketing for social enterprises at the Social Enterprise Boost Initiative (SEBI) Summit in Kingston. SEBI is JN Foundation’s empowering program that supports the growth of social enterprise in Jamaica, with funding from USAID. JN Foundation defines social enterprises as “those organizations that are committed to the development and sustainability of the social and economic well-being of communities, groups and individuals.” Some of those social enterprises that come under the SEBI umbrella are the increasingly popular (and delicious) Deaf Can! Coffee; the Montego Bay Marine Park, working hard on the environmental front; Petals ‘n’ Roots, which offers a range of floral services in support of people with mental health challenges; and the Alpha Boys School, which taps into Jamaica’s rich musical heritage through its Alpha Wear clothing. These are just a few of the range of social enterprises across the island that SEBI supports.But of course, you’ve got to have a great product to sell – and you want to be an efficient business with a strong growth plan. You are not there just to be a “Mr. Nice Guy.” You must be hard-headed. How do you balance your “social” with your “enterprise”?

My presentation followed that of Mr. Jason Mendes, who had a PowerPoint that was actually very powerful. Mine looked painfully dull beside it! Jason  showed how big companies like Buick and Toyota pulled at the heartstrings with provocative, even quirky ads that had a social message. Much of what he said resonated with me, although he was at a different level altogether – that of international marketing for big brand names. Jason talked about making your audience “feel” something. I’m sure there is plenty of marketing jargon and clever stuff in books to describe this. But simply put, you know when you are feeling an emotion (or perhaps when you are not). And you know when you are making a person feel something. It’s just the way humans are. Anyway, Mr. Mendes summed all of this up in a Maya Angelou quote that flitted through my mind as soon as he touched on the subject:
Ive-learned-that-people
So, how is social media any different? People may often turn to it for information (as I often do) – but also, for inspiration. In general, the Jamaican public does not turn to social media to look for product ads. Jamaican men and women want to connect, chat, argue…feel. So, as a social enterprise in particular, you want to tap into that feeling. How about a three-minute video that can make you laugh (or cry); a good quality photo that is really striking and that sends a message about your enterprise. Remember, social media is never about blasting out a message to all and sundry via a TV commercial or a newspaper ad. It is truly social. It is about people.
Now, by this I don’t mean that one should become personality-driven; in fact, any kind of enterprise that depends on and revolves around one personality is not really desirable at all. What you should get across, though, is that you are a team (introduce your team members individually on social media). You should explain that you care about the development of Jamaican society, whether it is through supporting vulnerable populations, improving education or promoting social justice. You should demonstrate that you espouse certain values, and make these crystal clear: respect, commitment, hard work, community spirit, and so on.It’s very important, dear social entrepreneurs, to post your Mission Statement and your Vision Statement on your Facebook page in the section that tells your potential customers what you are about. Moreover, you can pick out small elements of those statements and connect them to an activity and/or product that you are selling. Why is this T shirt important? Because it shares the message that we are committed to children’s welfare, for example. Or, in the case of the Jamaica Association for the Deaf (JAD), one is providing employment to a vulnerable group that often finds it hard to get work, to produce a real quality product (JAD makes beautiful binders and other stationery products and does book restoration). So… buy us!

And so, to sum it up – in the words of Dr. Angelou: Make your audience feel something. Make that all-important connection. You can tell people you have a terrific product until you are blue in the face. What you need to do above all, though, is to show that, if they buy into the values you embrace in your work, you can support them by buying one of your products.
I think this is common sense. And marketing through social media is just that. Go with your gut feeling, and gently, sweetly draw the customer towards buying something.
Go, social entrepreneurs! You are the future.

The Government is exploring the role of social enterprises in the development of vulnerable and crime-prone communities, according to Fayval Williams, state minister in the finance and public service ministry.
Social enterprises refer to those businesses that trade to tackle social problems, improve communities, people’s life chances or the environment. They make their money from selling goods and services in the open market and then reinvest their profits into the business or the local community.
Addressing the opening of the second staging of the Social Enterprise Boost Initiative (SEBI) Summit at The Jamaica Pegasus hotel in New Kingston on Monday, Williams noted that critical to the development process in those communities is the partnership to be formed among stakeholders, such as the private sector and non-governmental organisations on one hand and the Government on the other.
SEBI aims to create an enabling business environment for social enterprises in Jamaica and to assist them in transitioning their grant-funded operations into a viable profit-making business.
The state minister acknowledged that there would be “no easy solutions” in the discussions with the partners due to the delicate balance between social enterprises and commercial businesses that needs to be navigated, as well as the fragility that exists with residents in vulnerable communities.
However, Williams noted that the Government must take reasonable steps to facilitate the stability of social enterprises.
Industry, Commerce, Agricul-ture and Fisheries Minister Karl Samuda commended the Jamaica National Building Society Foundation for its work through SEBI.
He emphasised that the country needs to be more engaged in the concept of the SEBI, “which is extremely noble, but requires exposure”.
General Manager of JNBS Earl Jarrett said SEBI seeks to improve and increase the number of social enterprises by providing sound leadership in the development of the Jamaica social enterprise sector.

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The Jamaica Stock Exchange is seeking to launch the JSE Social Exchange by June 2018.This will allow social enterprises to list on its own market on the Jamaica Stock Exchange.
So said Robin Levy, Deputy General Manager of the Jamaica Stock Exchange in an interview following his participation in a panel discussion on ‘Financing Social Enterprises’ at the closing day of the SEBI 2nd National Summit held at the Jamaica Pegasus Hotel.
“Lighter regulations would be expected for this group and investors will be made to understand that the enterprises will be operated for people, planet and profit, rather than just for profit,” Levy said.
He said that, as a member of the Sustainable Stock Exchanges Initiative, the JSE is committed to the goals of long-term sustainability.  “And if Jamaica is to realise the objectives of Vision 2030, we all need to support the social enterprise sector,” he noted.
He said the Jamaica Stock Exchange has been laying the groundwork for a Social Exchange since 2009.
In response to the announcement Saffrey Brown, General Manager of Jamaica National Foundation, conceptualisers of the Social Enterprise Boost Initiative (SEBI), said: “The Jamaica Social exchange will create a space where for benefit enterprises within the social economy are able to access real capital so the great work that these organisations do can be scaled.”

State Minister in the Finance and Public Service Ministry, Hon. Fayval Williams, says the Government is exploring the role of social enterprises in the development of vulnerable and crime-prone communities.
Social enterprises refer to those businesses that trade to tackle social problems, improve communities, people’s life chances or the environment. They make their money from selling goods and services in the open market and then reinvest their profits into the business or the local community.
Addressing the opening of the second staging of the Social Enterprise Boost Initiative (SEBI) Summit, at The Jamaica Pegasus hotel in New Kingston, on January 30, Mrs. Williams noted that critical to the development process in those communities is the partnership to be formed among stakeholders, such as the private sector and non-governmental organisations (NGOs) on one hand and the Government on the other.
“We, as a Government, are willing to sit at the table and share ideas with NGOs, social enterprises and the private sector to explore how institutions can successfully combine social values and goals with commercial business practices…to redound to social good,” she said.
SEBI aims to create an enabling business environment for social enterprises in Jamaica and to assist them in transitioning their grant-funded operations into a viable profit-making business.
The State Minister acknowledged that there would be “no easy solutions” in the discussions with the partners due to the delicate balance between social enterprises and commercial businesses that needs to be navigated as well as the fragility that exists with residents in vulnerable communities.
However, Mrs. Williams noted that the Government must take reasonable steps to facilitate the stability of social enterprises.
“With a rethinking of the way we do business, I am confident that together we can, with the establishment of a set of objectives, create social and economic value and generate income. We can create opportunities for job creation and community development that will result in an improvement in the lives our citizens,” she said.
Meanwhile, Industry, Commerce, Agriculture and Fisheries Minister, Hon. Karl Samuda, commended the Jamaica National Building Society (JNBS) Foundation for its work through SEBI.
He emphasised that the country needs to be more engaged in the concept of the SEBI, “which is extremely noble but requires exposure.”
Mr. Samuda argued that SEBI is a similar concept to the Government’s overall national thrust for the expansion and development of small and medium-sized enterprises.
For her part, Mission Director of the United States Agency for International Development (USAID), Maura Barry-Doyle, and a sponsor of the event, said the SEBI Summit is a method of ensuring Jamaica’s health and prosperity.
She also indicated that the Summit is an important platform to promote social enterprises.
In his remarks, General Manager of JNBS, Earl Jarrett, said SEBI seeks to improve and increase the number of social enterprises by providing sound leadership in the development of the Jamaica social enterprise sector.
SEBI, he informed, also seeks to infuse the appropriate levels of governance and management to ensure that the organisations achieve sustainability.
Social entrepreneurs attending the two-day Summit will benefit from focused discussions from speakers on the social enterprise sector.
Among the speakers of the event are Derreck Kayongo of the Global Soap Project from the United States and Doris Leung from Hong Kong and her Diamond Cab Service.
The Summit was organised by the Jamaica National Building Society (JNBS) Foundation.

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One of the most innovative elements of the upcoming SEBI Summit 2017 at the Jamaica Pegasus Hotel on January 30 and 31, will be the Jamaica Social Exchange.
Powered by the Development Bank of Jamaica (DBJ), the exchange is a market place to feature a wide range of products and services available locally from 16 participating social enterprises and social entrepreneurs.
The Jamaica National (JN) Foundation, JN Small Business Limited and the DBJ will also have a presence in the space.
The event is being hosted by the JN Foundation’s Social Enterprise Boost Initiative (SEBI) in collaboration with USAID.
The products on offer will range from eco-tourism tours; mobility aids and services; home décor and personal accessories made from wood cast-offs and specialty coffees.
The Jamaica Social Exchange will be open to both summit attendees and the wider public.
 “The name was selected in keeping with the stock exchange theme, which is symbolic of a business being at a significant place in its growth cycle and trajectory.  This is the kind of outcome we project for the social sector,” said Saffrey Brown, General Manager of JN Foundation.
 She noted that the Jamaica Social Exchange would facilitate the sale of goods and services, while providing networking opportunities.
 “We look forward to introducing this concept to the Jamaican public, as we continue to create opportunities for learning about the social enterprise sector and the important role which it will continue to play in providing innovative programmes that assist communities,” Ms.  Brown continued.
 Dianna DaCosta, Manager of Research and Business Analytics at the DBJ said she was pleased to be partnering with SEBI to power the Jamaica Social Exchange.
 “Given the mission of the Development Bank of Jamaica to facilitate economic growth and development across all sectors, we felt it was the right thing to get involved with the SEBI Summit, especially as we are seeking to create a financial product that will be inclusive of the social enterprise sector. Participating in the summit will, therefore, allow us the opportunity to get acquainted with those persons in the network and better understand their needs, so that we can work with them to grow their businesses,” she said.
One of the 16 social enterprises expected to showcase its services at the SEBI Summit is the Bunkers Hill Cultural Xperience & River Tour, in Trelawny.
According to Clover Gordon, CEO: “We are excited to be a part of the SEBI Summit which will give major exposure to our small community.  We thank SEBI for its continued assistance, especially through the promotion of our attraction which seeks to expose the culture of Jamaica to locals and visitors to the island.  We offer a river tour and a hiking trail, where persons can sample our traditional foods and view the markings left by the Tainos,” she said.
Another social enterprise which will be on show is PSDO Mobility Centre on Hagley Park Road, Kingston.  Founder of the Centre, Bridgette Johnson, said she looked forward to grasping every chance to make business connections at the Summit.
“We hope to get well needed publicity as we plan to move into the manufacturing of wheel chairs, walkers and crutches.  Currently we have 20 well trained persons in these services, as well as the installation and retrofitting of buildings to include ramps and we look forward to growing this area,” said Johnson.
Deaf Can! Coffee was founded on the belief that Deaf persons are equal to those who can hear. 
“The world needs to recognise that fact. We are particularly pleased to be participating in the SEBI Summit especially as one of our head baristas, Fabian Jackson, will be a speaker at the Official Opening Ceremony.  This is an incredible achievement, as the young man has great ability and will be able to show that to hundreds of persons at the event.  In fact, his participation will lift the profile of the Deaf so that everyone will be able to see that the Deaf can do anything. In addition, the networking opportunities will be great, as we will be able to meet local and international persons and widen our network base”, said co-founder Blake Widmer.
For Lacey-Ann Bartley, Managing Director of Bartley’s All in Wood, social enterprises are at a disadvantage, compared to strictly for profit operations.
“So, this Summit will allow us to not have to compete for visibility with the strictly for profit groups.  We can tell our story and sell our products to benefit not only ourselves, but persons in our community and bring attention to the various causes we support, including vulnerable persons from rural Jamaica and those with disabilities.  In fact, at Bartley’s All In Wood we employ persons who are hearing impaired and at-risk youth,” she said.
Other sponsors of the Jamaica Social Exchange include Digicel Foundation and IADB.  In addition the Jamaica Pegasus Hotel – venue for the two-day Summit – will contribute to the pre-event promotion, with messages placed on tables in the Café 24/7 in the days leading up, while café workers will wear ‘Buy Social’ buttons.
The British Council is also a sponsor of the SEBI Summit.

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