Business boom for Montego Bay
Published:Friday | October 8, 2010 | 12:00 AM
Janet Silvera, Senior Gleaner Writer
WESTERN BUREAU:
BY DECEMBER, Montego Bay will become the hub for Virgin Unite's Branson Centre for Entrepreneurship in the Caribbean.
The centre, the first of its kind in the region, will support satellite facilities in Barbados, St Lucia and Trinidad & Tobago by March 2011.
Jamaica's business maverick Patrick Casserly will head the multimillion-dollar project as interim chairman.
Targeting residents of disadvantaged communities, Virgin Unite, the non-profit arm of Virgin Group, will create sustainable business opportunities for entrepreneurs aged 18-35 years old, said Casserly.
"The plan is to support aspiring Caribbean entrepreneurs by offering practical business skills training and access to coaches, mentors and financing opportunities to enable the growth of start-ups," he told The Gleaner.
Virgin Holidays, which has had a 25-year relationship with the region, has committed £2 million to the success of the project over the next 10 years. This money is specifically to deal with administration and infrastructural development. Other funds will be sought from donors.
Commenting on the project, Sir Richard Branson, founder of the Virgin Group, said: "I have always loved the Caribbean and we've been sending people on holiday there for many years now.
Create opportunities
"We hope the centre will inspire young entrepreneurs to grow their businesses and create opportunities for future generations. I'm excited to work with a group of visionary leaders to ensure that we can support as many young entrepreneurs as possible. Please get in touch with the team if you are interested in joining me in this exciting new opportunity."
In order to qualify, Casserly cautioned that the application process would be a rigorous one. Once qualified, beneficiaries will have to attend four-hour training sessions twice per week for 12 weeks.
Casserly, in his interview with The Gleaner, spoke of the centre's goal in helping to revolutionise the way businesses, governments and the social sector work together.
He said at present, two possible locations were being looked at to house the facility. According to the interim chair, those approved by the board of advisers would then be given the opportunity to be incubated.
"The idea of incubation is that we will give you space to start your own business." The start-up comes with a computer and telephone.
Casserly is convinced that the project will take off in Jamaica because of its success in South Africa, where it was first introduced in 2004. The Caribbean is the second region to benefit from the Branson centre. Since inception, close to 100 people have come through the incubator out of which the organisation has funded 15 businesses, 11 of them still operational as at June 30.
"The model has been rigorously reviewed, we have looked at all the variables for entrepreneurial success," said Casserly.
He is of the view that business operators will gravitate towards the centre and financial institutions, such as Scotiabank and the National Commercial, will embrace the idea. "What the Branson centre and Virgin Holidays bring is credibility."
Using the community of Flankers in St James as the perfect example for this project, he said, "We don't see formal businesses being located in Flankers by its residents, yet think of the body of services that such a large community needs within its confines, equating into creating sustainability."