“This
is not a novel approach, but it is taking an idea that has been working for
many countries around world, and transforming it into something totally
Jamaican, to support our aspirations and development targets and provide a
means for our Jamaicans abroad and well-wishers everywhere to partner with
Jamaica and make a difference by just assisting one entrepreneur”
Excerpt from
presentation by JNSBL General Manager Philip Bernard at 2013 Jamaica-Diaspora
Conference, held June 16-19 at the Montego Bay Convention Centre in St James
JNBS
(Jamaica National Building Society) has done it yet again, leading the Banking Sector
by example. They pioneered among Local Banks the idea of using your Debit Card
as your Bank Account as described in my blog article
entitled “JNBS
Introduces Swipe and Go, eliminating Bank Books - Secret of Wings for a
Cashless Society in Jamaica”, a convenience for those of us already used to
this from another bank that Canadian owned, that being Scotia Bank.
Now
they’ve gone a step further and introduced the first Crowdsourcing website for
soliciting funds for Local Jamaica projects called I Support Jamaica
as stated in the article “JNSBL
unveils island's first crowd-funding website”, published
Monday June 24, 2013, The
Jamaica Gleaner and
“JN to launch Jamaica's 'first' crowd-funding website”
published Sunday, June 23, 2013, The
Jamaica Observer.
Launched
at the 2013 Jamaica-Diaspora Conference from Sunday June 16th 2013
to Wednesday June 19th 2013 at the Montego Bay Convention Centre in
St James, the wholly Jamaican Crowdfunding website I Support Jamaica
is an initiative of the JN Foundation, the Charity arm of the JNBS and JNSBL
(Jamaican National Small Business Loans) the SME (Small and Medium Enterprise)
lending arm of the JNBS.
Crowdfunding
basically involves soliciting funds from donors who make their contributions to
your project which is posted online. As the solicitor of funds for your
project, you set the target for the amount of funding you wish to have for your
project. The more details you give for you project in the form of written
proposals published online (videos and pictures are a big help too!) the more
likely you’ll be able to reach your funding goal.
An
example of a project that can be crowdfunded and for which I might take up the
challenge is the making of affordable Citronella Candles to replace Mosquito
Destroyers as explained in my blog
article entitled “Minister
of Health calls for Public Support for ban on Smoking in Public Spaces - How to
kill mosquitoes using a Carbon Dioxide Generator Mosquito Trap”.
Many
SME usually pursue their business dreams by getting assistance from one of the
following GOJ (Government of Jamaica) Funding Agencies:
1. JBDC (Jamaica Business Development
Corporation) for VC funding for your proposed
production facility
Getting
a Credit Card such as a NCB Credit Card or a Scotia VISA Debit Card as described in my Geezam blog
article entitled “How to use
Scotia VISA Debit Card Online” for purchasing items
abroad is definately a good idea. Credit Cards are actually source of Low
Interest Rate borrowing but is best done while you have a job that pays at
least JA$100,000 per month.
Credit
Cards also facilitate your purchase of equiptment and gear from abroad needed
for your business that may not be easily sourced locally. Best to go with the
Scotia Credit Card or even the Scotia VISA Debit Card as described in my Geezam blog
article entitled “How
to use Scotia VISA Debit Card Online”.
However,
if Credit Card and Proposal Writing is not up your alley, then Crowdfundin is
just right for you. You can seek a loan from a Building Society or in this case
opt to go the crowdfunding route as described in the article “Crowdfunding to raise cash online for Jamaica’s kids”,
Posted by Ingrid Riley on May 22nd, 2012, SiliconCaribe
and “Finance Your Projects
with Crowd Funding”, published Sunday, April 28, 2013 BY SHAMILLE SCOTT,
Business reporter, The Jamaica Observer.
Some
great sources of Crowdfunding are listed in Roger’s blog article
entitled “Jamaica’s Lost
Innovators – An untapped Source of Economic Prosperity”
and are listed below:
1. Kickstarter
2. IndieGogo
3. RocketHub
5. Kiva
As
you can see, there are several sources of funding for SME’s in Jamaica but very
few for VC (Venture Capital) or start-ups. So the I Support Jamaica
can be added to that list to fill the gap for Crowdfunding and VC funding that
has existed in Jamaica as very few Jamaican know where to go to get funding for
their projects and may have thought of giving up on their dream idea.
Although
the idea is not new, it’s geared specifically toward Jamaicans without the
hassle of having to have a US Bank Account in a US bank or having to wait on
Paypal to send you funds as a cheque. You get the funds straight in your Bank Account
and the donors can be local Jamaicans, Jamaicans in the foreign Diaspora or
anyone who happens across the website.
The
loans are managed and structured by the JNBS, making it a secure platform for
innovator to promote their projects and local VC’s to fund the project without
being deceived in to giving away money. Best of all, as it’s a Jamaican
website, if you’re a local Jamaican investor, you can get to meet the person
directly and see what they are about and even make further contributions to the
project.
Everything
from Citronella Candles to Animation as explained by my blog
article entitled “Inaugural
KingstOOn Animation Competition a boost to local Animation Industry - State
Minister Julian Robinson give Graphic Artists the chance to Feel this Moment
Pitbull and Christina Aguilera Style” can be funded via I Support Jamaica.
In the next few months, as Jamaicans begin to take advantage of this first for
Jamaica, it’ll make many innovators and dreamers experience there This Moment for Life
Nikki Minaj Style.
I
just hope that the JNBS gets a good SEO (Search Engine Optimization) Manager to
drive traffic to the website otherwise it’ll be for naught if very little international
traffic is coming to the website. Local Crowdfunding to the rescue of Jamaican
Innovators so Jamaicans don't have to be The Lone Ranger (2013).
Here’s
the link:
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