RIYADH – In a highly competitive and trying business climate, infusing a certain degree of creativity gives an edge. “In order to succeed, there should always be a certain level of innovation involved. Innovation is a new dimension in strategic performance, and it provides a long-term tool for a sustainable competitive edge for enterprises of all sizes,” said Shadi Banna, Managing Partner, Potential.com, in a seminar at Marriott Hotel on Saturday attended by more than 150 entrepreneurs. He stressed that “organizations should begin adopting preemptive strategies to pioneer products in addition to promoting agility in the development and improvement of products.” Representatives from the Centennial Fund, the Saudi Ministry of Commerce and Industry, Business Division of STC, the Saudi Industrial Property Authority (MODON), in addition to ARAMEX, Intel, and Google gathered in the event organized by Potential.com. The gathering underscored the necessity of helping small an medium scale enterprises (SMEs) in the Kingdom to grow their business, diversify their offerings, and compete efficiently in the market. The importance of supporting SMEs in the way that they create job opportunities for the youth, and strengthen economic growth through diversification of income opportunities and broadening of the production base was a point of agreement among all those present. The participants noted that governmental institutions have begun to adopt training programs for SME management through enlisting the help of companies like Potential.com which has partnered with over 20 leading international and regional organizations to offer practical support to SMEs. The Business Division in STC, through the worksheet it presented on cloud computing, stressed on its ability to reduce operating costs in small and medium enterprises as well as the innovation of many packages allocated to this category of entrepreneurs. Such services and offerings contribute directly to the SMEs businesses, through linking their facilities with their customers around the world, via the latest communication technologies. Mohamed Talaat, General Manager of EMC in Saudi Arabia, said EMC's partnership with Potential.com's SME Evolution Program is part of its ongoing efforts to provide the highest levels of commitment to the small and medium enterprises in Saudi Arabia. “Our objective is not limited to meeting SMEs product requirements through our wide offerings, but also to help them to develop and grow their businesses, which would in return accelerate their growth and enable them to exceed their customers' expectations. The attendees concurred that Saudi young people should be encouraged to start their own enterprises by providing them with the necessary skills, resources, and funding. “These seminars focus on providing concept development and analysis tools for SMEs. They include case studies, and help in goal setting and assessment of investment projects. The steps of analysis and evaluation of projects and strategies are also discussed with the purpose of solidifying decision- making and investment,” Banna further said, adding that the “main goal remains to highlight the importance of SMEs through empowering those in charge to assist in improving profits and have better crisis management.” Around 90 percent of companies registered in Saudi Arabia are small and medium size enterprises, comprising 15.5 percent of the GDP in the Kingdom and 33 percent of GDP of the private sector. — SG
