I remember it like it was a moment ago, On September 8th 2014, on the 6th floor of the Jamaica National Building in downtown Kingston, I stepped into a room filled with 59 other earnest faces. People on their laptops, people making fast friends, people skeptically eyeing the well balanced team of Sandra Glasgow, and Oasis 500. I felt a mere speck in the mix of it all. What could I learn from an experience like this one? I have always heard of accelerators like Y Combinator, Venture Hive, and a million others like them. So what could Start-Up Jamaica and Oasis500 possibly do for me that others all around the world have done for other start-ups? The answer came quickly after Yousef Hamidaddin, CEO of Oasis 500 started talking.

What was being presented to us was an opportunity, an opportunity to grow our company locally in an environment meant to nurture and grow it locally with an eye on the global market. For it to make a meaningful impact on the lives of everyday Jamaicans and the Jamaican economy as a whole. Market segments, qualitative data, data integrity, growth and focus were all disciplines I had acquired over my years as an entrepreneur, but this boot camp really forced me to take these talents and apply them efficiently to produce a higher quality of work. The methods of critical thinking and analysis we applied to our ideas, allowed us to view our ideas even more precariously than we did before. Some of us persevered, some of us did not. Over the next four days we began to learn the techniques that we must one day master in order to be successful companies, not just companies that are attractive for investors.

When we started Ultreya Logistics, the team had one goal in mind; to change the face of the Caribbean economically and socially through the implementation of our logistics technology. But to realize such a big vision we had to start somewhere. And start we did. We started by incorporating in two territories (Jamaica and the US). Making integral partnerships that would decide our company’s financial infrastructural fate through MasterCard. MasterCard is currently a regional and soon to be International partner. We decided early on that we may be just a group of seven young budding entrepreneurs but we would make the world see us as a well-oiled, managed, and coordinated corporation. We had the team, we had the vision and we had only some of the experience we needed to make Ultreya successful. What we needed was a place we could go to focus more on the work. A Place to learn from others who have gone before us and to grow as a team. Where the people crazy enough to take risks in this economic climate flourished, and were strong enough to actually pull it off. A place where they could be found in abundance, we needed to be there… we needed Start-Up Jamaica.

Just months before I had called just about every Angel investor and VC firm this side of the world, but here is what no one will come out and say to you, there exists just about three VC firms that will even take a message from you if the first words you utter to their secretary are “ I am a Jamaican Start-Up”. The fact is if you are not incorporated in the US a LOT of these investors won’t even touch you with the pointy end of a cow prod. The most cited reason is that for tax purposes, VC’s would rather not have to deal with the IRS accusing them of tax evasion. But do a little digging and you will find these same Firms throwing money at companies out of South and Central America (Brasil has gotten the most attention with a lot of great companies and ideas coming out of there due to investment). I must have called over twenty firms in the US alone and don’t even get me started on Canada. So in the end what hope is there really for struggling start-Ups with great ideas coming out of a Jamaican economy outside of a few initiatives by the Gov’t and a few members of the private sector.

“There really are only THREE functions any start-up needs to execute to be even remotely successful; Build it, Sell it, Collect it, figure that out and then the founders can start looking for a new job” — Akua Ajayi Tafari Walters

Now at this point I know I will begin to sound awfully critical of outside money. The fact is, if people are interested in your start-up at this stage they are trusting that the pitch you gave them and the arguments you made for your team and idea are both true and sound. But here is a little secret no one bothers to tell you when they stand you up in front of a panel of investors; It’s a mutual deal. You as an entrepreneur should have done your due diligence on your potential investors before you even stepped up to that podium. It’s really important to know who you are addressing, not only to make your pitch as effective as it could be, but also because you need to figure out if their body of work and previous investment ventures were done the way you would like them to treat you. And also a big point I cannot stress enough; MAKE SURE YOUR INTERESTS AND THEIRS ALIGN. Let it be said that having almost made the mistake of taking money from private investors who, as it turned out could not care less about the team, I make it my first order of business to never step into a meeting without knowing who I am doing business with.

DUMB MONEY

Never take dumb money just NEVER do it. What is dumb money you might ask? It’s money from an investor who has no business sense, track record to speak of, or is just an individual who wants in on your company because they think your idea is worth a lot. They bring NOTHING to the table except their capital they bring no business experience, network, or critical technical expertise. They just exist. Let’s just use as an example some random wealthy woman by the name of Paris. Paris is from a wealthy family with billions in resources and can give you the capital you need in order to get your business started. She is generous so she gives you the money in return for 10% of your company. Congrats you now have an investor who has a say and interest in your company. By virtue that she put actual capital into your courier business that you want to use to help grandma and people like her in their later years get small errands done. And also use the proceeds from your company to assist other young aspiring entrepreneurs to get their businesses off the ground. You should not be fooled, they could own 1% when they say “Jump” you had better already be higher than a 10 ft. fence.

So, let’s say you make that fatal mistake. If you do that then Paris now has a say in your company and you never want to have certain people, especially someone like Paris, being able to have a say in how your company functions. It might run contradictory to how you wish to run it and you really don’t want Paris coming into your board meeting one day and going “I want to make puppies”. That just MIGHT be bad for business.

You just want to deliver good food and do little errands with your small network of couriers to help grandma live a couple more years so she can continue to pay you so you can continue to help other entrepreneurs. But Paris doesn't care about that, she wants you to make puppies, so puppies you shall make.

The general gist of what I am trying to say being, just do not make that mistake. You don’t exactly want to take money from any and anybody. If you can bootstrap your project or Start-Up, then do it. Don’t even second guess yourself. Why? Because it is YOUR money and you get to use it how you wish, ergo, you get to run your company any way that suits you. And that is the reality that we as entrepreneurs must cope with. Investors want to invest in your idea make no mistake about it. Eespecially if your idea is making you money prior to them coming on board. Just take your time and make sure the investor or funding option you choose is right for you and your company’s vision.