Digital economy could reduce youth unemployment
Senior research fellow at the Mona School of Business and Management (MSBM) at The University of the West Indies (UWI), Mona, Dr Indianna Minto-Coy, is urging Jamaicans to look at online entrepreneurship to address the problem of youth unemployment in Jamaica.
Minto-Coy shared this view on Wednesday while participating in the Financial
Gleaner/Jamaica News Network business forum ‘The Exchange’.
“Jamaica and the Caribbean, on a whole, we have among the highest level of youth unemployment rates globally, and so in the drive to address this issue, we need to look more towards the digital economy and how we can use this as means for job creation,” said Minto-Coy.
This has been demonstrated by founder and CEO of Jamaica Care Packages Rory-Craig Walker, who has also been able to provide employment for others through his company, which sends care packages to members of the Jamaican Diaspora.
“If it wasn’t for the Internet, I wouldn’t have a business I would be working for someone. And now, just because of the Internet and social media, I now have a team of four persons full time and three persons part time.
“So I would definitely say that in terms of Jamaica and job creation, the Internet can be a very good platform,” said Walker, who also participated in The Exchange.
PROVIDE FLEXIBILITY
Minto-Coy also pointed out that online business provides more flexibility for owners.
“So having a business, a digital business, allows you a level of flexibility that you may not otherwise be able to have. If you have a zeal and a drive for your business ... it means you enjoy what you do. It’s not like going to a regular nine to five,” said Minto-Coy.
Also at The Exchange, Gordon Swaby, CEO and founder of the social learning website EduFocal, pointed out that because his business is purely online, he has been able to experience faster growth than that of traditional businesses.
“So having a business, a digital business, allows you a level of flexibility that you may not otherwise be able to have.”