Wade
The following is an excerpt of a speech by Tony Wade, UK-based Jamaican businessman, at a recent function of the Small Business Association of Jamaica.
In some industries the optimum size of units for efficient operation is small. Many small firms supply large firms with goods produced at a lower cost than the large firms could achieve. Small firms provide completion for ever-growing, multi-product firms and thus help the efficient working of the economy as a whole. New entrepreneurial talent enters business through small firms which thus provide a seedbed from which new large companies will grow to challenge and stimulate established large firms in the economy.
But for a minute or two, I will fill you in on the route of my journey that led me to being your guest speaker tonight.
Forty-one years ago, Len Dyke, a son of Jamaica had the idea of starting a small business in the U.K. importing pre-release records from Jamaica. His business attempt almost did not see the light of day, in that he had invited some of his friends to support his idea and some did. On their given assurances, Len proceeded with all the necessary arrangements for the enterprise, only to find that on the day for cash on table, none of his friends was anywhere to be seen.
Dudley Dryden, another son of Jamaica, heard of his predicament and came to rescue. The coming together of the two resulted in a partnership that carried their names, Dyke & Dryden. Their enterprise made a name for itself with music from back home that cushioned some of the discomforts found in a strange land and helped to brighten up the dark dull days of winter. But alas, others too had the same idea and business took a sharp downturn.
The root
It was at this point that I was invited to have a look at what they were doing. After a quick analysis I spotted what I considered was the root cause of their problem and recommended a change of direction, from selling records and move into selling hair preparations and cosmetics. I acquired a third of the equity in the business, and we renamed the company Dyke & Dryden Ltd.
My new colleagues suggested that we rename company Dyke & Dryden and Wade which I felt was too long and cumbersome. Dyke & Dryden rolled off the tongue easily and had a nice ring to it. This new beginning was a landmark, for as it happened we made it into the history books for pioneering the development of the ethnic hair care industry and became part of the black social history of Britain. The industry today employs thousands people.
At this point I would now, if I may, turn to the theme for this evening 'Fostering entrepreneurship in Jamaica'. A fundamental question we must ask ourselves is this - How can we continue to inoculate the spirit of enterprise in our country? How can we make Jamaica a world-class nation? A requirement that I believe is absolutely necessary, and one we must all aspire to, is striving for excellence in everything we do as a people. Luckily for us, we don't have to reinvent the wheel. Models of good practice already exist, and good examples to look at are, for example, the tiger economies of South East Asia, and ones that comes to mind are Singapore and Malaysia.
Getting there, in my view, is attainable, for we, as a nation, are blessed with everything necessary for prosperity. We have, ladies and gentlemen, at our disposal, what it takes.
Let us have a quick look at the principle of the three 'PPPs', people, place and our product. 'Jamaica, land we love' encapsulates the mix and true spirit of our people, and if we were to live by that prayer in song, we could move mountains.
Our institutions of learning are continuously cultivating brilliant minds, some of whom will hopefully become world-class entrepreneurs. This month alone, for example, we saw the University of Technology release 1,250 graduates - people educationally-equipped to raise the levels of our productivity - and of the product itself, the brand called 'Jamaica'. It is a question of seeing that there are no limitations on our position in the marketplace - the world must be our market!
'Fostering entrepreneurship in Jamaica' calls, in the first place, for robust visionary leadership. It calls for policies and partnership, together with projects, that are capable of transforming, and delivering certain predetermined goals and objectives.
Change
Change at the grass roots in my neck of the woods back in Britain came about via an organisation known as the North London Business Development Agency (NLBDA) of which I became its chairman.
Hopelessness and despair across sections of the black community in Britain triggered disorder and destruction that forced the authorities and the government of the day to act. An enquiry was ordered and carried out by an eminent judge, Lord Scarman. His recommendations, known as the 'Scarman Report', met with popular support and it was at this point that I came into the picture and was invited to act on his recommenda-tions. I must state that I am not implying seeing disruption here of the kind we experienced in the 1980s, but what I do see are situations of unemployment capable of disruption.
In an effort to put you fully into the picture perhaps I might just quote a sentence or two from that report - "The encouragement of black people to secure a real stake in their own community, through business and the professions, is of great importance, if future social stability is to be secured - I do urge the necessity for speedy action if we are to avoid the perpetuation in this country of economically disposed black population."
I will not dwell on the processes of the various intervention packages, save to say that NLBDA became a resource centre using the formula stated above that was badly needed to kick-start broadly based initiatives that started to build the partnership and a part ownership portfolio of the U.K. plc as Lord Scarman recommended.
The initiatives, to begin with, were open to all and sundry who had business ideas and wanted to explore their feasibility. A professional team was put in place to deal with anything that was thrown at them. A question you may well ask: how was it funded?
It was funded through partnerships, in the widest possible meaning of the word. What is partnership? The Concise Oxford Dictionary give the following meanings: a contractual relationships between two or more persons carrying on a joint venture, or the deeds for carrying out such a relationship. In our case - initial core funding came in part from two sources, central and local government, but mainly from the private sector, from national trusts, and by way of the secondment of staff from professional bodies, legal establishment and financial institution, etc. With the mix of integrated support, the agency prospered, and succeed in founding some 2,217 new business to bat for Britain.
Mobilising Britain for the advent of globalisation followed the same formula through the National Training Council via local TECs, on which I served as a director for 12 years. Apart from the scale and the coordination of that project, the process was same - partnerships were put together to deliver a determined out come and it worked, and I recommend using the same formula here in Jamaica.
I quote from the 2005 latest report on black business performance in London 20 years from the founding of NLBDA.
"Ground-breaking research by the London Development Agency has shown that black-owned businesses are a rising economic force in London. The research is supported by Barclays Bank which reveals that the majority of new businesses are now started by people from ethnic minority backgrounds - a large proportion of whom are black.
"There are now about 16,000 businesses owned by people of Caribbean descent in London - making up four per cent of all business in the capital, and a further 27,000 black Londoners are self-employed, up by 80 per cent over the past decade.
"Black-owned businesses now generate a combined, annual sales turnover of 10 billion and employ 100,000 people. Coupled with 4.5 billion spending power, African and Caribbean people are wielding increasing economic power.
"Black businesswomen are an integral part of the black business story as they now own more businesses than any other female group. Recent government figures show that black women have the highest level of business ownership London with 29 per cent owning businesses, compared with 21per cent whites and 15 per cent Asian."
Examples of excellence
In 'fostering entrepreneurship in Jamaica' we can proudly claim examples of excellence, and nowhere is this better expressed that at the HEART Training Academy in Runaway Bay. This institution must fill us with a certain pride and a sense of satisfaction. Here we have a world-class facility, turning out the best there is on offer in Jamaican cuisine and also filling the employment needs of our hotels and catering industry.
The Caribbean is now flying its kite as the relaxation capital of the world, and Jamaica plays no small part in this lucrative industry. Our agriculture is growing in tandem by supplying much of the produce need by the hotel industry.
The creativity of our music industry must not be underrated. Reggae has gone global, and now has universal ownership in place where it is hard to believe - in Japan, Algiers, Sweden, Germany and others, cutting across the boundaries of languages and putting the Jamaican stamp on her musical creativity. Our visual arts too, giving the marketing push it requires, is also waiting to explode. Jerk meats and seasonings, like reggae, are creations we have given to the world, and one is left to wonder if our patents and intellectual property rights have been protected.
We have companies that are world-class. I think of GraceKennedy, Lasco, Red Stripe, National Commercial Bank, building societies such as Jamaica National and Victoria Mutual. The Gleaner is a world-class publication whose informative influence spreads across Europe and North America. These are all areas of reaching out in the global marketplace that we must be proud of and emulate.
In conclusion, I say to you that networking through our cultural links is a sure foundation for engaging in the rich emerging markets of the world. How are we going to achieve these objectives? I believe by being proactive, innovative, assertive and above all, by being 'action-orientated' continuously cultivating the spirit of enterprise, and keeping before us a simple truth - that the world does not owe us a living. Anything we achieve is down to our own efforts by 'Developing small business for Jamaica's greater good'.
The rise of black-owned businesses in the UK
There are now about 16,000 businesses owned by people of Caribbean descent in London - making up four per cent of all business in the capital, and a further 27,000 black Londoners are self - employed, up by 80 per cent over the past decade.
