University of Technology, Jamaica and JMMB Group Sign MOU to Bolster Capacity of MSMEs in Jamaica & Trinidad and Tobago

Wednesday, November 24, 2021. Kingston, Jamaica…JMMB Group SME Resource Centre on November 24, 2021 formalized a memorandum of understanding (MOU) with the Technology Innovation Centre (TIC) at University of Technology, Jamaica at a signing ceremony, held at Group’s head office. This five-year long agreement will allow for micro, small and medium-sized enterprises (MSMEs), who are a part of the JMMB SME Resource Centre’s Accelerator Programme to benefit from capacity building programmes offered by TIC thereby bolstering their expertise and building their network in a bid to assist these businesses to scale and grow.

Under this MOU, these MSMEs will have access to training and support services, as well as an initial Growth Wheel assessment to further examine and understand their businesses strengths and areas of improvement, so that a clear roadmap may be created to nurture, scale and grow these businesses along their life cycles.

In describing the partnership as a win-win for MSMEs, Shani Duncan Falconer, senior corporate manager, JMMB Group SME Resource Centre shared, “We are proud of this move to sign an MOU with the university, as it is in keeping with our commitment to build a strong reserve of principled and expert business leaders, who will be able to contribute positively to the recovery and growth of the local and regional economies, while building the communities in which they operate.” Adding, “This is a coming together of both worlds- academia and practice - to augur for the best outcome for the entrepreneurs in their transition from fledging businesses to household names.”

Through this partnership, SMEs will have the opportunity to strengthen their leadership skills and capacity-building through training sessions on a range of topics, including: accounting and taxation, financial management, marketing, business planning, project management, operations management, human resource management, copyright and legal issues, ethics, commercial negotiation and export planning.

Professor Colin Gyles, acting president, University of Technology, Jamaica noted that this latest agreement with JMMB Group speaks to the indelible mark that the Technology Innovation Centre (TIC) continues to make on the Jamaican economy by supporting small and medium-sized businesses in their growth quest. Established in 2002, the Technology Innovation Centre (TIC) is a specialized unit of the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL), in the College of Business and Management at the University of Technology, Jamaica. The TIC is a full service business incubator that supports the growth and development of early stage, technology driven, and technology enabled companies in the residential programme, as well companies from other industries in its associate and virtual programmes.

Professor Gyles added that, “UTech, Jamaica is happy to be partnering with the JMMB Group on yet another initiative designed to build and support entrepreneurship and economic development in Jamaica, which signals the commitment of both institutions to strengthening MSMEs. Aligned with the mandate of the University, this agreement will allow for collaborative research projects, technology initiatives, resource sharing and public education, which will redound to the benefit of budding entrepreneurs and undoubtedly help in enhancing the skills and competencies of the current cadre of MSME business owners.”

JMMB Group in 2011 donated J$81.7 million to UTECH, Jamaica to help to advance teaching and research in entrepreneurship, economic growth, and moral considerations in business decision making and values-based leadership to produce globally conscious transformational leaders.

Clients in Jamaica and Trinidad and Tobago, where JMMB Group opened the doors of its SME unit, are set to benefit from the full range of services offered by the Technology Innovation Centre, under this MOU. Additionally, these clients will have access to the JMMB Group SME ecosystem and its partners’ services, at discounted rates, and the Centre’s best practices bi-monthly workshops.

This agreement is subject to renewal at the end of the five-year period.

Strategic Thrust to Support SMEs

The launch of the Accelerator Programme is another strategic step by JMMB Group to add value to its SME clients, through the provision of financial partnership, resources, innovative financial solutions and a network, throughout these businesses’ life cycles, thereby, providing the necessary support for growth, and filling the gaps that currently exist in the financial services sector.

Dr. Andrea Sutherland, Dean, College of Business and Management also noted that the University welcomes the opportunity to grow its capacity to provide entrepreneurial training and support through the partnership. Also in attendance at the signing ceremony were Mr. Nigel Cooper, Head, Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL),  Mrs. Andrea Bolton-Fyffe, Incubator Manager, Technology Innovation Centre and Dr. Claire Sutherland, Senior Director, Institutional and International Linkages, UTech, Jamaica.

UTech, Jamaica and JMMB Group stakeholder partners participate in the signing of a Memorandum of Understanding between the two institutions, held Wednesday, November 24, 2021 at the JMMB Group’s Head Offices, Kingston. The Mou will allow for micro, small and medium-sized enterprises (MSMEs)who are a part of the JMMB SME Resource Centre’s Accelerator Programme, to benefit from capacity building programmes offered by the Technology Innovation Centre (TIC) at UTech, Jamaica.  Seated from left are Mrs. Shani Duncan-Falconer, Senior Corporate Manager, JMMB Group SME Resource Centre and Professor Colin Gyles, Acting President, UTech, Jamaica. Standing (L-R) are Mr. Nigel Cooper, Head, Joan Duncan School of Entrepreneurship, Ethics and Leadership, UTech, Jamaica, Ms. Paula Forrest, SME Resource Centre Officer, Mr. Vincent Auld, Senior SME Resource Centre Officer and Ms. Yellesah Thomas, SME Resource Centre Administrative Assistant, JMMB Group.

UTech, Jamaica and JMMB Group stakeholder partners pose for a group photo following the signing of a Memorandum of Understanding between the two institutions, held  Wednesday, November 24, 2021 at the JMMB Group’s Head Offices, Kingston. Seated from left are Dr. Andrea Sutherland, Dean, COBAM, Mrs. Shani Duncan-Falconer, Senior Corporate Manager, JMMB Group SME Resource Centre and Professor Colin Gyles, Acting President, UTech, Jamaica. Standing (L-R) are Mr. Nigel Cooper, Head, Joan Duncan School of Entrepreneurship, Ethics and Leadership, Dr. Claire Sutherland, Senior Director, Institutional and International Linkages and Mrs. Andrea Bolton-Fyffe, Incubator Manager, Technology Innovation Centre, UTech, Jamaica.

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Contact:
Michelle Beckford (Mrs.)
Corporate Communications Manager
University of Technology, Jamaica
Telephone: 876 970-5299 
Email: mbeckford@utech.edu.jm