WHY WE DO WHAT WE DO
We Understand the Challenges Entrepreneurs Face
Entrepreneurship is, without a doubt, an imperative if countries in the Caribbean are to achieve their economic growth objectives. But entrepreneurship is hard; there is tremendous effort and there are great challenges and risks that Founders must face in order to turn their innovative ideas into successful ventures, then transform these ventures into sustainable high growth potential companies that will bring returns to investors and in turn encourage them to invest in other fledgling firms. The task for female founders is doubly hard.
We’ve Done the Research
Angel Investors in the region have found that many startups and early stage Founders are good at developing the technology, product or service but significantly lack the broad package of skills and abilities required to successfully run and scale a business, including:
- Understanding the market
- Getting and holding on to customers
- Achieving product-market fit
- Optimising pricing
- Understanding finance and financial statements
- Building and motivating teams
- Adhering to good governance practices
- And so much more.
Having a solid understanding of these areas of business is a basic requirement in order to turn a start-up, into a scale-up.
We Understand Both Sides
These issues are not only faced by Angel Investors. Commercial Banks seeking to serve MSEs also encounter gaps in knowledge and skills among applicants and are, for the most part, unwilling to take on the risks of lending to these firms. Banks cite weaknesses in the entrepreneur/management team, marketing and market-related factors, notably flawed or incomplete marketing strategies, and financial considerations, notably, flawed financial projections, as some of the weaknesses they encounter with their MSE clients. For existing businesses, even with a good track record, collateral requirements imposed by the Banks to reduce their risks, are severely limiting access to credit for these firms, and can raise the cost of borrowing to unaffordable levels.
We Are the Solution
RevUP’s Founders are of the view that the effectiveness of the various supply-side and other forms of interventions to benefit MSE will be seriously compromised unless efforts are also made to address the preparedness of MSEs to access financing.
RevUP will operate as a virtual incubator and provide the required support, harness the experiences and skills of Angel members, members of the entrepreneurial ecosystem locally, in the region and overseas and foster collaboration amongst Founders to help them create profitable, sustainable companies and for Founders to become successful entrepreneurs.
RevUP will take two parallel and overlapping approaches to supporting early and grow-stage companies. It will:
- Having established a Virtual Incubation Programme aimed at equity-seeking MSEs.
- Deliver a suite of practical, modular management courses that will provide Founders of both early-stage and growth-stage MSEs with the tools to grow and scale sustainably.
OUR VISION AND MISSION
RevUP’s mission is to increase the successful development of emerging businesses in sectors that are supported by Jamaica’s areas of opportunity. The businesses that will graduate from RevUP’s incubator and training programmes are expected to contribute to the overall vitality, diversity, and growth of the Jamaican economy. It will provide an environment that allows for an active role in growing businesses that will lead to job creation. These new businesses and the new jobs they produce create wealth – through multiplier effects and new tax generation – that will ultimately benefit the country beyond the individuals directly employed by incubator businesses and graduates.
This incubator would serve as a hub for early and growth stage companies and provide for the value-added services required to support clients’ success.