JMMB Group SME Accelerator Programme Boosts Revenue & Business Growth for First Cohort 

More than double digit increase in revenue and overall business growth was reported by the 23-member cohort of small and medium-sized enterprises (SMEs), who were a part of the JMMB Group Small and Medium-sized Enterprises Resource Centre (JMMB SMERC) Accelerator Programme, which was recently concluded.

Speaking during the graduation exercise, held at University of Technology, Jamaica (UTech), Shani Duncan-Falconer, senior corporate manager, JMMB Group SMERC outlined that the success achieved by each SME is a testament of the value that JMMB had set out to realize in launching this programme in 2021. “We wanted to find ways to truly partner with you, our (business) clients, to help you grow and develop throughout your business life cycle with the right solutions.” The JMMB SMERC lead highlighted that in addition to growth in revenue, which in a few instances exceeded 200%, she is proud to see these SMEs tap export markets; expand their businesses with the opening of new locations; improve their corporate governance structure, which is a key pillar in attracting financing, and grow their staff complement and capacity. 

“Big businesses start small and we are happy to partner with these businesses at this stage, because we see the potential in supporting the SME sector, which contributes to approximately 80% of Jamaica’s employment and is a major driver of national development,” added Duncan-Falconer. She also commended the SMEs for their commitment and dedication to the 2-year long programme and their resilience in forging ahead in spite of the impact of the pandemic. 

The programme is offered in collaboration with the Technology Innovation Centre (TIC) under the Joan Duncan School of Ethics, Entrepreneurship and Leadership, UTech, Jamaica. It provides the necessary expertise, training and coaching, network and support services, to assist these SMEs to scale and grow through its Growth Wheel assessment, workshops, practical assignments and bi-monthly webinars. 

In lauding the accelerator programme, Gary Harris, owner of Water Drops, whose business has doubled its revenue since being a part of the programme, shared, “On behalf of the first cohort of SMEs, I have to thank JMMB and UTech, Jamaica for not just putting their money where their mouth is, but putting their heart too, and partnering with us to grow our businesses and investing in our potential.” 

Gordon Swaby, CEO of Edufocal and guest speaker on the occasion also commended JMMB Group and TIC, “for the foresight in establishing this programme to assist these entrepreneurs (along their journey) and to get the foundation right, which is key to business success and growth.” Sharing from his own entrepreneurial experience of the challenges associated with expanding EduFocal to Lagos, Nigeria, he revealed that the journey does not get easier, however you get more equipped to deal with the challenges faced and navigate the road ahead, having benefitted from the skills, resources and network provided in the programme. Swaby, also used the occasion to pay homage to TIC as the starting ground for his now publicly listed company, and he underscored the value of support and gratitude, reminding the SMEs present to pay it forward by supporting other entrepreneurs. 

The first cohort consisted of SMEs drawn from diverse industries, in Jamaica and Trinidad & Tobago including: hospitality, manufacturing, construction, agriculture, creative services, education, real estate, insurance and retail services.

Following the close out of the accelerator programme, JMMB Group is set to welcome its first cohort of female entreps, as part of its recently launched PowHerful Women in Business initiative, which is slated to begin next month. JMMB SMERC will also make way for its second cohort of accelerates in January 2024. 

In keeping with the JMMB Group’s strategy to add value to the SME sector, the regional financial conglomerate provides financial partnership, resources, innovative financial solutions and a network, to support SMEs throughout their businesses life cycles, thereby, facilitating the nurturing, scaling and growth of these companies, while filling the gaps that currently exist in the financial sector. Against this background, JMMB Group signed a memorandum of understanding (MOU) with the Private Sector Organization of Jamaica (PSOJ), earlier this month, to solidify the partnership between the two organizations in meeting the needs of this sector.