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Unleashing the greatness within -The Way I See It!!!!

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Extra, extra read all about; global economic downturn continues, stocks plummeting, massive layoffs widespread, tourism and hospitality industry gravely concerned about potential eroding numbers; business reorganization at an all time high, consumer confidence slipping, and cash flow in all sectors stifled. News at 11: it has become the bailout season in the United States, automobile industry teetering on bankruptcy; CEO mismanagement and blatant extravagance revealed; stimulus packages viewed as saving grace, financial fallout and bombshells riveting around the world, uncertainly looms. If you take the time to flip through the newspaper or spend just 30 minutes viewing the nightly news, it can be frightening and blatantly clear that hurting spirits and panic are far too plentiful.

What we are witnessing is organizations shifting from simplistic command and control, hierarchically managed systems which are relatively effective when the external environments are stable, to open social systems comprised more of delegated authority, self-regulating teams and differentiated decision-making.” Dr. Anita Davis-DeFoe, President/CEO of the Afia Development Corporation.

Okay, now with all of that said, and out of the way, as far as I am concerned, in spite of the current economic and workplace shifts, this is a time of abundant opportunities, that’s right I said it, and if you want to hunt me down to personally look me in the eyes and tell me I must be crazy, simply hop on the next Air Jamaica flight and wing your way to Ft. Lauderdale, Florida.

While there is no denying that we all are witnessing societal occurrences unlike ever before, and these tumultuous times of uncertainty breed some level of discontent, discouragement and even a bit of despair, if we choose to, and mind you we always have a choice, 2009 is the perfect time to let your ingenuity and creativity loose.

The first quarter of 2009 is gone and if you have allowed yourself or your organization to languish in a sea of despair, enough already. We achieve what we expect and what we focus on, so if all of your energy is focused on chasing down the next media byte foretelling of more doom and gloom, I hate to tell you, but that will be the slogan deeply etched on your mental t-shirt, and pasted on practically every word that rolls from your lips. When our spirits become contaminated by negativity, fear, and learned hopelessness, our attitudes, decisions and frame of mind are comprised. We without really realizing what has occurred, focus more on seeing, making or being a problem; rather than setting our sights on our goals, visioning our possibilities, or executing our strategic plans. You do have a plan, right? It is so easy to get caught up in the negative whirlwinds that circle around us, but if our spirits are whole and nurtured daily, this does not and will not happen, because we refuse to let the melee of this world shift our value systems, hinder our focus or make us become hopeless.

Now to some, particularly those gripped by fear, those who are keenly attentive to the current challenges we all are facing on some level, rather that the emerging chances that abound, it might seem counterintuitive to reorganize or even think about starting a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump. Why did these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The inquisitive researcher that I am, decided to see if in fact, lean times can be a profitable bonanza time for businesses and individuals with vision, to those who are able to recognize and seize opportunity. Impressive, I must say is the following, a list of major corporations who made it big during recessions by doing just that, and trust me there are countless others, in fact your company could ultimately make it to such a list.

Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services.

Burger King Corp., with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.

(International House of Pancakes) IHOP Corp
. is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July 1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.

LexisNexis is a research hub for the law, media and more. The company, originally a government contractor, began its LexisNexis computerized legal research service during the 1973 oil crisis that rocked the country into steep economic slump. The now Web-based service is used in 100 countries by individuals in law, government, education and business.

FedEx Corp. began operations on April 17, 1973 as Federal Express, a nod to the Federal Reserve, with whom founder Frederick W. Smith had hoped to get a contract. He didn’t, but the company that delivered 186 packages to 25 cities on its first night of operations now manages more than 7.5 million shipments everyday worldwide.

Microsoft Corp. wasn’t always the jaw-dropping enterprise it is today. In 1975, when it was created by Harvard University dropout Bill Gates, Microsoft was just a little company in Albuquerque, N.M. It dealt in rudimentary computing languages and began its climb to business stardom with the success of MS-DOS, which was sold and marketed to IBM Corp. and then-IBM clones.

CNN might be a news giant now, but in recession-plagued 1980, it was a little-known station called The Cable Network News. It revolutionized how people received information when it premiered as the first 24-hour all-news channel. Today, 1.5 billion people across the globe watch CNN.

MTV Networks brought something new and different to the music scene when it debuted in the economic slump of 1981. Intended to be an all-music-video channel, MTV used VJs (video jockeys) to host programs and facilitate transitions between videos. Today, MTV is a global brand with dozens of shows, music-related among others.

Trader Joe’s started as a chain of convenience stores called Pronto Markets in the slow financial times of 1958. In 1967, the company changed its name to Trader Joe’s and began to carry unique grocery items under its own brand. The company now operates more than 280 stores in the U.S.

Wikipedia Foundation Inc. was born during the recent post-9/11 recession. Established in January 2001, the online encyclopedia had more than 100,000 entries by 2003. Today it is home to more than 2.5 million articles and continues to grow.


Sports Illustrated magazine
was launched on August 16, 1954, at the tail-end of a recession. The magazine benefitted from fortunate timing as a boom in professional sports exploded soon after its founding. Sports Illustrated now sells about 3 million copies in the U.S. each week.

General Electric, Co. (GE) was established in 1876 by famed American inventor Thomas Edison. In the middle of the Panic of 1873, a six-year recession, Edison created one of the best-known inventions of all time — the incandescent light bulb. In terms of market capitalization, GE is now the third largest company in the world.

Hewlett-Packard Development Company (HP) was inauspiciously born in a Palo Alto garage at the end of the Great Depression. The electronic company, initially supported by a mere $538 investment, has grown into the first technology business to exceed $100 billion in revenue, earning $104 billion in 2007. It now operates in nearly every country in the world.

Procter and Gamble Company (P&G), two brother-in-laws, immigrants to the United States, who in the face of slow candle sales shifted to soap filling a need for Union soldiers in 1850, and now P&G sells a diverse mix of products all around the world.

Allstate Insurance – was started during the Great Depression in 1931 using a name borrowed from an automobile tire sold in the Sears Roebuck catalog.

Recessions, however, aren’t advantageous only to start-ups. Pre-existing companies can also make incredible gains in years where the economy is down. Some of the most recent success stories are those of Google, PayPal and Salesforce.com Inc. From 2000 to 2001 each of these companies thrived, leading PayPal to go public in 2002, followed by Google and Salesforce.com in 2004.

So the point is, you can spend all of your energy on the obvious and that is, recognizing change is all around us; and for too long as a global society we have spent money we really did not have; allowed government and businesses to mismanage or provide ineffective services; we all have been unaccountable on some levels; but beyond all of this, we have all operated in highly individualistic silos failing to collaborate, and now we realize that a global community exists beyond the internet, and that the time has come to harness personal strengths and aptitudes to create multi-dimensional work lives.

For you see, the economic gurus say we all should have at least four streams of income, one of which should be a home based business. 2009 has been pegged the year of the solopreneur that means people like you and me creating small businesses that supplement the seed monies you earn on a job.

Right now as you are reading this, the majority of you have a business idea for a start-up that fills an unmet need, or a solution to support process improvement at your workplace, so the decision becomes what are you going to do with it; put it in your back pocket and sit on it or step up and fully participate in the game of life. While some folks are wallowing and lamenting about how bad things are, others are so excited by the boundless possibilities they see, they can not sleep at night filled with anticipation.

Remember circumstances do not define us, they reveal us. Search for the greatness within, its there, just waiting for you to wake up and recognize it. That’s the way I see it, and I am sticking to it. So, turn off the television and get busy, you got work to do!!

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Who is Angelique Parisot-Potter, Massy Holdings’ Former General Counsel and Executive Vice-President of Business Integrity?

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Early Career and Rise in Massy Holdings
Angelique Parisot-Potter served as the Executive Vice-President of Business Integrity and Group General Counsel at Massy Holdings Ltd. Before joining Massy, she had an extensive career in law and corporate governance, holding significant roles that positioned her as a key player in the corporate legal landscape.

Whistleblower Revelations and Impact
Parisot-Potter’s tenure at Massy took a dramatic turn in December 2023 when she made allegations about questionable practices within the company’s executive training programs. At Massy’s 100th annual general meeting, she revealed that the leadership programs involved bizarre rituals, including communicating with the dead and self-healing with “white light energy,” which she claimed were a misuse of foreign exchange and resources. Her whistleblower revelations were detailed in a 13-page document submitted to the company, leading to significant media coverage and internal turmoil at Massy​​.

Resignation and Aftermath
Following her public disclosure, Parisot-Potter was placed on administrative leave. Massy Holdings initiated a disciplinary investigation, asserting that she had disclosed confidential matters. Despite the company’s denial of her claims, Parisot-Potter resigned from her position on December 27, 2023, just nine days after going public with her allegations. Her resignation came amidst a period of significant scrutiny and internal review within Massy Holdings​.

The Resignation of Gervase Warner
The fallout from Parisot-Potter’s revelations had far-reaching consequences, including the resignation of Massy’s President and CEO, Gervase Warner. Warner, who had been with Massy since 2009, announced his retirement on February 8, 2024. While his early departure was officially attributed to personal reasons, it closely followed the controversy sparked by Parisot-Potter’s claims. Warner’s leadership was notable for significant profitability and growth, with the company seeing a compound annual growth rate of 15% over the last five years of his tenure. He was succeeded by David Alfonso, a long-time executive within the company​​.

Conclusion
Angelique Parisot-Potter’s career at Massy Holdings was marked by her commitment to corporate integrity and governance. Her whistleblower actions underscore the complexities and challenges of corporate governance and the personal and professional risks involved in exposing potential misconduct. As Massy Holdings continues to navigate the aftermath of these events, Parisot-Potter’s role in bringing these issues to light remains a significant chapter in the company’s history.

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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 Roxane De Freitas?

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Early Life and Career Beginnings
Roxane De Freitas has a distinguished career marked by her leadership and strategic roles in major companies. She has served as a pivotal figure in the Caribbean business community, with extensive experience across various sectors. Her early career saw her rising through the ranks in the fast-moving consumer goods (FMCG) industry, which laid the foundation for her expertise in corporate leadership.

Professional Accomplishments
Roxane De Freitas is well-known for her significant contributions to Scotiabank and Massy Stores. She recently retired from the Board of Directors of Scotiabank Trinidad and Tobago, where she played a critical role in steering the bank’s strategies and operations. In her tenure, De Freitas contributed to the bank’s growth and its robust community initiatives through the Scotiabank Foundation, emphasizing the well-being of women and youth in Trinidad and Tobago.

In addition to her banking career, De Freitas has been instrumental at Massy Stores. As CEO of Massy Stores Trinidad, she oversaw the expansion of the chain, including the implementation of innovative self-checkout services, which have been lauded for enhancing customer convenience and operational efficiency. Her leadership during the rollout of these services across multiple locations demonstrates her commitment to modernizing retail operations and improving customer experience.

Roxane De Freitas also has a robust background in the fast-moving consumer goods (FMCG) sector, having held several key positions at Unilever Caribbean Limited. Her roles included Country Manager for Unilever Jamaica and General Manager for Unilever Caribbean, where she oversaw operations in multiple territories across the Caribbean. Her leadership has been marked by strategic initiatives that drove growth, enhanced operational efficiency, and improved market share.

Recent Appointments
On June 6, 2024, Roxane De Freitas was appointed to the Boards of Scotia Group Jamaica Limited and The Bank of Nova Scotia Jamaica Limited. This new role signifies her continued influence in the Caribbean banking sector, where her strategic insights and extensive experience are expected to drive further growth and innovation for Scotiabank in Jamaica.

Industry Impact and Legacy
De Freitas’s impact on the Caribbean business landscape is profound. Her strategic vision and leadership have not only driven financial performance but also fostered community development and corporate responsibility. At Massy Stores, her efforts in promoting sustainable practices and efficient retail technologies have set new benchmarks for the industry.

A Role Model for Future Leaders
Roxane De Freitas’s journey is a testament to the power of dedication and strategic thinking in achieving corporate success. Her career path serves as an inspiration to aspiring leaders, particularly women in business, demonstrating that perseverance and innovation can break barriers and lead to significant achievements in diverse sectors.

As she takes on her new responsibilities with Scotiabank in Jamaica, the business community will undoubtedly be watching her next moves, anticipating further contributions to the growth and development of the Caribbean’s financial and retail sectors.

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Overcoming Funding Challenges: Strategies for Jamaican Entrepreneurs

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Raising capital is a critical yet challenging aspect of entrepreneurship, and Jamaican founders are no exception to this global struggle. Despite the vibrant entrepreneurial spirit and innovative ideas prevalent on the island, securing the necessary funds to grow and scale early-stage companies remains a formidable obstacle. This article explores the factors influencing investor hesitations, strategies to mitigate these challenges, and practical steps Jamaican entrepreneurs can take to enhance their funding prospects.

Factors Impacting Investor Hesitations
Investors, regardless of geographic location, exhibit common hesitations that can stymie funding efforts. Some of these factors include:

Perceived Market Risk: Investors often see emerging markets, including Jamaica, as high-risk due to economic instability, regulatory uncertainty, and less mature financial ecosystems.

Lack of Proven Track Record: Early-stage companies frequently lack a history of success, making it difficult for investors to gauge their potential for return on investment.

Insufficient Business Models: A lack of clear, scalable, and sustainable business models can deter investment. Investors seek companies with clear pathways to profitability.

Limited Access to Networks: Entrepreneurs often lack access to networks that can connect them with potential investors, advisors, and partners.

Inadequate Financial Management: Poor financial planning and management can signal to investors that a company is not ready to handle significant capital.

Scalability Concerns: Investors need assurance that a business can scale efficiently and effectively beyond its local market.

Strategies to Overcome Funding Challenges
Both investors and entrepreneurs have developed strategies to bridge the funding gap:

For Investors:
Establishing Local Partnerships: Investors often mitigate risks by partnering with local firms that have a deeper understanding of the market.

Providing Mentorship and Resources: Beyond capital, some investors offer mentorship and access to resources, helping startups build robust business models and financial strategies.

Stage-Gated Investments: By investing in stages based on achieving specific milestones, investors can reduce their exposure to risk.

For Entrepreneurs:
Building Strong Networks: Engaging with local and international entrepreneurial networks can open doors to potential investors and partners.

Seeking Alternative Funding Sources: Crowdfunding, grants, and competitions can provide initial capital and validate business ideas.

Demonstrating Market Traction: Showing proof of concept, initial sales, and customer feedback can help convince investors of the business’s potential.

Case Studies
Case Study 1: XXXRock Juice
XXXRock Juice, a Jamaican startup producing organic beverages, faced significant challenges in raising funds. By participating in international pitch competitions and leveraging social media to showcase their product’s popularity, they secured seed funding from an angel investor network. This investment enabled them to scale production and expand their market presence.

Case Study 2: XXXTech Solutions
XXXTech Solutions, a tech startup focusing on innovative software solutions for local businesses, struggled to gain investor confidence due to their early-stage status. By partnering with a local accelerator program, they received mentorship and access to a network of investors. Their refined business model and pilot projects helped secure a substantial venture capital investment.

Top 10 Ways Jamaican Founders Can Better Position Themselves.

  1. Develop a Clear and Scalable Business Model: Ensure your business plan demonstrates a clear path to scalability and profitability.
  2. Showcase Market Traction: Gather data on initial sales, customer feedback, and market demand to present a compelling case to investors.
  3. Enhance Financial Planning and Management: Maintain detailed and accurate financial records, and present realistic financial projections.
  4. Leverage Local and International Networks: Join entrepreneurial networks and attend industry events to build connections with potential investors.
  5. Participate in Accelerator and Incubator Programs: These programs offer valuable resources, mentorship, and exposure to investors.
  6. Utilize Alternative Funding Sources: Explore crowdfunding platforms, apply for grants, and enter startup competitions to gain initial capital and visibility.
  7. Focus on Strong Marketing and Branding: Develop a strong brand identity and marketing strategy to attract both customers and investors.
  8. Seek Mentorship and Advice: Engage with experienced entrepreneurs and advisors to refine your business strategy and pitch.
  9. Present a Strong Team: Highlight the strengths and expertise of your team, demonstrating that you have the skills necessary to succeed.
  10. Prepare a Compelling Pitch: Craft a clear, concise, and persuasive pitch that addresses potential investors’ concerns and showcases your business’s potential.

Conclusion
While raising funds remains a significant challenge for Jamaican entrepreneurs, understanding investor hesitations and adopting strategic measures can greatly improve their chances of success. By developing robust business models, showcasing market traction, and leveraging networks and alternative funding sources, Jamaican founders can better position themselves to secure the investment needed to grow and scale their companies. The entrepreneurial journey is fraught with obstacles, but with the right strategies and perseverance, these challenges can be overcome.

 

BlackSlate Holdings Group Limited

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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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