It should be noted that the guest that was interviewed a Jason Dear of No Brand Chemicals Ltd was introduced by the host as having a new and innovative business idea. That later being mentioned on air as Debt Financing using the Crowdfunding.
In the interview the Crowdfunding was mentioned and forms of Crowdfunding website such as the one launched recently by Jamaica National (JN). The distinction of donation vs equity vs debt Crowdfunding was discussed.
Also mentioned was that of encouragement of regulation of the emerging Crowdfunding market that is web based in Jamaica or targeted to Jamaicans home or abroad.
FSC and BOJ names were mentioned in respect to entities that could play a regulatory role in this emerging market.
Let me first state Crowdfunding using a Debt model or a hybrid of Debt along with other exotic financial features was first conceptualized and published over a year ago on this blog for the Jamaican market and Jamaican Diaspora by Mr. Rodger McKenzie.
The concept Debt , Equity, Donotation Crowdfunding is not new in the world from a website perspective or otherwise. But in respect to introducing Debt or even Equity / Crowdfunding for Jamaicans was new a year ago.
Today the traditional concept of Crowdfunding is now in Jamaica by two entrants into the market. The first to my knowledge being that of Jamaica National (JN), who in my opinion have absolutely no business in this space.
The other being a site by what I would call entrepreneurs. Their respect site screen shots may be seen below.
Prior to releasing the name of the new platform in which this product would be known for for the Jamaican market and also serving the international market.
The FSC was contacted as far back as late 2011 to early 2012 by myself to first notify them of my plans, and second get any feedback or concerns that may arise from my market entry in Jamaica.
The FSC record keeping can verify the exact date.
The FSC was contacted so as not to have any legal issues once platform and service was officially launched.
Subsequent to contacts with the FSC through my efforts in bringing the FSC up to speed regarding Crowfunding, as before Jamaicans even knew sites such as Kickstarter.com or indiegogo.com, only but one or two in the tech scene from Jamaica had a profile account with Kickstarter in 2011.
The following articles were published.
Kindly note that no local body has authority to regulate the Crowdfunding market space in Jamaica, so as long as no FSC laws are broken.
Regulation would call for new laws to be implemented, which would only hamper the growth of the sector in Jamaica and protect the interest of major banking and major financial institutions seeking to keep business as usual.
Having made a phone call the earlier this morning to Jason Dear. In our conversation I did mention that there is already a oversight body for Crowdfunding which kind of acts almost like a guide in regulating the market at some level by manner of accreditation.
You may think of it almost like how the SEC or our FSC would look out for the interest of the financial sector. So would this group look out for the interest of the Crowdfunding sector.
It should be noted that having spoken candidly with Jason and discovering his background as a stock market trader on the radio.
That such experience would go a far way in any start up seeking to break new ground in the Crowdfunding sector with hybrid / innovative models of said sector.