PROJECT STAR is calling for more support as it continues to raise awareness of its first social initial public offering (IPO) on the Jamaica Social Stock Exchange (JSSE).

“This is the first time that the formal financial ecosystem, through IPO platforms, has been connected for a social project,” Keith Duncan, co-chair and project sponsor of Project STAR, told social media influencers at the Private Sector Organisation of Jamaica (PSOJ) office on Tuesday. He reminded potential investors that the IPO is not for financial gain, but rather to assist Project STAR to do more to help people within communities.

“This is not a charity project; this is an empowering project so there’s no handout here. It’s about economic empowerment of our people, opening pathways and opportunities for people,” said Duncan.

The administrators are targeting $250 million for this year, including $100 million through the social IPO as a mixed financing model. The ultimate aim, however, is to raise $650 million over a three-year period. So far, Project STAR has raised $162 million from various donations.

The social IPO opened on June 22 and closes on August 18.

“We are getting some responses — and we know that culturally people tend to kind of wait until the last minute — and we have another two weeks between now and the 18th of August,” media and donor relations lead at Project STAR, Kalando Wilmoth told the Jamaica Observer.

To ensure transparency, a dossier with all the initiatives has been outlined on the JSSE website showing how the money will be used.

Wilmoth explained that the funds will be used to create safer communities through social activities.

“The activities include community groups; and partners will deliver programmes in areas of sports, youth development, parenting, early childhood development, and creating safe spaces. Again, that money is being spent over a four-year period. It will also focus on peace-building activities such as dispute resolution training, youth conflict management, and youth-based sports and culture activities,” he said.

He said that $57.6 million will be spent on improving education in the communities.

“That will focus on after-school activities, life skills training for youth and students who need remedial education and improvement, and also mentorship for youth in need of support,” added Wilmoth.

He noted that the project is a community development initiative designed for informed, community-owned sustainable change. He said this model is best so as to ensure the community leads on what is done rather than a one-time charity donation which can dry up due to lack of funding. He, however, recognised there are people who are sceptical of social fund-raisers and assured that there is transparency for how the money is allocated.

“You’re going to be able to go every month to the Jamaica Social Stock Exchange and see what’s happening with the project, how it is progressing. Every year, as of this year, PWC [PricewaterhouseCoopers] will do an audit of our books. That audit will be published along with our annual report so people can see how the funds were used,” he assured.

The approach focuses on consultations with community stakeholders, businesses, and service providers that interact within the community, including community councils or youth clubs designed to support community needs. Once the needs have been established and solutions to resolve those needs are identified, Project STAR coordinates an approach to match resources to the needs that the community identifies.

Donations can be made through the Project STAR and JSSE websites. People in the Diaspora can also log on to the American Friends of Jamaica website to make donations.