Strategies to overcome challenges
OPEN innovation and collaboration are two strategies that micro, small and medium sized businesses can use in order to overcome challenges associated with the MSME sector.
This was a message from Vicki Stylianou – president-elect at the International Council for Small Business (ICSB) and group executive at the Institute of Public Accountants (IPA) – to some 200 entrepreneurs that attended the inaugural MSME Conference in Suva this week.
“We’ve already heard a lot about the challenges that MSMEs face we’ve heard about how critical they are to the economy of
Fiji and to every country globally.
“But also, we’re going to be talking about some of the strategies and open innovation, collaboration is really two strategies to try and overcome some of those challenges and to try to see some of the opportunities.”
She said unlike the traditional “closed innovation” model “where you think you can solve all of your problems yourself”, open innovation tends to help businesses grow faster.
“So whether it’s technology, whether it’s intellectual property, whether it’s resources, whether it’s market reach, whatever it is, it’s where you look to other businesses to innovate together, so you’re not constrained by your own business,” she said.
In a similar vein, MSMEs are encouraged to see the advantages of collaborating with others.
“Collaborative, problem solving is very much where you combine with others, and it doesn’t have to be with like-minded businesses or like-minded people,” Ms Stylianou said.
“Sometimes, the whole idea of collaboration is to look towards those who are different. You’re looking for diversity, and we’ve talked about diversity and inclusion and there’s a lot of research that shows that the more diversity you have, whether it’s in your problem solving or even your mindset or your attitudes, can make a really big difference to how you innovate and to what kind of products and services you end up developing.”
She stressed the linkages between these strategies and Sustainable Development Goal 17, which is partnerships for the goals of achieving sustainable development.
“It’s probably my favourite because I think that without partnerships, it’s really, really hard to achieve the rest of the goals.”