JMMB Group Welcomes 22 SMEs to New Cohort of Accelerator Programme

The JMMB Group Small and Medium-sized Enterprise Resource Centre (JMMB SMERC) welcomed 22 SMEs, from Jamaica and Trinidad & Tobago, to its accelerator programme at a mingle, held recently at Strings & Stones at The S Hotel. 

In speaking at the event, Shani Duncan-Falconer, senior corporate manager, JMMB SMERC underscored the value of partnership in catapulting growth. “As SMEs, we understand you can sometimes feel as though you must do it all. This is why it is especially important to know when to seek support.” Adding that the programme is built on the vision of Joan Duncan, co-founder of JMMB and pioneer of the money market in Jamaica, who demonstrated this lesson by forging a partnership with Dr. Noel Lyon – together they made the dream of JMMB a reality in 1992, which has grown from a brokerage house to a regional financial conglomerate.  

As evidence of the impact of the programme, Gary Harris, owner of Water Drops and a member of the first cohort highlighted that even though he was an entrep with over 2 decades of experience in the creative sector, he felt stuck when he decided to venture into opening a water store. With the support of the programme, he has grown his revenue by over 100% and is looking to open a third location. “I have to commend JMMB for not just putting their money where their mouth is, but their heart as well.” While speaking at the mingle, he encouraged the new cohort to put in the work by attending the sessions and taking the recommendations as his business growth and operational efficiency are a testament of the value of the programmme. 

Structure of the SME Accelerator Programme
The yearlong programme will provide the new cohort of SMEs with the necessary expertise, training and coaching, network and support services, to assist their businesses to scale and grow.

Each SME in the programme will have an initial Growth Wheel assessment, to better understand the company’s strengths and areas of improvement, so that a clear roadmap may be created to nurture, scale and grow each business along its life cycles. Throughout the year, the business leaders will have the opportunity to engage in one-on-one coaching sessions, tailored to their specific needs and objectives and a series of workshops and seminars on a range of business related topics, to equip them with the knowledge and skills needed to thrive in today's competitive landscape. Additionally, these entrepreneurs will participate in CEO Roundtables designed to deepen their network and collaboration, in addition to sharing ideas and expertise. 

As members of the Accelerator Programme, these SMEs will also have access to the JMMB Group SME ecosystem and its partners’ services which offer support services, at discounted rates. 

In addition, three SMEs will have the opportunity to collectively win up to J$1M in a pitch competition, which is a part of the programme.

O’Neil Clacken, CEO of Paperless Solutions, a digital transformation consultancy shared, “We are excited about the growth opportunities this programme presents and are committed to leveraging these benefits to further our mission of delivering exceptional solutions to our clients.” In zoning in on one of the major benefits, Clacken said,  “The JMMB Accelerator Programme (will) offer an invaluable opportunity to network with like-minded entrepreneurs and industry experts. By engaging with other participants and mentors, we (expect to) gain diverse perspectives and insights that can drive innovation within our company. The collaborative environment fostered by the programme will (also) allow us to share best practices, troubleshoot common challenges, and potentially form strategic partnerships that could propel us to new heights. This networking aspect is crucial for our development, as it encourages us to think creatively and adapt to market changes more swiftly.” 

JMMB Group Supports SMEs
The JMMB Group Accelerator Programme reflects the company’s commitment to supporting entrepreneurship, specifically SMEs, in a bid to drive economic development in the Caribbean. According to the World Bank Group, “SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies.” In Jamaica, the Ministry of Industry, Investment and Commerce credits micro, small and medium-sized enterprises (MSMEs) for providing approximately 80% of employment, contributing significantly to GDP, poverty alleviation and social stability. 

In keeping with the JMMB Group’s strategy to add value to the SME sector, the company provides financial partnership, resources, innovative financial solutions and a network, to support SMEs throughout their businesses life cycles. As such JMMB Group has launched several solutions to serve this segment including: Vertex SME Holding, a private equity vehicle managed by JMMB Securities that invests in high growth SMEs; in addition to its merchant services suite which comprises of POS devices, e-commerce solutions and quick response QR code (scan to pay) solution.