DistantNews
Three-year PIOJ/Honey Bun study to focus on MSME growth
🇯🇲 Jamaica /Economy & Trade

Three-year PIOJ/Honey Bun study to focus on MSME growth

From Jamaica Observer · (16m ago) English Positive tone

Summarized and contextualized by DistantNews.

TLDR

  • The Planning Institute of Jamaica (PIOJ) and the Honey Bun Foundation have launched a three-year pilot study to support micro, small, and medium-sized enterprises (MSMEs) in Jamaica.
  • The study will monitor and analyze the growth of 50 MSMEs identified under the Community Renewal Programme, aiming to help them scale and compete.
  • This public-private partnership utilizes the Honey Bun Foundation's GAPP App to map the entrepreneurial ecosystem and guide business development.

The Planning Institute of Jamaica (PIOJ), in collaboration with the Honey Bun Foundation, has embarked on a crucial three-year pilot study designed to invigorate Jamaica's vital MSME sector. This initiative, formalized through a Memorandum of Understanding, represents a significant public-private partnership aimed at fostering sustainable growth and competitiveness among community-based businesses.

It is recognised that if we are to provide targeted support to these community businesses, understanding the stages in the business life cycle is necessary and significant, as it allows for proactive risk management, optimised funding strategies and effective strategic planning.

— Dr Wayne HenryDirector General of the PIOJ explaining the importance of understanding business life cycles for targeted support.

By focusing on 50 nano, micro, small, and medium enterprises identified through the Community Renewal Programme, the study seeks to provide targeted support. The core of this initiative lies in monitoring their development, facilitating access to resources, and positioning them effectively within Jamaica's dynamic MSME ecosystem. This hands-on approach, utilizing the Honey Bun Foundation's GAPP App, will not only identify operational gaps but also map the broader entrepreneurial landscape, offering invaluable guidance to business owners.

This collaboration between the PIOJ and the Honey Bun Foundation is vital and is being executed within the context of both entities’ defined roles to create an enabling business environment that will empower the MSME sector and position it to continue contributing to the growth of the Jamaican economy.

— Dr Wayne HenryDirector General of the PIOJ highlighting the vital nature of the collaboration for empowering the MSME sector.

Dr. Wayne Henry, Director General of the PIOJ, rightly emphasizes the significance of understanding the business life cycle for providing effective support. This strategic insight allows for proactive risk management and optimized planning, crucial elements for scaling businesses. Michelle Chong, Founder of the Honey Bun Foundation, echoes this sentiment, highlighting the power of collaboration, innovation, and community focus in creating pathways for entrepreneurs to thrive. This partnership is a testament to Jamaica's commitment to empowering its MSME sector, recognizing its pivotal role in driving national economic development and securing a prosperous future for the island.

Through strategic partnerships, innovation and a strong community focus, we can create sustainable pathways for entrepreneurs to thrive. This initiative is about equipping businesses with the tools, guidance and opportunities they need to grow, compete and contribute meaningfully to Jamaica’s economic future.

— Michelle ChongFounder of the Honey Bun Foundation emphasizing the role of partnerships and community focus in entrepreneurial success.
DistantNews Editorial

Originally published by Jamaica Observer. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog