Some innovation strategies for Singapore SMEs
They include expanding beyond the small domestic market, finding funding, mitigating liquidity risks and looking for M&A solutions.
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
SMALL and medium-sized enterprises (SMEs) in Singapore are competing in an increasingly challenging business environment.
The business world provides many examples of companies that failed to innovate and meet customers' needs: Toys 'R' Us, the children's toy store in the US, closed its doors for good last July after failing to reinvent itself. BlackBerry, a world leader in smartphones and tablets in the early 2000s, faded out after ignoring consumer demands for easier touch screen displays.
SMEs in Singapore are also not exempt from the call to innovate and keep up with the times. Failure to do so tops the list of risks these enterprises face in today's challenging business environment, Aon Inpoint's 2019 SME Insurance Survey found.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
