SMEs urged to embrace technology-driven entrepreneurship
WOMEN Affairs, Community, Small and Medium Enterprises Development Minister, Dr Sithembiso Nyoni, says embracing technology-driven entrepreneurship is critical in transforming the operations of small to medium enterprises.
Micro, Small and Medium-sized Enterprises (MSMEs) contribute significantly to economic growth and sustainable development.
According to the 2021 MSME Survey, there are 3,4 million MSMEs operating in Zimbabwe and the sector employs over 4,8 million people.
The 2022 Finscope Survey indicates that the sector contributed US$8,6 billion to the gross domestic product (GDP). Official statistics also show that micro, small and medium-sized enterprises have a central role to play towards the attainment of Vision 2030 of achieving an upper middle-income economy, the 2030 Agenda for Sustainable Development and the AU Agenda 2063.
In her remarks during the MSMEs workshop on Thursday, Dr Nyoni said the Government, through her ministry, will continue to capacitate SMEs by linking them with relevant departments, which will provide necessary information on how to be innovative and access information.
Dr Sithembiso Nyoni on SMEs
The MSMEs workshop held during the ZITF brought in experts on intellectual property rights, ZimTrade, and innovation institutions.
The workshop was focused on women and SMEs driven innovation for global competitiveness, which was in support of this year’s ZITF theme: “Transformative Innovation, Global Competitiveness”.
“Increasingly the world is moving towards innovation in order to remain afloat and MSMEs are no exception. Innovation-driven entrepreneurship has therefore become vital for the sustainable growth and development of SMEs,” she said.
Dr Nyoni said Intellectual property (IP) protection was critical in safeguarding innovations. She said without the protection of innovations, businesses and individuals will not reap full benefits of their inventions.
Dr Sithembiso Nyoni on SMEs
“Your IP rights are important because they can set your business apart from competitors, be sold or licensed, provide an important revenue stream, form an essential part of your marketing or branding and be used as security for loans,” said Minister Nyoni.
She applauded the participation of SMEs at this year’s ZITF saying that the goods being exhibited were of high quality.
Dr Sithembiso Nyoni on SMEs
Minister Nyoni said innovation and technology will enable SMEs to improve quality of their products in order to attract local, regional and international markets.
“It is very important to create linkages, which brings together SMEs and local retail outlets such as Edgars and others that buy in bulk from SMEs,” she said. —chronicle
