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If We Are To Have Real Growth And Development Nationally …. We Must Grow Our SME Sector.

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ladies and gentlemen, I have noted that the title of opening plenary is: Entrepreneurship, Innovation And Growth: Unlocking The Potential In The Jamaican Economy. Implicit in this I suppose is the message that entrepreneurship and innovation have something to do with growth?
Is that an assumption that one could fairly draw?

Well I suppose that that is what we are currently hearing…we are told by the economic growth council to unleash our entrepreneurial spirit….we are told by the world bank to become more innovative….we are told by various members of the political directorate to take more risks and invest in new areas….so….it would appear that everybody is seeing the link between entrepreneurship and growth.

The private sector organization of Jamaica and the Jamaica banker’s association are finally reaching out to small and medium size entrepreneurs to get them to formalize their operations….all good…all commendable…but will it work? is it some form of magic bullet? or is it the beginning of a new paradigm that must be adopted by the entire society in order for us to secure our mature development as a society?

Let’s take a good look at where we are…lets set the historical context for the progress that we are trying to achieve….but first. let me take a moment to talk about the establishment of the access to finance facilitation panel that has been set up under the auspices of the PSOJ by the Jamaica bankers association with tremendous support from JMMB.

It is important to note that the current definition of the SME sector is business entities having between 1 and 50 employees and an annual turnover of less than one hundred and fifty million dollars….

The aim is to bring greater awareness of the SME sector to the governments access to finance reform agenda and to provide input and support for the adoption and expansion of the access to finance program across various stakeholder sectors through a process of education, facilitation and coordination…

The project has two streams. Access to finance…. and a reverse factoring program which is being developed in conjunction with DBJ …. receivables are a real big issue with SME’s….cash flow continuity is critical to the life of a small business…
We hope to foster better relationships between the banks and small businesses.

Simplify the credit processes to make them easier and more transparent for MSME’s …

We want to train the MSME’s in formalizing, regularizing and structuring their business processes and unlock additional capital to allow for business expansion…

The program has been rolled out and will continue with a series of workshops to facilitate all of the above and to create a user friendly and harmonious relationships among the stakeholders…

I am asking our business sector to suspend its cynical disbelief and support this program fully as it can be a valuable tool to reduce the marginalization and inequality in our economy …

Back now to our historical context.

I submit to you that every successful and progressive society stands on three pillars …three foundation stones…the state….the community and ..the market…the market being the private sector ( commerce)…

If those pillars or foundation stones are not properly balanced and proportional to each other the progress of the society will be threatened.

For a society to be successful…the state must be strong, effective, facilitative and corruption must be controlled…the community must be educated and skilled, united in common goals and the degree of marginalization and inequality must not be so great as to be an insurmountable barrier to the success of the average citizen with ambition and drive…

The market (the private sector) must be innovative…agile…well capitalized and technically competent and well regulated…

If these elements are not present…there is a great potential for social disorder…individualistic and selfish behavior, corruption and antisocial activity…

For almost all of the six decades since Jamaica’s independence, the pillars …the elements referred to above have been unbalanced…

We started out in 1962 with a fairly strong private sector…but one that was substantially foreign owned…
a state that was inadequate in its preparation …..and unsure of its purpose….and a community that was exceedingly marginalized and full of inequality…..and yes we had growth.

But i submit that we made the mistake then..that if we are not careful we will make now..we had growth that was not inclusive…and since then by various experiments and adventures we have built the state into a towering giant that attempted to control the commanding heights of the economy and is the largest employer of low wage workers….

As a consequence of our excursions into uncharted and strange waters, we squandered resources on various experiments and adventures…and we wasted our patrimony on badly executed attempts thereafter by the state to borrow money and spend its way out of a stagnating economy as well as a badly executed effort to liberalize the financial sector…
The state became an inefficient and corrupt behemoth …and the private sector became a co- conspirator in the corruption …dependent on the state for its existence and ignoring true entrepreneurial capitalist endeavors in favor of lending money to the state and living off licenses and special privileges…..all this while the community grew increasingly marginalized…and individualistic in its indisciplined and divisive behaviors….

There is no question in my mind that the near catastrophic failure of our economy up to the last decade is a consequence of the imbalance described briefly above, and it would be worth our while to effect a study of our economic history to elicit detailed lessons so as to prevent a repetition in the future….

It has been due to the disciplined and enlightened work of strong leaders from both our public and private sectors and the enormous sacrifice and pain of our ordinary citizens that we have drawn back a little bit from the edge of the precipice …..

And ladies and gentlemen…any medium size external or internal shock can easily draw us back into the abyss…..any major international crisis involving the north American market ….or volatile oil prices…any serious natural disaster …
or …our failure to control corruption and crime and violence in short order…. can take us right back to square one…..and worse…

So …today this is where we are in economic terms….

Inflation at the rate of 3.9% at the end of April GDP growth of 2% for final quarter of last year with a projection of 1.5% for first quarter 2019 ….PIOJ estimate of 1.9% for financial year 2019 interest rates at all-time lows….country running fiscal surpluses and cash reserves ratio reduced twice in last six months….country is awash in liquidity …. investment is increasing …real estate is booming …. banks are buying insurance companies…insurance companies are buying banks…employment is increasing…

So what’s the problem?

Well…folks…the problem is that we are still suffering from the same difficulty of inequality and marginalization….good things are happening…but they are only happening for a minority of our people in the business sector….and that’s not development is it?

It may be growth …but it’s not sustainable development…. this has happened before…we had growth in the nineteen sixties, but it excluded most of our people and created fertile conditions for the development of social disorder…growth must be inclusive…the door to development must be opened wider…

In Jamaica today we have a highly informal sector comprising some 43% of Jamaica’s GDP in 2006…probably more now if you look at the money flows that the banks are reporting …

Our SME’s employ 70% -80% of our workforce….they represent 97% of all tax paying entities and are a significant contributor to our GDP….

But….only they get 11% of private sector credit and only access 26% of bank loans….so the majority of our SME’s are outside of the economic blanket…. illegitimate children of our unbalanced society and our marginalized economy…

We don’t have time today to go into the cultural history of our economy and the reasons why the SME’s have been left out …but what we can speak to is that the consequences of that neglect include corruption and indiscipline…crime and a lack of national commitment…

Worst of all …. ladies and gentlemen…SME’s are the fertile incubators…the spawning grounds for innovation and entrepreneurship…so if they are stifled we are stifling our future…

Ok…so if you are following my logic so far ….and if you are still awake. Then you will agree that if we are to have real growth and development nationally …. we must grow our SME sector…and the ingredients for growth exist.

The fact is that since 2016 there have been over one hundred interventions to assist MSME growth and development …. ranging from access to finance measures taken by the DBJ through institutional strengthening efforts …access to markets assistance …. capacity building and the reduction of informality of their processes…. however, ……these measures have not been taken up by the MSME because of various reasons including but not limited to……… Lack of awareness. Uncertainty and fear…and inability to conform…

So…our task is to push the access door for them and it must be done.

The sustainability of our growth depends on it …. the mature development of our country depends on increasing equality and reducing the wide variances of wealth.

The only feasible way to break out of the low wage trap is to empower our entrepreneurs and innovators to monetize their ideas and access capital.

Foreign investment is welcome but it’s just that …. foreign investment brings capital but its value added is destined for elsewhere….

We at the PSOJ believe that it is our task to reach out to our new businesses and to nourish them to viability…the state cannot do it by itself.

It can create the right facilitative environment and we must push for that…but the state doesn’t understand capitalism and profit…the private sector does ….and we must take up the challenge and build our own future from the tremendous birth right of creativity and energy with which have been blessed.

Fundamental to this effort is the need to map and unleash the assets that are trapped in our inner cities and our market districts.

Much of our global renown for creative culture and our sporting accomplishments come from the inner cities…and yet we continue to ignore these talents and force them to take their skills to the entertainment capitals of the world.

We have trapped our best and brightest in the prisons of depressed areas and keep them there with states of emergency and politics…

If we spent one third of the money recently spent on infrastructure …if we had spent it instead on our human capital and improvement of the depressed areas. The return on capital. The reduction of crime and violence.

The modification of the deviate behaviours would be the growth rocket that we keep wishing for…ladies and gentlemen .it is people that create growth. Not machines…not money. It is time that we understand that successful capitalism puts people first …. that growth and development must strive for inclusiveness or else our efforts will contain the seeds of failure…

The time for new thinking is now…and the time to act differently is here…let us open our minds to the possibilities of our own people and give our entrepreneurs the fuel to make our growth sustainable…
thank you for listening.

Speech Given By Howard Mitchell, President The Private Sector Organisation of Jamaica To The 4th Business And Management Conference – Mona School Of Business And Management.
Jamaica Pegasus June 10th, 2019

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The Digital Business Roadmap for Jamaican MSMEs: A Critical Path to Digital Transformation

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Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economic landscape of many countries, including Jamaica. As the global economy continues to evolve, driven by rapid technological advancements, it is important for MSMEs to embrace digital transformation to remain competitive and sustainable. This blog explores the concept of digital business, the importance of digital transformation for MSMEs in Jamaica, and provides a roadmap for achieving this critical transition.

Defining MSMEs in the Jamaican Context
In Jamaica, MSMEs are defined based on their number of employees, annual turnover, and total assets. According to the Ministry of Industry, Investment and Commerce (MIIC), micro enterprises have fewer than 5 employees and an annual turnover or total assets not exceeding JMD 10 million. Small enterprises employ between 5 and 20 people with an annual turnover or total assets between JMD 10 million and JMD 50 million. Medium enterprises employ between 21 and 50 people and have an annual turnover or total assets between JMD 50 million and JMD 150 million.

Understanding Digital Business
Digital business involves leveraging digital technologies to create new value in business models, customer experiences, and the internal capabilities that support core operations. The theoretical framework behind digital business is rooted in the integration of digital technologies such as the Internet of Things (IoT), artificial intelligence (AI), big data analytics, and cloud computing to enhance business processes, improve efficiency, and drive innovation.

Digitization, Digitalization, and Digital Transformation
To understand the journey towards a digital business, it is important to distinguish between digitization, digitalization, and digital transformation:

Digitization
This is the process of converting analog information into digital formats. Digitization in many ways is the first phase of any effort to digitally transform your business. However, it comes with its own set of challenges, especially for MSMEs in emerging markets like Jamaica. The two primary costs MSMEs will have to account for are technology investment and user training. The cost of acquiring the necessary technology (e.g., scanners, computers, and software) to digitize records can be difficult for small businesses, who mostly operate on tight budgets and may find it challenging to allocate funds for such investments. User training often involves upskilling the employees of the to use new digital tools and processes effectively. This training requires both time and money, which can strain the resources of small businesses. These challenges can hinder progress and make the initial steps towards digital transformation more complex and resource-intensive.

Digitalization
If you are able to successfully digitize your business, this increases the likelihood of the next phase of this journey, digitalization. This refers to the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. This involves using digital technologies to change business models and create new value-adding opportunities.

One of the primary challenges with digitalization lies in integration complexities. Many small businesses operate with legacy systems that are not easily compatible with modern digital tools and platforms. Integrating these new digital systems with existing ones can be technically complex and expensive, often requiring specialized IT expertise. Additionally, data stored in different formats or locations can create silos, which make it difficult to establish a unified and streamlined digital workflow. Addressing these silos often necessitates substantial restructuring of existing processes, adding further complexity to the digitalization journey.

Another significant challenge is change management. Employees and management might resist new digital processes, particularly if they are comfortable with the traditional ways of doing things. This resistance can slow down the adoption of digital tools and diminish the effectiveness of digitalization efforts. Moreover, moving from analog to digital processes often requires a cultural shift within the organization. Encouraging a digital-first mindset among employees can be difficult, especially in organizations where traditional methods are deeply ingrained.

The skills gap also poses a considerable challenge during digitalization. This activity typically demands a higher level of technical expertise than digitization. Employees may need to acquire new skills to effectively use digital tools, analyze data, and manage digital workflows. However, finding or developing these specialized skills can be a significant hurdle for many MSMEs, particularly in regions where access to advanced training and education is limited.

Digital Transformation
This is a comprehensive, strategic approach that leverages digital technologies to fundamentally change how an organization operates and delivers value to its customers. Achieving digital transformation in a business requires a holistic approach that involves integrating technology, people, processes, and culture. To successfully achieve digital transformation, a business must start by developing a clear vision and strategy. This involves defining what digital transformation means for the organization and setting measurable goals that align with overall business objectives, such as improving customer experience, boosting operational efficiency, or expanding into new markets. Creating a detailed roadmap with specific timelines, milestones, and resources is essential for guiding the transformation process.

Fostering a digital-first culture is equally important. Leadership must drive the initiative, committing to the transformation and promoting a digital mindset across the organization. Engaging employees early in the process through training and development opportunities is crucial to help them adapt to new tools and encourage a culture of continuous learning and innovation.

Investing in the right technology is another critical step. Businesses should choose scalable solutions, such as cloud-based platforms, data analytics tools, and automation technologies that can grow with the company and streamline operations. It’s essential to select technologies that integrate well with existing systems to ensure a smooth transition. Optimizing processes is also key to successful digital transformation. Before implementing new technologies, businesses should assess their current processes to identify inefficiencies and areas for improvement. Automating repetitive tasks can save time, reduce errors, and allow employees to focus on more strategic activities.

Collaboration is vital in this journey. Digital transformation often requires cross-departmental collaboration to identify challenges and develop solutions. Encouraging teams to work together ensures that digital initiatives are aligned with business needs. Additionally, forming external partnerships with technology providers, consultants, and other businesses can accelerate the transformation process by providing access to new technologies and expertise.

Ensuring data security and compliance is critical as the business becomes more digital. Investing in robust cybersecurity measures protects data and systems from threats, while compliance with relevant regulations, such as data protection and privacy standards, is necessary, especially when handling sensitive customer information. Monitoring and adapting the transformation process is essential for success. Businesses should continuously track their progress using data and analytics to measure performance against goals. Being flexible and ready to adjust strategies based on feedback, new developments, and changing market conditions is vital for ongoing improvement.

Leveraging government and private sector support can also provide significant advantages. Many governments offer grants, tax incentives, or other support for businesses undergoing digital transformation. Collaborating with industry associations and private sector partners can offer valuable resources, training, and networking opportunities, helping businesses stay informed about the latest trends and best practices. Engaging customers in the transformation process is another important step. As new digital tools are implemented, businesses must ensure that customers understand how to use them by providing clear instructions, tutorials, and support. Regularly collecting customer feedback allows businesses to continuously improve their digital services, ensuring they meet customer needs.

Finally, planning for continuous improvement is crucial. Digital transformation is not a one-time project but an ongoing process. Regularly reviewing and adjusting the digital strategy helps businesses stay competitive and responsive to changes in the market. Staying informed about the latest trends in technology and digital business enables companies to anticipate changes and opportunities, ensuring they remain agile and innovative in a rapidly evolving digital landscape.

The Need for Digital Transformation in Jamaica
Jamaica’s Vision 2030 aims to make the country the place of choice to live, work, raise families, and do business. Achieving this vision requires a robust digital economy where MSMEs can thrive. Digital transformation is essential for MSMEs to improve efficiency, expand market reach, and enhance customer experiences. According to the Global Competitiveness Report 2019 by the World Economic Forum, Jamaica ranks 80th out of 141 countries in ICT adoption, highlighting the need for significant improvements in digital infrastructure and capabilities.

The Way Forward for MSMEs
Crafting a digital business roadmap requires careful planning and a thoughtful approach to several key factors. First, it’s essential to understand and address the evolving needs and preferences of customers in the digital age. Ensuring that digital initiatives can scale as the business grows is also critical, allowing for adaptability and responsiveness to market demands. Sustainability should be a central focus, with continuous updates and optimization of digital technologies to support long-term success. Collaboration is another crucial element, as leveraging partnerships and alliances can significantly enhance digital capabilities.

In conclusion, the digital business roadmap for MSMEs represents a vital strategy for achieving sustainable growth and competitiveness in today’s economy. By embracing digital transformation, MSMEs in Jamaica can unlock new opportunities, improve efficiency, and deliver enhanced customer experiences, ultimately contributing to the broader goals of Vision 2030.
© Germaine A. Bryan, 2024

Germaine Bryan is a business developer and startup coach supporting startups and MSMEs. Germaine is a skilled tactician in strategic business planning and has helped hundreds of entrepreneurs build their capacity to operate at scale. Germaine is the Managing Principal of Gerbry Business Ltd. For enquires. please email: germaine@gerbry.business

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Should Jamaica Abandon Its 2030 Vision?

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As a Jamaican employed in an organisation, you are worried about the future of our nation. It appears as if our country is stumbling along, barely keeping its head above water. At the same time, you are aware of the power of a corporate vision.
Why hasn’t someone done the same for our 2.8 million people on the island, and the other 2+ million in the Diaspora?

The good news is that something is already in place in the form of Vision 2030. But why isn’t it changing your everyday experience?

The truth is that we need help. The two main things Jamaicans care most about – economy and crime – seem not to have progressed for decades. Instead, we want the hyper-growth of Trinidad-2004 and Guyana-2023. Or maybe even the steady high performance of the Bahamas.

Or perhaps more importantly, we envy the low crime rates of Barbados or Cayman (formerly a Jamaican protectorate.) At some point, we led all these countries in these areas.

Today, we are working hard not to slip into the same zone as Haiti.

If our leading companies can accomplish so much long-term success, why can’t our country, we wonder? While a direct comparison is unfair, maybe there are a few things we can learn from best practices accepted in your organisation.

A Joined Up, Far-Away Future

A “joined-up” future is one that lots of stakeholders contribute to creating. In a company, it means engaging the board, executives, staff, customers, suppliers, regulators, local communities and more.

Shouldn’t our country do the same?

Based on my experience and queries of colleagues outside government…we don’t know that we already have a joined-up faraway future…at least on paper. In fact, the process used to create Vision 2030 Jamaica from 2003-9 is a world-class model. As such, I have shared it at in-person and online strategy conferences as a case study.

Perhaps you recognise the summary statement: “the place of choice to live, work, raise families and do business.” In times gone, it was the tagline of speeches given by the Governor General, Prime Minister, Leader of the Opposition and many others.

But I looked over the recent Budget Debate notes. I struggled to find much of a mention. A Google search didn’t help. Here are a few ways business people at all levels could intervene now to prevent what former leaders of our country seem to be telling us…this is too important to allow it to be eaten up in regular chakka-chakka.

Why the urgency?

With six or so years remaining until we cross the finish line in 2030, we can’t afford to waste a single moment in mid-race. Remember when Miller-Uibo glanced up at the screen and lost her lead in the 400m final of the 2017 World Championships? We are likely to stumble into defeat also as a nation, unless we pay attention to the following.

A Divisive Election – You and I watch the bitter combat underway in the USA. It appears that cooperation towards common goals is impossible. Within a year, our political parties will try to win the next election by emphasising their differences. This is natural. But it’s the opposite of the intent of Vision 2030 Jamaica. Just imagine if the board of your company were divided into opposing camps. Let’s intervene so that their attention remains on what is most important.

Continuous Inspiration – Your ability to recite our National Pledge and Anthem were picked up as a child. We could elevate Vision 2030 Jamaica to that level of importance, starting with the Forward by Dr. Wesley Hughes, which states in part:

“Today, our children, from the tiny boy in Aboukir, St. Ann, to the teenage girl in Cave, Westmoreland, have access to technologies that were once considered science fiction. They seek opportunities to realise their full potential. This Plan (vision) is to ensure that, as a society, we do not fail them. “

Updated Business-like Measures – How can we know the progress we have made from 2009-2023? Are the measurable results listed in the document beyond reach? Do we deserve an A-? or a D+?

How about fresh, intuitive measures of success which tell us whether or not Jamaica is becoming “the place of choice”? Let’s measure the length of lines outside the US and Canadian Embassies for those seeking permanent residency and how they are growing or shrinking.

Wheeling and Coming Again – Companies have no problem resetting fresh objectives when the old ones no longer do the job. In business, a strategy that is not working is replaced as soon as it’s found to be lacking.

We can do the same for Vision 2030 Jamaica to keep it relevant. This is the beauty of long-term strategic planning.

An honest read of the original document reveals that certain assumptions about the government’s capacity to lead the effort were unquestioned. Today, after over a decade of effort, we have learned much. For example, it’s hard to argue that the planning done in 2009 was enough.

While we once led the world in long-term national planning, we aren’t doing the same in the more difficult world of national strategizing and execution. But there’s time.

As the clock ticks down to 2030, things are likely to become more awkward for all of us. As you may imagine,. the human tendency is to avoid the issue entirely, hoping it goes away.

That may yet happen. But if we don’t confront the gaps in our initial attempt to create a joined-up, faraway vision, we’ll block our citizens from ever believing in a national vision again.

In fact, it would be better if it were declared null and void, than ignored. At least that would have some integrity and enable us to move on to a better national vision, lessons earned.

Better National Strategic Planning

And that is perhaps the biggest lesson for all concerned. We Jamaicans say that we are great starters, but poor finishers. In other words, we know how to kick things off. But when the going gets tough, we aren’t strong at bringing them to fruition.

Said differently, we don’t know how to keep promises just because we made them.

The point here is that Vision 2030, with some five to six years remaining, puts us in an awkward spot. But that’s a lie. We have put ourselves in an awkward spot.

At some point we were strong in envisioning great things. Like a company who creates BHAGs, our executive team gave its sacred honor to accomplish a great thing, like the framers of the Declaration of Independence.

However, we haven’t put in place mechanisms sufficient to rescue our current situation. At the current rate, we won’t be closer to being a “place of choice” than we were in 2009.

In a company it’s easier to find individuals or a team of leaders who may hold themselves accountable for a game-changing result. Often, the metrics are clear.

Unfortunately, no such clarity exists around Vision 2030. And given our impending election fever, it may not come from politicians. Instead, it’s time for business to step up and bring sound strategic planning to the accomplishment of the most important outcomes of our national lifetimes.

Let’s inspire each other to intervene so we can have what we already
know we want. It won’t happen any other way.

Francis Wade is the founder of the Jump Leap Long-Term Strategy newsletter and podcast, and operates a management consulting firm.

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Jamaica Is Pursuing The Strategy Of Mix Development Modalities

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“Tourism is a wealth creation and economic enrichment activity driven by the consumption and production patterns of people!”

“The strategy for destination exploitation of tourism is a composite of many modalities including business models and investment opportunities and not to be viewed through a myopic lenses.

Small highly service dependent economies such as ours must rely heavily on consumption to sustain economic growth, and expansion and Tourism has become the most effective way of achieving this as the propensity to CONSUME of the Tourist is 3-5 times that of the local! It means therefore that the expansion of the local market by increasing tourist arrivals creating a ‘critical mass’ is essential.

The proliferation of boutique hotels is not the answer when physical resources are limited. The strategy of Mix development modalities as Jamaica is pursuing, with mega hotels, boutique and sharing accommodation i.e. Airbnb etc is the most effective way forward.

The essential element of the strategy though is the production/Supply side of the wealth development equation! Jamaica’s focus must be on providing the goods and services that the Tourists demand to satisfy their consumption patterns! THATS WHERE THE REAL WEALTH OF TOURISM RESIDES! Agriculture, manufacturing, Creative Industries, Energy, Construction etc Then SERVICES; medical, financial, legal, entertainment, Restaurants, Shopping, transportation etc.

Please team let’s take a deeper dive in the confluence of economic moving parts that constitutes Tourism and recognize its elongated and expensive value chain so we can truly embrace the wealth it brings!”

Edmund Bartlett – Minister of Tourism Jamaica

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A Legacy of Leadership: Dr. Marlene Street Forrest and the Future of the Jamaica Stock Exchange

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“As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.”

Introduction
Dr. Marlene Street Forrest, who has led the Jamaica Stock Exchange (JSE) for nearly two decades, is set to retire, leaving behind a legacy of innovation and resilience. Her tenure has been marked by significant achievements and overcoming challenges in a male-dominated field, setting a high bar for her successor.

Accomplishments and Achievements
Dr. Street Forrest’s tenure at the JSE has been transformative. Under her leadership, the JSE has seen a notable increase in market activity, listings, and the introduction of new financial instruments.

She spearheaded the launch of corporate secretarial services to assist smaller companies in maintaining compliance and accurate reporting, which is crucial for their growth and sustainability​​.

In recognition of her outstanding leadership, Dr. Street Forrest received several prestigious awards, including the Order of Distinction in the Rank of Commander (CD) in 2016 and the Afroglobal Excellence Award for Global Impact from Canada the same year​.

Her efforts have not only enhanced the visibility and credibility of the JSE but have also contributed significantly to Jamaica’s economic resilience and development.

Overcoming Challenges
Leading the JSE in a male-dominated industry came with its challenges. Dr. Street Forrest often had to navigate skepticism and bias, proving her competence through relentless hard work and strategic vision.

The global financial crisis and the COVID-19 pandemic posed additional challenges, yet she successfully steered the JSE through these turbulent times by promoting market stability and investor confidence​.

Her focus on digital transformation and enhancing regulatory compliance helped the JSE remain a pivotal player in Jamaica’s economic strategy. She emphasized the importance of high-quality, timely financial information and investor education, which are critical for maintaining market integrity and attracting capital​​.

The Road Ahead: What Her Successor Needs
As the search for Dr. Street Forrest’s successor begins, the JSE requires a leader who can build on her legacy of innovation and resilience. Key characteristics for the next managing director include:

Visionary Leadership: The ability to foresee and adapt to market trends and technological advancements.
Strong Regulatory Knowledge: Ensuring compliance and fostering investor trust through transparent practices.
Commitment to Digital Transformation: Embracing new technologies to enhance market operations and accessibility.
Economic Insight: Understanding market dynamics and economic policies to drive growth and stability.
Collaboration Skills: Building strong relationships with stakeholders, including regulators, investors, and listed companies.

Benchmarking against global stock exchange leaders, the new head of the JSE should embody a blend of strategic foresight, regulatory acumen, and innovative thinking. Leaders like Adena Friedman of Nasdaq and David Schwimmer of the London Stock Exchange exemplify these traits, balancing market growth with robust governance.

Conclusion
Dr. Marlene Street Forrest’s leadership at the JSE has set a high standard, marked by significant achievements and resilience in the face of challenges. Her successor will need to bring a mix of visionary leadership, regulatory knowledge, and a commitment to digital transformation to continue driving the JSE’s growth and success. As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.

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Who is Leesa Kow? Managing Director, JN Bank and Chairman of the Caribbean Association of Banks (CAB)

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Leesa Kow is a distinguished leader in the financial sector, serving as the Managing Director of JN Bank and the Chairman of the Caribbean Association of Banks (CAB). Her career is marked by strategic vision and a commitment to digital transformation and financial inclusion.

Early Career and Professional Background
Leesa Kow joined JN Bank in 2003 as Senior Manager for Remittances. Her leadership capabilities quickly propelled her through various senior roles, including Executive of Marketing, Sales, and Promotion in 2006, and General Manager of JN Money Services Limited (JNMS) in 2008. At JNMS, Kow oversaw significant expansion, growing the company’s reach from 200 branches and agents to over 8,000 across three continents within three years, cementing JN Money as the largest remittance brand from the Caribbean​​.

Leadership at JN Bank
Kow’s ascent to the role of Managing Director in July 2022 followed her tenure as Deputy Managing Director from November 2017. As Deputy Managing Director, she was instrumental in implementing JN Bank’s digitalisation initiatives, enhancing operational efficiency and customer service. Her strategic focus on technology and innovation has been pivotal in transforming JN Bank into a more agile and customer-centric institution​​.

Contributions to the Financial Industry
Beyond her work at JN Bank, Kow has significantly impacted the broader financial services sector. Her tenure as president of the Jamaica Money Remitters Association from 2012 to 2017 showcased her leadership in advocating for the remittance industry. In October 2022, she was elected Chair of the Caribbean Association of Banks (CAB), where she continues to influence regional banking policies and practices​.

Educational Background
Leesa Kow’s academic credentials are impressive, holding a Bachelor of Science degree in Management Studies and Accounting (First Class Honours) and a Master of Science degree in International Business (Distinction) from The University of the West Indies. These qualifications underscore her strong foundation in business leadership and strategic management​​.

Impact and Vision
Under Kow’s leadership, JN Bank has made significant strides in digital transformation, positioning itself as a forward-thinking financial institution. Her vision for the future includes continued emphasis on innovation, customer service excellence, and financial inclusion. Kow’s influence extends across the Caribbean, as she leverages her roles to advocate for advancements in the banking sector and to support regional economic development.

Leesa Kow’s journey from senior manager to managing director of JN Bank exemplifies her dedication, strategic foresight, and impactful leadership. Her contributions to the financial sector and her role in shaping regional banking policies make her a notable figure in Caribbean banking, inspiring the next generation of female leaders in finance.

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