Medium, small and micro enterprises (MSMEs) are being encouraged to explore new and emerging industries.

Assistant business advisory services manager at the Jamaica Business Development Corporation, Keera Walters, argued that globalisation has changed the needs of the marketplace and entrepreneurs should see this shift as a chance to develop new business concepts and products to meet demand.

She cited the creative and sport industries as non-traditional areas with a lot of room for exploitation.

“The agro-processing sector is another industry that has a huge value chain that entrepreneurs still have not fully capitalised on,” Walters pointed out during a JIS Think Tank last Wednesday.

These non-traditional areas, she said, will boost the MSME sector and create more opportunities for entrepreneurship, which will lead to an increase in employment across the country.

Walters urged entrepreneurs to do the research that will help them to understand these new and emerging industries.

She said the agency is committed to providing the support that will guide MSMEs into new growth areas.

“We encourage [those] who are thinking about starting a business to visit the JBDC and get the information to guide the start-up process. We will work with you to ensure that your business idea moves from concept to market and guide you to where the opportunities are,” she said.

Manager for loan origination at the Development Bank of Jamaica (DBJ) Limited, Tracy-Ann McIntosh, noted that her organisation offers loan support for businesses across various industries.

“We encourage entrepreneurs to look at various areas of opportunity. We try to support the traditional industries such as mining, agriculture, manufacturing and general service when we are giving loans for starts-up or improvements of businesses,” she explained.

She said the DBJ is also supporting the new, innovative and creative industries such as animation, renewable and alternative energy, and science and technology.

McIntosh said it is important for small business operators to seize every networking opportunity to improve their products and services.

As such, she is encouraging MSMEs to attend the three-day Inter-American Microenterprise Forum (FOROMIC) — from today, October 24 to Wednesday October 26 in Montego Bay, St James — to interact with entrepreneurs from across the world.

FOROMIC 2016 seeks to promote innovations in the microfinance and medium and small enterprise sectors. The annual event is hosted by the Multilateral Investment Fund a member of the Inter-American Development Bank group (IDB).

Representatives from 41 countries will be in attendance including experts in micro, small and medium enterprises; financial institutions; entrepreneurship associations; government and non-governmental organisations; and academia.