Pioneering Past and Bright of Impactful Research and Scholarly Achievements

“EXCELLENCE THROUGH KNOWLEDGE” P A G E 33 practice. Citing recommendations from the GEM 2013 Jamaica report, Minister Williams disclosed that “the recommendations from the report on research into business discontinuation is factored into the emphasis that is now placed on the long-term sustainability of start-ups, business growth and reducingbusiness failure as an important component of enabling a cultureof entrepreneurship and innovation.” Members of the GEM research team presented the key findings of the study derived from an Adult Population Survey (APS) using a random sample of at least 2,020 adults between the ages of 18 and 64 and a National Experts Survey (NES) in which 36 business experts were interviewed. GEM collects data from participating countries using these two common data collection instruments. It harmonizes the data and compares results among countries categorized as factor-driven, efficiency-driven and innovation-driven. Jamaica is categorized as an efficiency-driven economy. In the measure of societal values of entrepreneurship, according to the Report, Jamaicans hold entrepreneurs in high regard, with 85% stating that starting a business is a desirable career choice. This compares to only 64% for residents of Latin America and the Caribbean. The principal indicator of GEM is the Total Early Stage Entrepreneurial Activity (TEA) rate which measures the percentage of the adult population who are in the process of starting or have started a business. The researchers found that Jamaica’s TEA rate is 9.9% which is approximately 50% of that of Latin America and the Caribbean. Among the other key findings are that Jamaicans positively perceive the possibility of operating a business (85%); slightlymore females (50.6%) thanmales (49.4%) are involved in entrepreneurship; Jamaicans are driven to engage in entrepreneurship by opportunities that exist and do not fear failure; and small, easy to start-up businesses dominate the entrepreneurial landscape in Jamaica. The researchers also reported that 84% of Jamaicans believe that they have the required skill to start a business, while 38% expressed the intention to start a business over the next three years. It was noted however, that “the will, courage and confidence of most Jamaicans to undertake entrepreneurial activities above the micro-enterprise level are lacking.” The researchers recommended that factors that motivate entrepreneurial activity such as training, accessibility to financing, guidance and mentorship need to be maintained or strengthened. Editor’s Note: This article was prepared by the Corporate Communications Unit, Division of Advancement, Office of the President