"Research has posited that stimulating entrepreneurship is one of the mechanisms that can help lift us out of recession, by reallocating resources in such a way that promising new ventures can replace obsolete economic activities," said Matalon Monday while addressing the annual PSOJ Hall of Fame induction ceremony that admitted one of Jamaica's most famous entrepreneurs, Chris Blackwell, to the roll.
Over the several years, reports from the Global Entrepreneurship Monitor (GEM) have indicated that Jamaicans were among the "most entrepreneurial people in the world", Matalon said, "measured not only by the level of entrepreneurial activity but also the attitudes and aspirations of our people to chart their own future and create wealth for themselves."
Prevalence rate
The 2008 GEM report noted that the prevalence rate of early-stage entrepreneurs was 20.3 per cent in 2006, up from 17 per cent in 2005. For Jamaica, the rate was 10. 5 per cent for established businesses in 2006, up from 9.5 per cent in 2005.
Jamaica, however, is not seen as an entrepreneurial society.
"Maybe this kind of society requires the active contributions, I believe, of all of us - a government that is willing to courageously implement the structural reforms that will provide the impetus for that entrepreneurial activity; an educational training system that provides high-quality preparation; enquiring minds in media that can help to tell the stories of those who have succeeded," he said.
"And finally, a citizenry that recognise their own sense of responsibility in charting their own futures and taking advantage of the opportunities that present itself for wealth creation."
Blackwell is regarded as a seminal figure in reggae music, as the man whose label Island Records launched superstars Bob Marley, Jimmy Cliff and more.
The entrepreneur also ventured into tourism, and his most recent business venture is in branded rum, under the Blackwell Black Gold label.
"The induction of our honouree into the Hall of Fame this evening acknowledges the ambition, the determination and inventiveness of this giant of an entrepreneur who, over the past 50 years, has succeeded in starting and building internationally competitive businesses and has helped to place Jamaica on the map in no uncertain manner," said Matalon.
dionne.rose@gleanerjm.com