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August - September 2017
| VOICES Bi-Monthly Magazine of the University of Technology, Jamaica
GEM Report Presents Rich Data of Current
Entrepreneurship Ecosystem
T
he University of Technology, Jamaica on Thursday, September 14,
2017 hosted a special launch ceremony and symposium to announce
the findings of the Global Entrepreneurship Monitor (GEM) Jamaica
2016/17 Report, undertaken by a team of researchers drawn from the
University’s College of Business and Management (COBAM). – Team
Lead Researcher, Dr. Girjanauth Boodraj, Associate Professor, COBAM, Mr.
Michael Steele, Head, Joan Duncan School of Entrepreneurship, Ethics
and Leadership (JDSEEL), Associate Professors, COBAM, Dr. Claudette
Williams-Myers, Dr. Andrea Sutherland, Dr. Gaunette Sinclair-Maragh, Head,
School of Hospitality and Tourism Management (SHTM) and Mrs. Vanetta
Skeete, Senior Lecturer, COBAM.
GEM is the largest study of entrepreneurship in the world. Through
a consortium of universities in 100 countries, GEM data tracks the
entrepreneurial attitudes, activities and motivation of entrepreneurs in the
participating countries and monitors entrepreneurial framework conditions
which promote or hinder the growth of entrepreneurship such as financial
support, government policies, commercial and service infrastructure and
physical infrastructure. GEM tracks rates of entrepreneurship across
multiple phases of activity- potential entrepreneurs, nascent entrepreneurs,
new business owners, established business owners and discontinued
businesses. UTech, Jamaica has been involved in producing the GEM
Jamaica country report since 2005.
Keynote speaker, Hon. Fayval Williams, MP, Minister of State, Ministry of
Finance and the Public Service lauded the researchers and the high value
of the GEM Report data in informing government policy and 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 reducing
business failure as an important component of enabling a culture of
entrepreneurship and innovation.”
The Minister also noted that another recommendation from the GEM 2013
report for more youths to be exposed to entrepreneurship as a long term
career option, particularly at the elementary level was brought to bear in
revising the current MSME Policy that now focuses on the introduction of
Entrepreneurship in the school curricula at all levels.
Minister Williams told the gathering of entrepreneurs, students, academics
and members of the business community, that the government continues
to place emphasis on initiatives aimed at capacity building and creating an
enabling environment for MSMEs to flourish. She noted that the updated data
provided by the GEM 2016-17 report will be useful in “fixing the shortcomings
in the way we support the entrepreneurship environment in Jamaica.”
“Jamaicans Hold Entrepreneurship in High Regard”
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%); slightly more females (50.6%)
than males (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.
The presentation of the report was followed by an entrepreneurship
symposium. The presenters were Dr. Ellen Campbell-Grizzle, Associate
Professor, College of Health Sciences, UTech, Jamaica who provided a
comprehensive overview of opportunities in “The Business of Cannabis.”
Entrepreneur, Ms Valrie Grant, Managing Director of GeoTech Vision
Limited shared her own experiences in a presentation on “Women in
Entrepreneurship” and President of the College of Agriculture, Science
and Education (CASE) shared with the audience on “Opportunities in
Agripreneurship.”
The University of Technology, Jamaica on Thursday, September 14, 2017 launched
the Global Entrepreneurship Monitor (GEM) Jamaica 2016 - 17 Report undertaken
by a team of researchers drawn from its College of Business and Management.
Pictured above, the researchers involved in the project discuss something of
interest in the publication during the launch ceremony. From left are Dr. Andrea
Sutherland, Mr. Michael Steele, Mrs. Vanetta Skeete, Dr. Claudette Williams-Myers,
Dr. Girjanauth Boodra,j, lead researcher and Dr Gaunette Sinclair-Maragh.