Indian philanthropist and founder of the Jain Group of universities and industries in that country Dr Chenraj Roychand has committed US$1.2 million to fund start-up small and medium size businesses here for youth, with a target of some 10,000 entrepreneurs in ten years.
He believes that although an oil producing state, Guyana’s economic wealth and growth of its people will not come directly from oil revenues but from a diverse economy driven by entrepreneurship of local products and services.
“I am so confident that this would work because any country would grow. There are strong SMEs (small and medium sized enterprises) and it is no different for Guyana, so I have committed, already, US$1.2 [million], not rupees, for an incubation startup centre here in six months. In that way we can set up 200 to 300 businesses initially. We are working out the ecosystem for that to make sure that in ten years you have 10,000 thriving entrepreneurs” Dr. Roychand told the Stabroek News in an interview.
“I have said graduates can benefit, but [this is] targeted for young people and they can be school dropouts because everyone was born with a unique skill and it’s the determination and discipline needed. You just need to foster; channel that skill and you will see. I am a school dropout. I didn’t past 8th standard but look at me. I learned English in 15 days and now I charge more than US$10,000 for public speaking engagements…”
Visiting from India for the first time to address the graduation ceremony of students of Guyana Online Academy of Learning (GOAL) that are from his Jain Deemed to be University, he said that this country has a special place in his heart because of its development drive. From his own personal experience, where he went from being a school dropout to a successful businessman and motivator, he said he is determined to work with its citizens to ensure success in employment, education and development outcomes.
Already, he has met with President Irfaan Ali and shared his vision, one that he is optimistic that Ali embraces as he believes that the President also wants the nation to thrive. Dr Roychand said that with half of Guyana’s population under the age of 50, developing skill sets for them to have their own businesses would see tremendous growth for the economy and overall development of this country.
Looking at the number of natural resources here, arable land and potential for agricultural growth, Dr Roychand said that aside from oil and gas, the business startup opportunities are endless. “You don’t need to focus on oil and gas. We can train people for that sector yes …but there are a number of opportunities in other areas. There is agriculture and not just from selling the produce because, for example, rice and coconuts which you have plenty of, those can make a number of cosmetic products. That is only one example,” he stressed.
“There is also looking at exporting your agriculture [produce]. You can export a number of things, products and services. There is being the back-end for the big companies – finance, accounting, technology, machine-learning, artificial intelligence, supply-chain logistic management, or any other models you have in your mind. Just look around, there is business opportunism everywhere, everywhere,” he stated.
The Chairman of the Jain Group said that with entrepreneurship also comes the ability to lower the country’s unemployment rates because one business can create a job for up to four people. In India, he said that start-ups have mushroomed and it is one of the ways that country is developing.
The Jain Group has put together a team to undertake research analytics on Guyana for the small business entrepreneurship programme. Dr Roychand said that is because the plans made will be for a long-term sustainability system.
“You are not just looking for a business for yourself but when you leave this earth there is something that positively continues,” he expressed. “We will start small and if they continue, generations ahead can also become entrepreneurs. The model we use cannot just be a fly-by-night model. It must be a sustainable model.”
The areas of investments also have to be for positive contribution to society. “We are thinking agriculture and using those products. Also dairy, you have one cow and you get milk, work on getting three and supplying a business. From that milk you get curd that can be used for something else. See what markets are available for the products you have and to export,” he stressed.
Over the years, Dr.Roychand said that he has been able to not just academically educate over 150,000 persons but has seen over 5000 entrepreneurs made, some are millionaires today in India. Some 33 years ago, at the age of 28, he said, he started the Jain Deemed to be University, the title embedded in Indian law to a higher learning or tertiary institute by that country’s Ministry of Education. The accreditation indicates, “An institution of higher education, other than universities, working at a very high standard in a specific area of study”. And the accreditation grants “the academic status and privileges of a university. Those institutions enjoy full autonomy or independence in deciding courses, syllabus, admissions and fees. Some Deemed to be Universities can also grant degrees on their own. India’s University Grants Commission (UGC), the statutory organization of the Ministry of Education oversees the institute’s work in terms of standards of teaching and programmes.
Originating from Sri Bhagawan Mahaveer Jain College, the institute was conferred the deemed-to-be-university status in 2009. In August 2019 Jain University opened its off campus in Kochi, Kerala, India. To this country, Jain Deemed to be University offers a wide range of programmes through the GOAL Scholarship programme.
“Every mind can be converted into a talent. You have 100 million neurons in the brain and I have the same. It is only the ecosystem we have to create and that can happen through continuous training. Jain offers that opportunity. We give 90% scholarships. I add my teaching and technology costs not looking at profits because we want to make a difference,” Dr Roychand said.
He believes that educational opportunities should be afforded to everyone, regardless of race or class. And looking at Guyana’s unique geographical makeup, he said that with technology and determination, getting to the most remote places should not be a hindrance. It is why in two years, Jain plans to roll out a ‘Skills on Wheels’ programme which will take teaching to remote parts of the country. “We want to convert all the villages to getting their persons educated. We will take that teaching to them. If they can’t come to us we will go to them. My job is to empower people. I have to be that catalyst of change,” he said.
“We have taken our programme to Nigeria, Ghana, and Zimbabwe. I am looking at human development where the mind is given the scope for that development to make the world a better place. So whether you are Caribbean, African…there is no caste system. Humanity is humanity. You smile and I smile,” he added.
