Wednesday 04/12/2024 - 🦋1300+ Species Discovered

⏱️ 5 - 6 minute read

Hi, reader

Today we spotlight thriving opportunities in Guyana’s rapidly expanding economy, from oil sector growth to innovative small business and side hustle ideas fueled by local development and global partnerships.

Here’s what you can expect:

Today's Business Word Of The Day: 

Arbitrage

Meaning: The simultaneous buying and selling of assets in different markets to exploit price differences for profit.

Origin: From Old French arbitrer ("to judge"), dating back to the 14th century, rooted in Latin arbitrari ("to judge or consider").

*AI generated artistic representation of the article

New Species Discovery in Guyana Could Boost Ecotourism and Conservation Efforts

An unprecedented biodiversity expedition in the Acarai-Corentyne Corridor has revealed over 1,300 plant and vertebrate species, including 22 never recorded in Guyana and 23 potentially new to science. Spearheaded by the Protected Areas Commission and Chicago’s Field Museum, this study underpins Guyana’s Low Carbon Development Strategy 2030. As Guyana positions itself as a leader in environmental conservation, this discovery could strengthen the country’s ecotourism appeal and provide a foundation for sustainable policies in its largely unexplored rainforests.

*AI generated artistic representation of the article

Guyana Seeks India’s Expertise for Advanced Police Training

Guyana is partnering with India’s National Forensic Sciences University to provide advanced training in forensic science, cyber-security, and forensic psychology for the Guyana Police Force. This initiative aims to modernize law enforcement capabilities and establish Guyana as a regional training hub. The collaboration will also enhance the operational capacity of Guyana’s National Forensic Laboratory, supporting crime prevention and investigation efforts across the Caribbean.

*AI generated artistic representation of the article

Business Opportunities Based On Today’s Developments

Small Enterprises (SEs)

  1. ATM-Adjacent Businesses at Wismar Market

    • Opportunity: With the establishment of an ATM at the Wismar Market, small businesses such as food stalls, cafes, and craft vendors can capitalize on increased foot traffic and the convenience of on-site cash access.

    • Thoughts: Entrepreneurs should focus on offering locally made products or quick, affordable meals to attract customers using the new ATM. Partnerships with other market vendors could further enhance visibility.

  2. Training Services for Technical Skills

    • Opportunity: Following the expansion of the Secondary Competency Certificate Program (SCCP), SEs can provide supplemental training for SCCP graduates in specific trades like furniture making, garment production, or food preparation.

    • Thoughts: Partnering with local schools or government programs could provide a steady pipeline of trainees. Consider mobile or on-site workshops in underserved areas to reach a broader audience.

  3. Wildlife and Nature Tourism Services in Rupununi

    • Opportunity: Reports of wildlife scarcity in the Rupununi highlight the need for sustainable tourism solutions. SEs can offer guided eco-tours, workshops on conservation, or unique experiences like cultural storytelling integrated with nature.

    • Thoughts: Collaborate with local Amerindian communities to ensure authentic experiences while promoting conservation education.

Medium Enterprises (MEs)

  1. Local Product Aggregation for Tourism and Holidays

    • Opportunity: The One Guyana Christmas Village highlights the demand for local produce and goods. MEs can create curated gift boxes featuring locally made products such as artisanal foods, crafts, and beverages for sale at events and beyond.

    • Thoughts: Develop a strong brand around "Made in Guyana" with premium packaging and marketing that targets both local and international tourists.

  2. Supply Chain Solutions for Trinidad Port Disruptions

    • Opportunity: MEs can offer alternative logistics solutions, such as sourcing and importing directly from other regional ports or establishing inventory management services for businesses affected by delays.

    • Thoughts: Focus on flexibility and quick response to customer needs, emphasizing reliability during peak seasons like Christmas.

  3. Technical and Vocational Education Centers

    • Opportunity: With the SCCP expanding, MEs can establish private technical schools or training centers to offer advanced courses in trades like IT, food production, and furniture making.

    • Thoughts: These centers could align with the government’s dual certification goals and provide pathways for students to gain internationally recognized qualifications.

Large Enterprises (LEs)

  1. Oil and Gas Workforce Development and Local Content Partnerships

    • Opportunity: With GOGEC's emphasis on local workforce training, LEs in oil and gas can establish training academies or partner with the government to upskill Guyanese workers in technical roles.

    • Thoughts: These efforts not only fulfill Local Content Act requirements but also secure a skilled workforce for the sector’s growth. Consider offering scholarships and internships to build goodwill and community ties.

  2. Wildlife Conservation and Eco-Tourism Resorts

    • Opportunity: The discussions on wildlife conservation and the tourism potential of Orealla and Siparuta suggest a need for large-scale eco-tourism projects. LEs can develop luxury eco-lodges and cultural tourism hubs that integrate conservation efforts.

    • Thoughts: Work with local communities to co-develop these projects, ensuring cultural preservation and sustainable practices while tapping into the global demand for eco-tourism experiences.

  3. Forensic and Cyber-Security Training Facilities

    • Opportunity: Guyana’s collaboration with India’s National Forensic Sciences University creates an opportunity for LEs to establish regional forensic and cyber-security training institutes.

    • Thoughts: Position these facilities as regional hubs, attracting trainees from across the Caribbean. Incorporate state-of-the-art technology and strategic partnerships with global leaders in forensic sciences.

Side Hustle Ideas Based On Today’s Developments

1. Mobile Wildlife and Nature Photography Tours

  • Why It Works: With reports of growing interest in Guyana’s unique biodiversity and concerns about wildlife scarcity, there’s an untapped niche for eco-tourism. A side hustle offering guided photography tours in areas like the Rupununi or the rainforest appeals to locals and tourists looking for unique experiences.

  • What’s Needed: A vehicle (preferably a 4x4), basic photography knowledge, and partnerships with local conservation groups or Amerindian communities to ensure access and sustainability.

2. Home-Based Small-Scale Dehydrated Snacks Production

  • Why It Works: With the government encouraging local product utilization and events like the One Guyana Christmas Village spotlighting local goods, dehydrated jerk-style meat snacks could be a hit.

  • What’s Needed: A small dehydrator (affordable models available online), locally sourced meats, and basic packaging materials. Marketing can be done via social media or at markets/events.

3. Online Skills Training or Coaching

  • Why It Works: With the expansion of technical education (SCCP) and Guyana’s growing focus on workforce development, many professionals and students are looking for specialized training in skills like English language improvement, business communication, or specific trades like woodworking or food preparation.

  • What’s Needed: Expertise in a particular skill, access to a smartphone or computer, and a reliable internet connection. Sessions can be held virtually or in small groups at local community centers.

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