SPEECH BY MR LEE YI SHYAN SENIOR MINISTER OF STATE FOR TRADE & INDUSTRY AND NATIONAL DEVELOPMENT, AT SINGTEL 99% SME WEEK CAMPAIGN LAUNCH 6 AUG 2015, 10.20AM, COMCENTRE
Mr Bill Chang,
Distinguished guests,
Ladies and gentlemen,
Introduction
1.
Good morning. I am glad to join you here, at the launch of the 99% SME Campaign.
2.
I am happy that Singtel and its partners are supporting our SMEs through
this campaign. SMEs are key to the Singapore economy - they contribute to a
vibrant, competitive and productive economy. They also provide diverse good
jobs for Singaporeans.
Changing competition landscape for SMEs
3.
The competition landscape for SMEs is changing. Traditional businesses are
being disrupted by new business models. For example, in the Retail industry, many
customers are shopping online rather than at brick-and-mortar shops. Some
online shops even offer products not found in brick-and-mortar shops.
4.
On the other hand, new start-ups too, can disrupt incumbent players. For
example, we have seen how start-ups such as Uber and AirBnB unsettle market
rules, grow rapidly and achieve valuations far larger than traditional
companies in a fraction of time.
SMEs need to innovate and re-invent themselves
5.
For SMEs to stay relevant, the only way is to constantly re-invent
themselves by embracing new technology, best practices and market trends.
6. EpiCentre is one company that has benefited from leveraging the digital
economy. As an authorised retailer for Apple products, EpiCentre saw the need
and implemented an online platform to complement its physical stores. As a
result, EpiCentre saw steady growth as it expanded in other countries such as Malaysia
and China.
7.
Surveys show that many SMEs are still unsure about how best to leverage online
platforms for growth. The 99% SME Campaign launched today provides a platform
for SMEs to market their products online. Through this, SMEs can drive sales
beyond the limitation of and sometimes expensive shop fronts.
8.
However, SMEs must recognise that selling online is not as easy as
marketing online. It requires the building of new partnerships and capabilities
in areas such as logistics and online payment. Planning has to start early as these
take time to build.
9.
To build the required capabilities, SMEs can tap on various Government
grants and assistance schemes. These include SPRING’s Capability Development Grant
(CDG), and IE Singapore’s Market Readiness Assistance (MRA).
SkillsFuture will support SMEs
11.
In particular, I understand that some SMEs may have to hire new
employees to build their talent pool, but find it difficult to do so. SMEs can
tap on various programmes, such as the SME Talent Programme or the SkillsFuture
Earn-and-Learn Programme, to attract talent.
12.
I urge SMEs to support SkillsFuture’s efforts. They can do so by sending
their employees for training and developing career progression pathways for
them. In turn, they will see the value they gain from a skilled employee who is
able to contribute in the long run.
Conclusion
13.
In closing, I would like to thank Singtel and its partners for
supporting our SMEs. I wish Singtel a successful campaign!
14.
Thank you all and happy 50th national day!