Techblog
SME Centre Conference 2018: Technology, Trade and Talent
Small and medium enterprises (SMEs) were presented with ideas around growing their business and staying competitive at the event.
At the SME Centre Conference 2018, participants were exposed to fresh business ideas and management models. They also heard from industry leaders and the bosses of local SMEs.
Organised by SME Centres and supported by Enterprise Singapore, the annual conference is also a great networking platform. Participants had the opportunity to talk to more than 800 SME founders, entrepreneurs, experts and policy makers.
This year's conference was held on May 16 at the Resorts World Convention Centre. Mr Chee Hong Tat, Senior Minister of State for Education and Trade and Industry, delivered the opening address.
Mr Chee centered his speech on three 'T's – technology, trade and talent – that he felt were critical to Singapore's economic competitiveness in an increasingly globalised world. Keeping this in mind, he encouraged SMEs to jump on a range of opportunities to innovate and transform.
Riding with technology
Although the rapid advancement in technology can be daunting for SMEs, it can boost productivity and allow them to have a larger market share through e-commerce, Mr Chee said.
Business owners can approach SME Centres for assistance and advice, he added. SME Centres have mooted 22 upgrading projects to date, that have benefitted more than 100 SMEs. They plan to reach out to 200 more by the end of the year.
One of the SMEs was Excel Hardware. The company realised that its warehouse and storage systems were too inefficient to keep up with an increasing demand. After consulting the SME Centre@Southwest, the company was able to find a solution that resulted in a 30% improvement in order processing speed and a 15% increase in sales turnover rates.
Under the SMEs Go Digital Programme, SME Centres can also recommend useful schemes such as the Productivity Solutions Grant, which funds up to 70% of adoption costs for IT solutions and equipment.
“The government will work with you and support you. We will also review our rules and regulations to reduce compliance costs and support new business ideas,” Mr Chee shared.
Tapping on trade
Two-thirds of Singapore's gross domestic product is driven by external demand. Having a small and open economy means that SMEs look beyond the domestic market, Mr Chee said.
For instance, Lim Kee Food Manufacturing, a local manufacturer of pau and dimsum, hoped to go international after years in the local market.
The company managed to utilise several schemes, including the Market Readiness Assistance and Global Company Partnership grants under Enterprise Singapore. Lim Kee also worked with Enterprise Singapore's Overseas Centres.
This allowed them to invest in encrusting machines, and identify possible overseas business partners and distributors, Mr Chee said.
The enterprise development agency has the know-how, resources and networks of its predecessors SPRING Singapore and IE Singapore, Mr Chee added. Lim Kee's venture was a success – it now has customers from China, Thailand and Australia.
Grooming talent
Investments in education and programmes like SkillsFuture are made in hopes of building a skilled and competitive workforce. Both local and foreign talent have a role to play in helping SMEs succeed, Mr Chee said.
The Ministry of Manpower's Capability Transfer programme helps to accelerate the transfer of skills from global employees to the local workforce.
Other schemes, like the SME Talent Programme, are targeted to help small businesses succeed. The programme matches SMEs with graduates from the Institute of Technical Education, polytechnics and universities. In 2017, more than 1,500 internships involving close to 400 SMEs were arranged under the programme.
Other conference speakers included Mr Akbar Kader, Chairman of the SME Centre at the Singapore Malay Chamber of Commerce and Industry, Mr Gilberto Gaeta, Country Head for Singapore, Malaysia, Philippines and Emerging Markets at Google Marketing Solutions, and Ms Selena Ling, Head of Treasury Research and Strategy at OCBC Bank.
Founders of local SMEs also took the stage. They were Mr Syafiq Yussoff, CEO of logistics firm Riverwood Pte Ltd, and Ms Rita Zahara, Co-founder and CEO of AMGD Global, a food startup.
Summary
- The SME Centre Conference 2018 exposed SMEs to new business ideas and management models
- Delivering the opening speech was Mr Chee Hong Tat, Senior Minister of State for Education and Trade and Industry, who identified three 'T's – technology, trade and talent – as critical to Singapore's economic competitiveness
- Schemes and grants are available to SMEs to help them boost productivity and sales through IT solutions, as well as expand into overseas markets
- Programmes have been developed to build a skilled and competitive local workforce