YOUNG JAMAICAN AND PHILANTHROPIST, INVESTOR, AND BILLIONAIRE BUSINESSMAN KADEEN MAIRS Tuesday publicly lauded the flexibility and resilience of small and medium enterprises (SMEs) as a buffer to shocks in the global economy.
“The activity inherent in SMEs allows them to swiftly adapt to changing market demands, fostering innovation and competitiveness thereby enhancing the economic landscape,” Mair said at Tuesday’s opening of the Jamaica Stock Exchange (JSE) 19th annual conference ongoing at the Pegasus Hotel in the capital, Kingston.
For Mair, “SMEs are instrumental in reducing regional imbalances by promoting essentalised economic development as they often sprout from local communities. These businesses often circulate wealth within the region generating a ripple effect of prosperity that extends far beyond their immediate operation.”
Addressing the theme ‘Micro, Small, and Medium-sized Businesses a COG for Growth’ Mair explained that activities “inherent in SMEs allow them to swiftly adapt to changing market demands fostering innovation and competitiveness thereby enhancing the economic landscape.” he noted.
Mair, Chief Executive Officer (CEO) and founder of Dequity Capital Management Limited lauded SMEs as “…the unsung heroes, the vital path for moving the economic engine forward.” He is convinced that recognising, nurturing, and supporting these enterprises is far beyond “an economic imperative, but (is also) a commitment to fostering a committed and inclusive future.”
The Jamaican businessman with some 16 years of experience in the financial sector where he started as a teenager working within Credit Unions has chalked up more than 18 years with deep insights having worked also with Commercial Banks, Investment firms, and Venture Capital Companies.
He has also founded the microfinance company, Dolla Financial Services, and has it listed with the JSE. To date, it has one of the largest oversubscriptions in the history of the Junior Markets.
His Dequity Capital is a privately held investment firm with assets exceeding J $3B. He related that the company owns a collection of businesses in different industries.
During his presentation, he stressed the importance of creating economic development at the grassroots level by stimulating innovation and development thus creating job opportunities and fostering competition. The young entrepreneur relishes the JSE’s 2024 theme ‘The Drivers of Capital: From Concept to Growth’ from an autobiographical standpoint because he has built several businesses from scratch, growing and learning along the business cycle.
Linking small, micro, and medium-sized businesses to the economy, Mairs said these helped him create major businesses such as Dequity Capital which now empowers entrepreneurs as capital providers or drivers of capital.
“We have invested in two hospitals in Royal Medical in West Moreland and Winchester Surgical Medical right here in Kingston which now has been merged to give Royal Winchester hospital group a renewed way of providing health care,” he disclosed.
“In the intricate machinery of economic progress, SMEs play a pivotal role as the cog that propels them forward. Their significance lies not only in their shared numbers but the employment opportunities that they create, fostering innovation and contributing to the overall economic resilience,” the philanthropist and businessman said.
These businesses are dynamic engines that drive job creation, especially in diverse sectors, and empower local communities, Mair emphasised.
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