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While SMEs contribute nearly 30% to the nation’s GDP, they grapple with core problems namely access to the market, finance, technology, and talent.
Opportunities
Increasing digital adoption amongst SMEs is creating new opportunities for start-ups. They have opportunities to offer the complete value chain to SMEs namely Sales- Marketing, Supply chain- Logistics, Digital payments, accounting software, other fintech solutions, business intelligence & analytics tools, CRM systems, scalable IT solutions and many other SaaS based customised offerings.
Agility & Collaboration
It is imperative for start-ups to identify a genuine problem, start small, do pilots in select geographies, learn, evolve and be consistently iterative. They need to work on outsourcing, use marketplaces, build strategic partnerships, with industry players, government bodies, financial institutions, and trade associations to build a strong ecosystem.
Do it for Me – Building Trust
SMEs often operate within tight resources, hence have inertia towards every new change. They require education, handholding & support preferably ‘Do it for me” when adopting new solutions. A simple product and DFM model help in building Trust, that is a critical factor in SMEs decision making process.
Affordability and accessibility
Start-ups need to offer solutions that are affordable and accessible to SMEs, considering their budget and resource constraints. Freemium models, laddering pricing and simple onboarding processes are integral for SMEs journey.
We have multiple success stories including IndiaMART and I am confident that a simple, innovative tech enabled solution and unwavering commitment from the Start-ups will unlock a huge potential in SMEs segments over next few years.
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