This includes Barbados, Jamaica, The Bahamas, Trinidad and Tobago and The Turks and Caicos Islands.
Kenrick Quashie, an entrepreneur out of St Vincent is the founder of Global Domination Capital. In a recent interview with Business Day, Quashie said he started focusing on the entrepreneurship culture in his country and from his experience in the field locally and regionally and looking at the different needs as a society, and one of the major problems is capital.
“Those who have the ideas don’t have the assets. It’s a risk averse society and at the same time we are seeing the development of startups globally disrupting the way life has been going. I have been looking for opportunities as to how we can build entrepreneurship,” he said.
Quashie said two years ago he decided to pursue this initiative and felt it should not just be done in St Vincent and the Grenadines but regionally.
“You just can’t think nationally anymore and that’s when I decided the possibility of peer to peer crowd funding,” he said.
Quashie said he has been engaging the Trinidad and Tobago Securities and Exchange Commission as well as others in the region.
“What I wanted to do was have a demonstration with them and they have seen how the platform is going to operate. They have regulations for private placement but the platform we are developing will allow not just people with assets but ordinary people who want to get involved with investment and that sort of eliminates the bank. We deposit at the bank and we lose value. The time the money stays there, the money is losing value.
There’s a two percent interest rate but it is not equivalent to inflation. If you put $10,000 in the bank, they take that money and lend it to somebody with a ten percent interest so now we are disrupting that. The entity that is facilitating the loans, the rest will go to the lender and that’s where multiple people will lend one person, you spread your risk.” He said, “It can be challenging for new entrants and regulators to adapt novel business models to existing regulations. We are extremely proud to be pushing this industry forward as we bring a new form of financing to the Caribbean that makes capital more accessible for small businesses and consumers, while offering a brand new asset class to the Caribbean.” Quashie said the feedback he has received about this initiative has been very good. He intends to embark on an education campaign in an effort to sensitise people in the region about the initiative.
The company, Quashie said will operate online.
“Our interaction would be online, if you need to call, we will call you, we don’t want you to have that expense.
We will be fully embracing technology,” he said.
He said he was excited that he was part of a game changer in the region.
“This is going to change the game and it is going to make capital accessible to people. With this, the Caribbean can become an entrepreneurial hub,” he said.
The platform is expected to launch at the end of September. Quashie is encouraging anyone who is interested to contact them by visiting the website www.globaldominationcapital.com or email: firstname.lastname@example.org