In the start-up space, “fail fast” is a deeply embedded mantra, which is used to encourage an iterative mindset that moves past the perceived failure to quickly learn and adapt.  In our conversation with Alex Straun, the creator of the digital wallet platform, JAD Cash, in Saint Kitts and Nevis, he shares the highs and lows of that journey to date, along with: whether JAD Cash has become fully sustainable;  what it is like being an entrepreneur in Saint Kitts and Nevis; where he would like to see JAD Cash in the next three to five years; and the best piece of advice you would give to a young tech entrepreneur.

 

This episode is also available on SoundCloud, Apple Podcasts, Spotify and Amazon Music!!

In the start-up world, the path to success is rarely linear. Markets shift, customer needs evolve, and what once seemed like a solid business plan may no longer be viable. However, all too often, it can be difficult for entrepreneurs to change tack, especially when they have been in the trenches for a while, and all of the effort to date would appear to be for nothing.  

In these moments, pivoting your business strategy is not a sign of failure. It is a strategic response to change, and often the key to long-term success. Moreover, for Caribbean entrepreneurs—often operating in small, highly dynamic markets—pivoting can be essential. Economic changes, limited customer bases, or shifts in tourism, tech trends, or regulation may force you to rethink your offering. Rather than resisting, entrepreneurs, such as the guest on our latest podcast episode, who embrace change and act decisively, tend to find new opportunities in adversity.

 

Introducing our guest

Alex Straun

Alex E. Straun, Founder and Owner of JAD, is a visionary entrepreneur transforming the financial landscape in Saint Kitts and Nevis through innovative payment solutions. As the Chief Executive Officer of Genesis Payment Solutions and creator of JAD Cash, a digital wallet platform serving over 800 businesses, he champions financial inclusion by empowering unbanked individuals to participate in the digital economy.

With a robust background in banking and finance, Alex has served in pivotal roles at the Eastern Caribbean Central Bank (ECCB), where he held positions ranging from Banking Officer to Deputy Director – Banking and Monetary Operations. His contributions to the development and implementation of key financial infrastructure at the ECCB, such as the Automated Clearing House (ACH) and Delivery versus Payment (DvP) for the Securities Settlement System, highlight his technical expertise and leadership prowess.

Alex’s dedication to professional growth is evidenced by his qualifications and certifications, including Certified Anti-Money Laundering and Financial Crimes Prevention Professional and Chartered Director. He holds a Master of Arts in Banking and Finance from Sheffield Hallam University and has pursued additional training in compliance, governance, and negotiation.

 

Insight into our conversation

We often consider entrepreneurship, and tech entrepreneurship in particular, the playground of the young, who often have fewer responsibilities and may be more inclined to sacrifice time, money and comfort to take a chance on building a start-up. The scenario – and stakes – are completely different when you are a senior manager, with a mortgage and a young family, who has decided to enter the world of tech entrepreneurship. That is the choice Alex made to create JAD, and for all of his trouble, the business made only XCD 5.21 (less than USD 2.00) in its first year of operation.

However, Alex did not launch JAD to achieve the ‘good life’, but rather to address a then problem in Saint Kitts and Nevis, which he shares. Yet, even with good intentions, the path has been bumpy. For example, a critical target market upon which the initial business model was based was not supportive once the product was ready for launch, necessitating a major pivot. However, through it all, successes have been realised, and JAD has had a major impact in facilitating financial inclusion among those who need it, and is expanding its footprint across the Eastern Caribbean and further afield.

Below are key questions that drove our conversation with Alex.

  1. So Alex, tell us about JAD Cash. Why did you set it up, and what services does it offer?
  2. Okay, let’s step back a bit. Tell us a bit of your entrepreneurship story.
  3. In your opinion, why has JAD Cash worked and has been able to establish a reasonable customer base?
  4. Saint Kitts and Nevis is one of the smaller markets with a population of around 50,000. Has JAD Cash been able to become fully sustainable?
  5. What is it like being an entrepreneur in Saint Kitts and Nevis? What do you think about the country’s start-up environment/ start-up culture?
  6. Where would you like to see Jad Cash in the next 3 to 5 years?
  7. What is the best piece of advice you would give to a young tech start-up?

 

We would love to hear your thoughts!

Do leave us a comment either here beneath this article, or on our Facebook or LinkedIn pages, or via Twitter, @ICTPulse.

Also, if you or a member of your network is interested in joining us for an episode, do get in touch.

Let’s make it happen!

 

Select links

Below are links to some of the organisations and resources that were mentioned during the episode, or otherwise might be useful.

 

 

Images credit;  A Straun (LinkedIn);  freepik;   Wirestock (freepik);  freepik

Music credit: The Last Word (Oui Ma Chérie), by Andy Narrell

Podcast editing support: Mayra Bonilla Lopez