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Saturday, July 13, 2024

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SMEs

Technology policies needed for SMEs

Small and medium enterprises (SMEs) are diverse entities, with each having unique characteristics and facing unique challenges. Therefore, it is imperative to tailor technology policies to meet their specific needs and demands. Traditional SMEs, with their long-established presence and standardized products, often grapple with internal management issues, limited marketing capabilities, and struggles in accessing intellectual networks and financial resources. Despite their experience in management, these enterprises encounter hurdles that hinder their growth and competitiveness. On the other hand, startups represent a different breed of SMEs. While they bring innovative products to the market, they face significant risks and uncertainties, both in technology and market acceptance. These fledgling enterprises are typically led by innovative individuals with groundbreaking ideas and advanced technological prowess. However, they often lack the necessary management skills and market insights to navigate the complexities of business operations. Given these disparities, it is crucial to adopt distinct support policies for traditional SMEs and startups. Supporting supply chains through strategic technology policies To remain competitive globally, businesses must embrace technology to optimize production processes, ensuring cost-efficiency and adherence to international standards of design and quality. In this regard, the Government plays a crucial role in facilitating the identification, adoption, and […]
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