Collaboration with startups to help MSMEs effectively capture market
The Association of Industries Madhya Pradesh (AIMP) is in discussions with a number of leading startups to develop innovative technical solutions to help MSMEs and startups become more productive.“We are intending to work in conjunction with entrepreneurs,” AIMP secretary Yogesh Mehta said at an event in Indore. For both entrepreneurs and industry, this will be a win-win situation. We will receive new technology, as well as financial aid for companies.”
MSMEs should work with startups as part of the government’s Digital India initiative and focus on innovation. Not only that, it will allow MSMEs to expand and increase their productivity.
For more information also read – https://smeventure.com/reforms-in-indian-msmes/
“It’s impossible for MSME to expand without the help of technological advancement, this is where startups may step in to adapt and update them,” said Madhya Pradesh Startup under Ministry of MSME consultant Kumar Vibhanshu.
He went on to say that MSMEs have a world of opportunities waiting to be exploited, but that they will need innovation and unique ideas to effectively capture the market, and that startups may be a big help to industries.
The MSME department also stated that the industry will assist the start ups with entrepreneurship classes, an incubation network, and other forms of support.
Industry analysts believe that collaborating with startups would help even passive industries that have struggled to exist due to a lack of technological assistance.
There’s the fact that our technology startup ecosystems are thriving and expanding. This is backed by a strong support system for incubating and nurturing businesses, some bright minds with an entrepreneurial bent, and young graduates with a more open mind and willingness to explore, as well as access to capital. As a result, we now have at least 7,000 technological startups, with the number expanding at a rate of 35-40% per year. Since 2014, an estimated $ 33 billion has been invested in India’s startup ecosystem. Technology startups are constantly on the lookout for business challenges to solve and demonstrate their abilities. Every week, we receive a message from a startup in a niche technology field interested in collaborating with us.
Technology could be the catalyst and enabler
In terms of growth, the MSME(s) have a fantastic chance. However, we require an enabler. MSMEs must scale in order to grow. Scale is achieved by reaching a larger consumer base and offering a broader choice of services and goods. Digital technologies have the potential to accelerate this progress. Companies are increasingly required to consider both their physical products and services as well as their internet presence.
We must consider that we live in two worlds: the physical world in which value is created and the digital world that enhances and facilitates this value generation. Digital marketing allows you to reach a larger customer base. Having a digital presence is now affordable thanks to cloud technologies that are both reliable and secure. Using the internet, sales outreach can be broadened (without having to put your feet on the ground).
Do watch – https://www.youtube.com/watch?v=lTrTmDPDwYc&t=205s
When one plus one becomes eleven
Technology will continue to become more accessible. MSMEs, on the other hand, will find it difficult to adopt technology and make it an intrinsic component of their business growth. India’s tech companies and ecosystem could be a key enabler in helping MSMEs expand, scale, and grow their businesses. Tech startups are always on the lookout for interesting problems to address, which could lead to low-cost innovation. This might be interesting for entrepreneurs as well, as they will be able to solve real-world problems on a smaller scale. This might be a valuable addition to the library of use cases for software startups.
Overall, there would be a lot of potential and opportunity in two different ecosystems (MSME and tech startups).