The document discusses strategies for enhancing Singapore's SME sector. It begins by highlighting the importance of focusing on helping local firms achieve over $100 million in annual revenue. It then reviews global SME trends, such as case studies from Chile and Austria. Three ideas are proposed to further strengthen Singapore's SME strategy: 1) Target promising international micro-markets beyond major cities, 2) Help SMEs move up the technology capability curve through industry collaboration, and 3) Provide support to competitive SMEs in a more systematic yet inclusive way by defining high-potential firms and tracking their progress. The presentation concludes by emphasizing that competitive SMEs disproportionately contribute to job growth and therefore deserve targeted assistance.
Amidst the challenging economic environment, rising business costs and labour constraints of 2014, SPRING Singapore has supported 9,000 SMEs through some 12,000 upgrading projects to boost productivity and enhance competitiveness, as well as to capture growth opportunities through innovation, internationalisation or partnerships. Close to 90 per cent of the companies which benefited were micro and small enterprises with $10 million or less in annual revenue. When fully implemented, these projects will create $8 billion value-add to the economy and 22,000 jobs.
SPRING has also intensified its outreach efforts and simplified its programmes to make it easier for SMEs to get assistance through an expanded network of 12 SME Centres. Together with its partners, SPRING reached out to some 160,000 SMEs in 2014.
Find out how some of these SMEs developed their capabilities last year in our Chief Executive's presentation deck!
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Amidst the challenging economic environment, rising business costs and labour constraints of 2014, SPRING Singapore has supported 9,000 SMEs through some 12,000 upgrading projects to boost productivity and enhance competitiveness, as well as to capture growth opportunities through innovation, internationalisation or partnerships. Close to 90 per cent of the companies which benefited were micro and small enterprises with $10 million or less in annual revenue. When fully implemented, these projects will create $8 billion value-add to the economy and 22,000 jobs.
SPRING has also intensified its outreach efforts and simplified its programmes to make it easier for SMEs to get assistance through an expanded network of 12 SME Centres. Together with its partners, SPRING reached out to some 160,000 SMEs in 2014.
Find out how some of these SMEs developed their capabilities last year in our Chief Executive's presentation deck!
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Incubator companies in India,
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Phases of Incubation,
Reasons to join business incubators,
Process of Startup Incubators,
The key ingredients,
The changing role of startup incubators,
Examples of startup incubators.
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Be sure to check out the other presentations, videos and audio recordings from the conference at www.tbnetwork.org/uknc11/media
Historically, business incubators and accelerators have been successful supporting startup companies worldwide and facilitating their long-term sustainability. Here are eight AMAZING facts you may not have known about these vital small business and entrepreneurial resources.
STARTUP INCUBATORS -As an Opportunity for Entrepreneurship
What are startup incubators?,
What do they provide?,
Incubator companies in India,
services provided by Incubators,
Phases of Incubation,
Reasons to join business incubators,
Process of Startup Incubators,
The key ingredients,
The changing role of startup incubators,
Examples of startup incubators.
The vision of Masdar City (the world’s first zero-carbon city to be created before 2020) was shared by the Masdar City team at a September 16, 2009, business-to-business seminar held at MaRS.
The seminar attracted nearly 70 cleantech suppliers, green technology leaders, government policy makers and sector funders. This presentation is from Sustainable Development and Technology Canada, created for this seminar.
Business with Impact – BEAM Summary Report of Future Watch Session, Team Finl...Team Finland Future Watch
Achieving Business Impact in Sub-Saharan Africa workshop brought together specialists from business, public, non-governmental and research organizations to discuss about the future business and collaboration opportunities in Sub-Saharan Africa. Discussion was organized around nine themes: urbanization, water management, education, financial services, collaboration in Africa, mobile Africa, energy, health and adding higher local value.
Sev Vettivetpillai couldn't join us at the conference so his colleague, Geetha Tharmaratnam (Global Head of ESG) presented the work of Aureos Capital, focussing on small to medium-sized businesses and finding the 'missing middle'. Includes principles and case studies.
Be sure to check out the other presentations, videos and audio recordings from the conference at www.tbnetwork.org/uknc11/media
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Singapore's transformation into an economic powerhouse has attracted adulation from developed and developing economies alike. In this paper, I discuss policies that fuelled this growth, and also highlight some negative side-effects/criticisms.
SME customers in particular often have needs beyond the pure provision of financial services, and these needs represent an opportunity to build brand recognition and customer loyalty, as well as improving the relative credit performance of our SME portfolio. This presentation focuses on developing non-financial or Enterprise Development Services (EDS) to supplement our banking proposition to SME customers.
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There’s no question that great customer experience delights customers, creates loyalty, and attracts prospects. Management has put you in charge of creating a customer experience that differentiates your organization! Where do you start?
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Discussion of Singapore SME Internationalization - Victor TayVictor Tay
Chairing of Discussion of SME Internationalization Policies
@ Oct 2021
Lee Kuan Yew School of Policy Studies
National University of Singapore
https//www.linkedin.com/in/victortay
email: victortay@globalcatalystadvisory.com
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https://www.trento.oecd.org
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Enhancing Singapore’s SME strategy for broad-based growth
1. Rethinking Singapore SME strategy for broadbased growth
SBF SME Convention
New Economic Paradigm – Are SMEs Heading in the Right
Direction Towards Transformation?
Parth S. Tewari
Competitive Industries Practice, World Bank Group
October, 28th 2013
0
2. Today’s discussion
– Why it is important to focus on SMEs – particularly towards maximizing the
number of firms with revenues greater than $100 million
– Some global trends on SME strategy (e.g. case studies from Chile and
Austria)
– What can Singapore do further in order to significantly enhance its SME
strategy around:
• International market strategy
• Technology strategy
• Better targeting at limited resources towards growth of high potential
SMEs
1
3. Singapore punches above its weight by dynamic policy
implementation and by leveraging its geographic advantage
Singapore’s share of World
Basis points
220
38
7.6
0.05
0
~0
Land
Energy
resources1
Basic
Materials2
Population
Human and natural endowments
1 Energy resources include petroleum, natural gas and coal
2 Basic materials scan included Iron ore, Copper ore, Bauxite
Source: World Bank; USGS; EIA; Team analysis
2
GDP
Trade
5. Singapore is significantly ahead of most countries in the world
in terms of business climate
Rank
1st
Ease of doing business (World Bank Group)
1st
Index of Economic Freedom (Wall Street Journal)
1st
Asia’s most “Tech ready” City (PwC)
1st
Potential net migration index (Gallup)
3rd
Global Competitiveness Index (World Economic Forum)
11th
Quality of Life index (Economist)
4
6. Singapore has an ambitious SME development goal
Number of local firms per year
that go on to cross $100 million
annual revenue
50
$100 million companies by founding
year; United States
250
200
10-15x
150
100
3-5
Singapore goal*
(next 10 years)
United States
experience (19802010) – scaled to
Singapore GDP
* ESC sub-committee on developing vibrant SME landscape and
globally competitive local enterprises
50
1980
1985
1990
1995
2000
2005
2010
125-250 companies per year that are
founded reach $100 million in
revenues in reasonable time
Source: Kauffman Foundation
5
7. Besides the key SME issues, the main challenges facing
Singapore firms today include the troika of rising labor
cost, pressure on sales and economic uncertainty
Top 3
challenges
2009
Top 1
2010
2011
2012
Slower sales High labour
cost
High labour
cost
High labour
cost
Top 2
Uncertain
economic
environment
Increasing
competition
in area of
sales
Uncertain
economic
environment
Uncertain
economic
environment
Top 3
Increasing
competition
Increasing
competition
in other
areas
Increasing
competition
in area of
sales
Slow growth
in sales
Source: SBF national business survey report 2012/13
6
8. Three ideas to further enhance Singapore’s already strong
SME strategy
Three ideas to further enhance Singapore’s SME strategy
1
Based on…
Market
1. Detailed study of
Singapore’s
current SME
strategy and
initiatives
2
Product
innovation
2. Latest global
trends and best
practices
3
Firms
Not just well known
large markets
Target and identify
most promising
international micromarkets
Not just
productivity
technology
adoption
Move up the
technology capability
curve
(innovator, creator)
through smart
industry
collaboration
Support competitive
SMEs in a more
systematic yet
inclusive way
No more clunky
and unsegmented
support to SMEs
All three ideas have been seeded in Singapore but
are still far from prime-time
7
9. 1
Target and identify most promising international micromarkets
Contribution to GDP and GDP growth by
type of city; Per cent
EM small/rural
55 $Tn
16%
29%
EM middleweight
EM megacities
2/3rd of a company’s growth comes
from “where it is playing”, only 4%
from “how to play” or market share.
Rest 30% from M&A
•
Usual suspects on “where to play”
does not work. Top cities by GDP
today are not the most promising
cities. 230 EM middleweights of 2025
do not make it today’s 600
(e.g., Ahmedabad, Fushan, Medan)
•
India has a negative macro-story
currently but that belies underlying
strength of select states
e.g., Gujarat, Bihar
•
56 $Tn
•
Within a city like Mumbai or
Beijing, there are large differences in
growth of Micromarkets within city
(e.g., proxy is new bank or customer
retail branches)
100%
11%
3%
37%
Developed
economies
70%
8%
26%
GDP
2007
GDP growth
2007-25
Source: McKinsey Global Institute; team analysis
8
10. 2
Move up the technology S-curve from adaptor to creator…
Technology capability level of firms
Singapore’s current focus
Creators: creating the future
•
Innovators: developing the
next generation of
innovations
•
Adaptors: Adapting
available technologies to
own context
Users: Consuming
technology as-is
Major investment in science
and technology research (AStar)
Beginning to invest in industry
collaboration (CIP)
Significant portion of Singapore
investment and focus
• PIC
• Technology adoption
program
9
11. 2
… through focusing on smart industry collaboration
Chile BHP Billiton – world
class supplier program
Clusterland Upper Austria –
innovation through cooperation
•
Vision: Convert 250 of the 3000+ local
suppliers to BHP Copper mining cluster into
world class suppliers (>30% sales from
exports)
•
Goal: Promote innovation in Upper Austria
province in 6 clusters (e.g., auto, plastic etc)
and 3 cross-cutting themes (HR, design, energy
efficiency)
•
How: Project-based development
strategy
• Project problem floated by mining co
• Suppliers need to innovate to solve
• Suppliers supported by mining
co, univs, govt
• Suppliers supported in scaling up and
exporting successful solutions
•
How: Collaborative Projects
• Institution co-owned by govt and chamber of
commerce and federation of austrian
industry
• 76% self-financed through annual fees from
companies
• Main goal is to catalyse multi-company
innovation projects, which eventually are
submitted as proposal for bigger funding
•
Example: Prodinsa (local supplier)
improved shovel cable life by 40%;
Biohydro automated wetting phase in
Copper leaching process
•
Impact:
• 323 projects, 1375 partners
• E.g., microchip prototype for dental braces to
monitor temperature;
10
12. 3
Support competitive SMEs in a more systematic yet inclusive
way
Competitive SMEs matter disproportionately –
This calls for new policy themes and importantly
6% of firms surpass net new jobs by economy
Share of total
US firms
Net new jobs created (Mn)
USA, 2004-08
new process of policy development
From…
Policy Goals
•
All
firms
5.8
HIC
SME
6.0
100%
Increase #firms in
economy
•
Enable high potential
firms to grow
•
Management capacity
building;
internationalization
(micromarket );
innovation (“creator”)
Policy Themes
•
6%
Business
planning, productivity
tech adoption and
broad
internationalization
•
•
Policy Process
•
HIC
large
Other
firms
… To
4.8
-4.9
Source: US Small Business Administration
0.01
%
94%
Broad themes, each of
which ends up
supporting a few
promising companies
(note: selection and
resource prioritization
happens but it is adhoc)
•
•
•
•
Define ~500-1000
competitive SMEs
Understand special
needs, design
policy/initiatives
Track progress of this
set
Measure and feedback
effectiveness of govt
program based on fate
of these firms
11
13. Thank You
Parth S. Tewari
Head, Competitive Industries Practice
Finance and Private Sector Development Network
The World Bank Group, Singapore
ptewari@worldbank.org
12
15. Singapore firms’ top overseas challenges are competition, unclear
rules and manpower issues; funding was much less of a concern
Source: SBF national business survey report 2012/13
14
16. Singapore firms’ major internationalization strategy is around local
partnership building and deeper penetration
Source: SBF national business survey report 2012/13
15
17. Trends in SME strategy
Key global trends (selected examples)
Which products? –
sector mix, value chain
•
•
•
•
Rising middle class in developing world
Rapid urbanization of developing world
Hausmann product space
Technology boom (3D-printer, smartphones)
Which Geography? –
country/city/subnational
•
Granularity of growth – strategy at country level is not
enough
400 mid-sized Emerging market cities to generate 40%
of global growth
Where to play
Goal: Maximize
companies > 100
mn revenue
(Secondary goal:
Improve average
firm productivity)
•
Optimal cost (through
productivity measures)
How to win?
Differentiation
(quality, innovation)
•
Structure limited resources to support Competitive
SMEs in an inclusive way
•
Net new jobs (6 mn) created by 6% of US SMEs
surpassed the total net new jobs (5.8 mn)
created by the whole economy (2004-08)
•
Execution
Chile case study: Target to make suppliers to anchor
investors as world class companies that export
internationally
•
Austria case study: Promote innovation through an
institution that actively works on collaboration
Talent and capacity
Cross-cutting
enablers
(factor
condition)
Capital
Knowledge and Tech
Business
environment, infrastru
cture and institutions
16
18. Singapore’s SME productivity strategy seems to be focused on tech
updgration
Singapore’s current strategy
Which products? –
sector mix, value chain
•
Internationalization in sectors with core strength –
logistics, planning and management, industrial parks
and zones
Which Geography? –
country/city/subnational
•
Diversified across many market; strong institutions (IE
Singapore). Is the strategy granular enough?
Govt initiatives: Market readiness assistance
(MRA), support for in-market business development
Where to play
Goal: Maximize
companies > 100
mn revenue
(Secondary goal:
Improve average
firm productivity)
Optimal cost (through
productivity measures)
How to win?
•
•
Differentiation (quality,
innovation)
•
Execution
•
Workforce and training support; wage credit scheme;
major initiatives in both vocational and formal education
•
Government backed loans
•
Talent and capacity
Cross-cutting
enablers
(factor
condition)
Singapore is a high income country with cost
competitiveness coming from productivity measures:
•
Productivity and Innovation Credit (PIC)
•
Technology adoption program
•
Collaborative industry products (CIP)
•
Land productivity grant (LPG)
•
Capability development grant (CDG)
Singapore’s current approach is more focused on
lower end of the technology chain
Strong institutions (A-star)
•
#1 in WB Doing Business; EnterpriseOne; SME centres
Capital
Knowledge and Tech
Business
environment, infrastru
cture and institutions
17
21. Only 5 percent of firms in a cohort of SMEs become competitive
High level estimates
Growth profile of a representative SME
cohort
(After 7 years)
100
60
20
15
5
All firms started
in a cohort
Source: Team analysis
Exit
Self-employed
lifestyle
Moderate/capped
growth
High
growth/competitive
SME
20