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.
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.
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