Entertainment tourism is a major
money-earner in Jamaica and more and more tourists are flocking the island
annually for the high-class entertainment that is offered in the hotels and at
the annual music festivals, for example, Reggae Sunsplash and the Jazz and
Blues Festival. SadaBlue Media Solutions specializes in training and grooming
local talent to perform specifically in the hotel and cruise ship industry and
hopes to be the one stop shop for talent
in Jamaica. The official launch of SadaBlue Media Solutions is slated for
January 31, 2015 and funding for this venture is a top priority. An angel
investor, as an alternative source of funding, is being sought to partner with
the company.
I first learned
about angel investors
while pursuing my Masters Degree in Entertainment Business at Full SailUniversity.
An angel investor (angel)
is a wealthy individual willing to invest in a company at its earlier stages in
exchange for an ownership stake, often in the form of preferred stock or
convertible debt. Angels are considered one of the oldest sources of capital
for start-up entrepreneurs; the term itself, by most accounts, comes from the
affluent patrons who used to finance Broadway plays in the early twentieth century.
So, how do I get an
angel to fund my business idea? In checking out the resources given in class,
namely US Economic Development Association (EDA) , National Community
Investment Fund (NCIF) and Oweesta, I discovered that they had really good loan
programs for example, the US Economic Development Association, for nearly fifty
years, grants help to fulfill regional economic development strategies
designed to accelerate innovation and entrepreneurship, advance regional
competitiveness, create higher-skill, living-wage jobs, generate private
investment, and fortify and grow industry clusters . Oweesta provides
low interest loans to qualified Native Financial Institutions and similar
community development organizations that principally serve Native Peoples. These
loans help these organizations create local entrepreneurs, homeowners, and
strong, vibrant Native economies.
These organizations will
not be able to assist SadaBlue Media Solutions, which is based, in St.
Catherine, Jamaica. In the future when the company expands overseas I will
definitely be looking to one of these angels for assistance.
However, seeing
that “angels” are supposed to be everywhere I figured they must also be in
Jamaica. I decided therefore to look locally for an angel.
Information about Jamaica’s
first ever angel investor network, First Angels Jamaica, was made public in
late July 2014 by officials of the Jamaica Venture Capital Programme. The
Chairman of the Development Bank of Jamaica has stated that the need for angel
investors who will provide much-needed guidance, mentorship and patient funding
for start-ups is “critical to the successful development of a vibrant and
sustainable venture capital industry in Jamaica”. (Dewar, 2014)
 | |||||||||
| Team meeting to disclose information about First Angels Jamaica
Audrey Richards (right), project co-ordinator, Jamaica
Venture Capital Programme; addressing a Development Bank of Jamaica (DBJ) news
conference late last month. From left are Sandra Glasgow, managing director of
BizTactics Limited; Milverton Reynolds, managing director, DBJ; Joseph Matalon,
chairman DBJ; and Theresa Turner-Jones, Inter-American Development Bank country
representative.
|
Entrepreneurs are
required to register on the First Angels Jamaica website, where due diligence
will be done before putting these investment proposals up for consideration. It
is hoped that the successful entrepreneurs will be able to pitch their business
plans to the investors of First Angels Jamaica every other month as soon as
First Angels Jamaica is fully established. (Dewar, 2014)
SadaBlue Media Solutions
will be seeking out these angel investors to fund its business idea. In
preparation for this I will be revamping my business plan, which is the key to
getting any investment, to ensure that every aspect of the company is detailed.
A plan of action will include details about: -
·
The company’s mission statement.
·
Description of the services the company provides.
·
Description of what differentiates the company in the market.
·
Market analysis inclusive of the competition, market share and
trends.
·
Management team - key skills and experience.
·
Marketing Plans.
·
Financial Statements.
Armed with the
knowledge that a well prepared and detailed business plan will always attract
investors I am certain that I will be granted an audience with the executives
of First Angels Jamaica. I am hoping that like on Shark Tank these investors
will be fighting amongst themselves just to be a part of SadaBlue Media
Solutions.
Resource
Materials:
EBMS
Course Lecture Notes
Dewar, T. (2014,
August 06). Angel investor network being established. Jamaica Observer.
Retrieved from http://www.jamaicaobserver.com/business/Angel-investor-network-being-established-_17303108.
http://www.oweesta.org
http://www.eda.gov/how-to-apply/index.htm
Image Reference:
www.jamaicaobserver.com
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