Business

Blue Dot sights opportunity in Barbados and Trinidad

Plans further regional expansion

BY KARENA BENNETT
Business reporter
bennettk@jamaicaobserver.com

Friday, December 07, 2018

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Blue Dot Data Intelligence Ltd, one of the three companies to receive an injection of capital from SSL Ventures, has expanded its service offerings to Barbados and is close to signing off on another agreement in Trinidad and Tobago.

Blue Dot touts itself as the Caribbean's leading insights agency providing critical decision support services including qualitative and quantitative market research, data-driven strategy recommendations, social media optimisation solutions, and management consulting services.

Founder and chief executive officer of the company Larren Peart yesterday told the Jamaica Observer that when the decision was taken to venture into Barbados, it may have seemed contrary to common sense expectations.

“The Barbados economy was not doing very well and we saw it as an opportunity for a company like ours to go over there and help companies to use their limited funds in a smarter way. With our business model, data is used and can be used to make everything more efficient,” he said.

Blue Dot has partnered with Barbados agency G&A Communications Inc and is servicing companies and organisations there. The data intelligence company is now in the final stage in signing off on a partnership with an existing agency in Barbados which Peart believes complements the company. Plans are to have a physical space in Trinidad by the end of February.

Focused on combining traditional and non-traditional research with scientific methodologies and new and emerging technologies, Blue Dot uses technologies such as neuroscience, data science and artificial intelligence to analyse consumer decision-making patterns. The marriage of neuromarketing and neuroscience, known as consumer neuroscience, essentially allows the agency to analyse human consciousness, emotions and motivations for use in the development of business models.

On August 7, 2018, SSL Venture Capital executed an equity agreement with Blue Dot. Peart, however, told the Caribbean Business Report that Blue Dot always had ambitions of becoming a regional company and was strategic in making Barbados and Trinidad its first stop.

“Our scalable business model was one of the reasons why SSL invested in us. We are not just thinking about Jamaica only; we realise that there is a whole other market not just in the Caribbean but Latin America, and we have very good technology that can be useful in these places.

“My personal stance is that in the 90s and 2000s when our economy was poor, the Bajan and Trinidadian companies wasted no time in coming to Jamaica, buying and getting business from us. So why are we not doing the same thing?” he questioned.

Peart now has a target of US$2 million in revenues come 2019 from its local and regional business.

Still, the company is eyeing opportunities in St Lucia and The Bahamas that it says it needs to take advantage of and expects to become a regional company by the end of next year.

What's more, Blue Dot is contemplating listing on the Junior Market of the Jamaica Stock Exchange.

“We have to reach our revenue target first and when we are comfortable that we can provide more value to shareholders then we can seriously get in into that mode.

“But we are already putting in the processes and systems in place that will allow us to list, but listing isn't the end goal. It's for us to get money to expand, so if we get some other form of investment then we don't see the need to list,” he said.

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