Gather & Grow: Empowering MSMEs to thrive and connect at the SMB connect fair

The importance of micro, small, and medium enterprises (MSMEs) cannot be understated. They contribute 30% to India's GDP and employ 110 million people in the Indian economy. As the world celebrates MSMEs this month, at SMBStory, we believe it's important for small businesses to have a platform for connections and conversations.

At 'Gather & Grow: an SMB Connect Fair' hosted at the YourStory office in Bengaluru, small- and medium-sized business (SMB) owners agreed that "we need to have more of such conversations."

The full-day event brought together over 80 people networking with MSMEs to understand their challenges and engage in meaningful discussions about the MSME ecosystem. The conversations at the event centred around important topics such as funding challenges, lending opportunities, access to networks, and brand positioning, among others.

The fair featured a lively flea market where 12 brands proudly showcased their products. From the enchanting creations of Cure By Design and Haute Emporia to the sustainable offerings of KuK Clean and Inskinn, the flea market put vibrant innovation on display. Loyka, Conte De Flore, Rishta Foods, Your Design Store, Mellow, and Foodio fit also left an indelible impression on the enthusiastic crowd.

The event kicked off with Vinod Kumar, President of the India SME Forum, shedding light on the ease of doing business for MSMEs. Kumar highlighted a major challenge faced by these enterprises—their reluctance to register on the Udyam portal, leading to a lack of awareness regarding government initiatives. He emphasised that while financing opportunities abound in India, MSMEs often miss out due to their hesitancy to share accurate business figures.

"The cycle continues as MSME owners hide their actual revenue numbers to avoid taxes, resulting in limited access to loans," Kumar explained.

There needs to be a significant shift in mindset within the MSME community to address this issue, he added.

Stuti Gupta, Principal: Brand & Vision at Amrutam, shed light on the challenges of accessing government schemes. Kumar further advocated for embracing new-age banking, innovative lending models, and digital supply chain solutions as the path to scalability and business growth for MSMEs.

Brand positioning in the digital realm amidst a fiercely competitive business landscape is the need of the hour.

Sonalika Pawar, Founder and CEO of Meraki Creative Inc, emphasised the importance of market research, identifying target audiences, and taking measured steps rather than rushing into marketing and PR.

"Often, SMBs invest in marketing without truly understanding their target group, and as a result, they fail to achieve desired outcomes," Pawar cautioned. "Marketing is an ongoing process that requires time and patience; SMBs should approach it strategically."

Another engaging panel featured Sucharita Eashwar, CEO of Catalyst for Women Entrepreneurship, alongside Sunana Iyengar, Founder and CEO of Goavega Software, and Shazia Usma, Founder of Upciclo.com. These inspiring women shared insights on the significance of leveraging technology to scale up businesses successfully.

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The event culminated with a captivating masterclass on building profitable enterprises, led by Rajesh Dembla. He emphasised the importance of continuous self-disruption and innovation for entrepreneurs. Dembla highlighted that profitability is closely tied to cultivating a strong team that actively contributes to the business's growth and success.

The SMB Connect Fair was organised to celebrate and honour micro and small businesses, aligning with the spirit of International MSME Day, observed on June 27. The resounding takeaway from this event is clear: SMB owners crave enriching conversations to empower their ventures and enable them to thrive in today's dynamic business landscape.