Powerful conversations empower MSMEs: a week of highlights and insights
This week, SMBStory celebrated World MSME Day by facilitating meaningful discussions on topics that matter the most to small businesses. Alongside, it covered government initiatives introduced on June 27, and other stories.
As MSMEs are being celebrated worldwide, SMBStory recognises the need for small businesses to have a platform for networking and discussions.
At the 'Gather & Grow: an SMB Connect Fair' held at the YourStory office in Bengaluru, owners of small and medium-sized businesses (SMBs) expressed the importance of such conversations.
The full-day event brought together more than 80 people who engaged with MSMEs, seeking to understand their challenges and participate in meaningful discussions about the MSME ecosystem.
The conversations revolved around significant topics like funding challenges, lending opportunities, network accessibility, and brand positioning.
The fair also featured a dynamic flea market where 12 brands exhibited their products. , , , , , , Foods, , Mellow, and showcased their innovative offerings, leaving a lasting impression on the attendees.
The event began with Vinod Kumar, President of the India SME Forum, discussing the ease of doing business for MSMEs. Stuti Gupta, Principal, Brand & Vision at Amrutam, highlighted the challenges of accessing government schemes.
Sonalika Pawar, Founder and CEO of Meraki Creative Inc, emphasised the significance of market research. A productive panel on the use of technology for MSMEs was also held. The final session featured Rajesh Dembla, who discussed strategies for building a profitable business.
The takeaway from this event is clear--SMB owners crave for enriching conversations to empower their ventures as it enables them to thrive in today's business landscape.
Other top picks of the week
Government initiatives launched
Minister of Micro, Small, and Medium Enterprises (MSMEs), Narayan Rane, launched the Champions 2.0 portal, equipped with new technological features, during the World MSME Day celebration at Vigyan Bhawan in Delhi.
The portal aims to provide support to MSMEs in a more inclusive and user-friendly manner, as it will be available in 11 languages, including Hindi, Assamese, Gujarati, Bengali, and Kannada. Additionally, it offers a real-time feedback feature for users.
The MSME ministry also introduced various other initiatives such as the MSME Idea Hackathon 3.0 which aims to encourage women innovators and women-owned MSMEs to contribute ideas across various sectors such as agriculture, healthcare, power, and services.
Rane also launched a geo-tagging app for MSMEs to facilitate identifying and tracking projects under the Micro and Small Enterprises Cluster Development Programme (MSE-CDP), MSME offices DFOs (Development and Facilitation Office), and testing and technology centers.
The MSME Ministry signed Memorandums of Understanding (MoUs) with other government organisations, including the Government e-Marketplace (GeM), the Government of Tripura, and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
La Mior
When engineers Aakriti and Shaunak Chhaparia decided to venture into entrepreneurship, they found that manufacturing clean and vegan products aligned perfectly with their goals. Utilising Aakriti's passion for makeup and Shaunak's expertise in operations from McKinsey & Co, they initially planned to start a D2C brand for selling vegan products.
They started looking out for manufacturers but realised there was a dearth of homegrown manufacturers in the market, particularly those equipped to produce clean and vegan skincare products.
"While the absence of a dedicated manufacturing facility was not the main challenge, the scarcity of suitable players presented us with an opportunity to establish our own facility," the duo explained in an interview with SMBStory.
They pooled Rs 90 lakh from their savings to start their R&D lab in 2018 and hired professionals for research. They founded LAMIOR Pvt Ltd in Surat, Gujarat, the next year.