The Scientific Research Council (SRC) and the Jamaica Business Development Corporation (JBDC) yesterday signed an agreement that will facilitate quicker expedition of business development for micro, small, and medium-sized enterprises (MSMEs).
A memorandum of understanding (MOU) signed by both organisations will allow MSMEs to benefit directly from the offerings, including technical support and capacity building.
According to Valarie Viera, chief executive officer of the JBDC, “Both organisations have an interest in participating and encouraging growth in Jamaica”, and as such, this coming together is relevant.
Facilitating business development for national impact is the main objective of the MOU. Dr Cliff Riley, executive director of the SRC, stated that Jamaica has to move from a country of samples, as Jamaica is known for many start-ups in business, and, equally, many failures. A way forward, according to Riley, is to take the science-based approach towards driving business creation and development in Jamaica that will ensure safe, quality products in the marketplace on a consistent basis.
Both the SRC and the JBDC agree that partnership is the way to go as together, both entities will utilise their expertise to identify solutions redounding to successful businesses for clients.
The MOU will also see to the execution and development of MSME projects, offer discounted services where applicable, and identify and distribute information to industry stakeholders relevant to their development.
The fundamental purposes of the JBDC are to pursue business development strategies that foster sustainable modernisation and growth in the MSME sector for the effective transformation of the business environment, and to provide cost-effective delivery of business advisory and technical and marketing services.
The SRC’s mandate includes supporting the growth and development of MSMEs, especially those in the agro-industrial sector whose primary functions include executing quality scientific research to support development, the fostering and coordination of scientific research, and the promotion and application of its results.