The Micro, Small and Medium-sized Enterprise (MSME) sector is acknowledged as the future driver of growth in the local economy, and the Branson Centre of Entrepreneurship – Caribbean has shifted its focus to support the medium-sized enterprise in the MSME sector of the business community.
The Branson team explained that with several incubators and programmes now available in Jamaica to assist entrepreneurs starting a business, the Branson Centre Caribbean has made it their mission to support the entrepreneurs looking to move on to that next stage of development.
Companies in the scale-up phase are defined by the Branson Centre Caribbean as those in the $30million – $50million revenue bracket, looking to increase revenue to $100 million and ready to take on greater responsibilities such as a board of directors and equity investors.
According to Entrepreneur Magazine, “A start-up is on the quest to find product-market fit, developing and iterating its product or service, experimenting with customer segmentation and working toward a positive contribution margin. A scale-up, on the other hand, has already validated its product in a market, and has proven that the unit economics are sustainable. A scale-up’s quest is to continue on that upward climb. Think of it this way: Start-ups invest money to learn, experiment and find validation, all on their quest to uncover a winning formula. Scale-ups invest money and accelerate growth once they know that putting in $X will return $Y.”
Published in the Jamaica Observer
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