Seminar
Details
On the 30th of July 2024, the Malaysian Institute for Management in collaboration with Konrad-Adenauer-Stiftung (KAS) Malaysia held its 3rd of four Crucial Conversations Series event titled 'Innovation Drives Inclusion: Accelerating Growth and Equity in Malaysian SMEs'at Hilton Petaling Jaya and via Zoom.
The event, aimed at exploring how innovation can drive inclusivity and growth among Malaysian SMEs, promoted deep discussions on accelerating growth and equity, leveraging digital innovation, and cultivating a culture of innovation in SMEs. Amongst the speakers and panelist were Mr. Rizal Dato’ Nainy, Chief Executive Officer, SME Corp. Malaysia; Mr. Ibrahim Sani, Chief Executive Officer, Yayasan Peneraju; Mr. KV Anpananthan, National SME Council Member, SME Association Malaysia; Dato’ Kamarul A Muhamed, Founder and Group CEO, Aerodyne Group; Mr. Yew Lip Sin, Chief Executive Officer, SRKK Group; and Ms. Noor Amy Ismail, Menteri Besar Incorporated (MBI) Advisor for Transformation.
Amongst the discussions raised were the lack of expertise and tools for SMEs to expand digital productivity. This highlighted the key role of education in not just the importance of digitalisation but in the hows of transitioning SMEs to digital platforms. This seminar emphasised the need for comprehensive training programs that equip SME owners and employees with the necessary skills to leverage digital tools effectively. This includes understanding the basics of digital marketing, e-commerce, data analytics, and cybersecurity to ensure that SMEs can operate safely and efficiently online.
A few other important factors raised were the lack of trainers and capacity builders within the industry and the lack of trust in youths who could potentially unlock digitalisation for SMEs with less tech-savvy leadership. The scarcity of qualified trainers and capacity builders means that even when there is a willingness to embrace digital transformation, SMEs often struggle to find the right guidance. Additionally, there is a generational gap in the perception of digital skills, with younger, tech-savvy individuals often overlooked in favour of more experienced but less digitally proficient leaders. This underscores the need for a cultural shift within SMEs to value and integrate the digital competencies of younger employees.
Moreover, the discussions also pointed out the inadequacies in the funding ecosystem. Many SMEs face significant challenges in securing the necessary financial resources to invest in digital technologies. The current funding mechanisms are often overly complex and inaccessible to smaller businesses. To address this, suggestions were made to simplify the funding process and to create more targeted financial support programs that can help SMEs overcome the initial investment barriers to digitalisation. These measures, combined with stronger industry collaboration and government support, were seen as crucial steps to foster a more inclusive and innovative SME sector in Malaysia.
The event concluded with a call to action for all stakeholders to collaborate and contribute towards creating an enabling environment for SMEs to thrive. By addressing these challenges head-on and leveraging the collective expertise and resources of the industry, Malaysia can pave the way for a more inclusive, innovative, and competitive SME landscape.
