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Recession Survival Guide (Jamaica, but also for the wider region)
- 1. Based on lessons learned from 4 economic crises
- 2. 1990’s Pull back of the Bauxite Industry and wider manufacturing sector. Finsacked Entrepreneurs 2000’s 9/11 and the effect on the tourism industry 2010’s Cash Plus and Olint US Embassy Crackdown on Dancehall Telecom Mergers 2020’s COVID-19 (Pandemic) Restrictions
- 3. 1990’s Manufacturing, Banking and Mining 2000’s Hospitality Workers, Recording Artistes 2010’s Entertainment and Media Production 2020’s Several Verticals within the Brick and Mortar Economy
- 4. 1990’s I could not get a job in engineering, locally 2000’s Lost many customers in hospitality and entertainment sector. Cashflow was severely affected 2010’s Lost my Telecom clients. Lost my entertainment clients, Margin call against my stock portfolio, car repossessed. Home faced foreclosure. 2020’s Airbnb Halted. All foreign expansion plans halted. All consulting engagements delayed
- 5. 1990’s Travelled to US observed increasing internet usage. Perceived Jamaica will need Digital Services more than manufacturing. Offered the services back home 2000’s Travelled to Europe to switch context observed a modern printing supply chain. Returned home to offer services into this vertical remotely. Evolved into Video Production to own more of a supply chain 2010’s Leveraged social media to work with Foreign Artists. Pursued MBA on scholarship. Learned about cloud infrastructure and lean startup. Founded a startup. Raised Capital from Angel investor. 2020’s Cut costs aggressively. Promoted Remote services. Applied for grant funding. Liquidated anything I owned that wasn’t less than inflation. Aggressively pursued grants. Joined associations to observe change in behaviours for opportunities
- 6. Education Use the opportunity to observe and learn where the markets are going. Keep costs cheap and as tactile as possible Raise Money/Cut Costs Apply for every grant opportunity. Cut every expense including expensive loans. Call in monies owed. Sell every non-performing asset. Attack new challenges Every bull market is the same. Every bear market is different. Learn the challenges in the new market and develop solutions for those challenges.
- 7. Winston Wilkins, Dip. Eng, MBA Cofounder - Startup Robot | Hacker Hostel Digital Operations Consultant Tools: Webflow | Airtable | Zapier FB | IG | Twitter: @startuprobot