The Department of Trade and Industry (DTI) plans to establish an academy prioritizing micro, small and medium enterprises (MSMEs) to transform them into business innovators addressing local and global needs.
“Through innovation and digitalization, we are confident that MSMEs can leapfrog their status as globally-competitive enterprises, thus benefitting everyone in ASEAN,” Trade and Industry Secretary Ramon Lopez said in his keynote speech at the ASEAN 2017 MSME Development Summit on July 14 in Pasay City.
Lopez said the SME Academy and innovation centers and local hubs can guide aspiring entrepreneurs and MSME owners by business mentors in making new and innovative products.
The department also plans to collaborate with the Department of Education by reinforcing science, technology, and entrepreneurship in the curriculum of elementary and high school students.
“[What we usually have] are sari-sari stores, simple trading. What I’ve been pushing for is a smarter entrepreneur. We need to train micro, small and medium entrepreneurs to come up with idea-generated or opportunity generated enterprises,” Entrepreneur Philippines quoted Lopez.
“The startup community in the Philippines is in a very nascent stage. We see the important thing to do is to develop the startup ecosystem, that’s why we want to come up with innovation hubs that can bring startups together,” DTI Undersecretary Nora Terrado added.
There are 896,839 MSMEs in the Philippines in 2015 in which 46.5 percent of it is engaged in wholesale and retail trade, including sari-sari stores and motor vehicles and motorcycles repair shops.
According to an infographic by Rappler, the city of Manila is predicted to be one of the next global centers of innovation, aligned with Jakarta, Indonesia and Addis Ababa, Ethiopia.
Source: Entrepreneur Philippine, Rappler
Photo credit: Pixabay
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