With the new launch of the Scale-up SG programme and Innovation Agents programme, ESG aims to reach out to aspiring, high growth SMEs to develop tailored customised solutions to help them undertake product development, digitalise their processes and grow market share, including expanding into international markets and tapping on experienced industry experts for advice.
In the current fast-paced business environment, time is of the essence when it comes to commercialising from a good idea, scaling and expanding international market share. SMEs are already operating on limited resources; the aim of these two programmes is to accelerate their growth journey. These programmes can give them the opportunity to directly tap into industrial expertise and experiences that are relevant to them.
A myriad of solutions
Through the Scale-up SG programme, aspiring, high-growth companies can work with partners from private and public sectors to identify solutions (e.g. financing options, technology adoption or digitalisation) to overcome challenges unique to them, and opportunities for growth.
Through the Innovation Agents programme, companies can obtain advice on innovation opportunities from experienced industry professionals who have both technology expertise and business experience.
Companies are given the opportunity to access knowledge and solutions that are actually relevant and useful to them.
Innovation – the lifeblood of success
The introduction of these two initiatives is timely as we are moving into the next phase of our economic transformation journey—building deep enterprise capabilities. These are exciting initiatives and we look forward to more specific details in the year ahead. Our view is that without good business acumen, even a groundbreaking innovation could fail to translate into commercial success.
Many companies already understand that innovation is the key driver to achieving business growth in today’s business landscape. However, they encounter a unique combination of roadblocks in areas such as commercialisation, production scale-up or expanding overseas due to a lack of experience or knowledge.
Tapping on experience
Experienced industry individuals or bodies should also provide tailored mentorship, identify potential blind spots and develop customised road maps. This would help SMEs free up resources that are spent overcoming these roadblocks on their own. A more efficient navigation through these hurdles can accelerate the SME growth journey.