JMMB Group and UTECH Sign MOU to Bolster Capacity of MSMEs in Jamaica and Trinidad & Tobago
The JMMB Group SME Resource Centre recently formalized a memorandum of understanding (MOU) with the Technology Innovation Centre (TIC) at University of Technology, Jamaica, at a signing ceremony, held at the Group’s head office, recently.
This five-year-long agreement will allow for micro, small and medium-sized enterprises (MSMEs), who are a part of the JMMB SME Resource Centre’s (JMMBSMERC) Accelerator Programme, to benefit from capacity building programmes offered by TIC, thereby bolstering their expertise and building their network, in a bid to assist these businesses to scale and grow.
Under this MOU, these MSMEs will have access to training and support services, as well as an initial Growth Wheel assessment to further examine and understand their businesses strengths and areas of improvement, so that a clear roadmap may be created to nurture, scale and grow these businesses along their life cycles.
In describing the partnership as a win-win for MSMEs, Shani Duncan Falconer, senior corporate manager, JMMB Group SME Resource Centre, shared, “We are proud of this move to sign an MOU with the university, as it is in keeping with our commitment to build a strong reserve of principled and expert business leaders, who will be able to contribute positively to the recovery and growth of the local and regional economies, while building the communities in which they operate.” Adding, “This is a coming together of both worlds - academia and practice - to augur for the best outcome for the entrepreneurs, in their transition from fledging businesses to household names.”
Through this partnership, MSMEs will have the opportunity to strengthen their leadership skills and capacity-building, through training sessions on a range of topics, including: accounting and taxation, financial management, marketing, business planning, project management, operations management, human resource management, copyright and legal issues, ethics, commercial negotiation and export planning.
Professor Colin Gyles, acting president, University of Technology, Jamaica, noted that this latest agreement with JMMB Group speaks to the indelible mark that the Technology Innovation Centre (TIC) continues to make on the Jamaican economy, by supporting small and medium-sized businesses in their growth quest. Established in 2002, the Technology Innovation Centre (TIC) is a specialized unit of the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL), in the College of Business and Management at the University of Technology, Jamaica. The TIC is a full-service business incubator that supports the growth and development of early stage, technology-driven, and technology-enabled companies in the residential programme, as well companies from other industries, in its associate and virtual programmes.
Professor Gyles added that, “UTech, Jamaica, is happy to be partnering with the JMMB Group on yet another initiative designed to build and support entrepreneurship and economic development in Jamaica, which signals the commitment of both institutions to strengthening MSMEs. Aligned with the mandate of the University, this agreement will allow for collaborative research projects, technology initiatives, resource sharing and public education, which will redound to the benefit of budding entrepreneurs and undoubtedly help in enhancing the skills and competencies of the current cadre of MSME business owners.”
JMMB Group, in 2011, donated J$81.7 million to UTECH, Jamaica, to help to advance teaching and research in entrepreneurship, economic growth, and moral considerations in business decision-making and values-based leadership to produce globally conscious transformational leaders.
Clients in Jamaica and Trinidad and Tobago, where JMMB Group opened the doors of its SME unit, are set to benefit from the full range of services offered by the Technology Innovation Centre, under this MOU. Additionally, these clients will have access to the JMMB Group SME ecosystem and its partners’ services, at discounted rates, and the Centre’s best practices bi-monthly workshops.
This agreement is subject to renewal at the end of the five-year period.
Strategic Thrust to Support SMEs
The launch of the JMMBSMERC Accelerator Programme is another strategic step, by JMMB Group, to add value to its SME clients, through the provision of financial partnership, resources, innovative financial solutions and a network, throughout these businesses’ life cycles, thereby providing the necessary support for growth, and filling the gaps that currently exist in the financial services sector.