Innovation helps MSMEs stay relevant amid pandemic

The Department of Trade and Industry (DTI) supports the Department of Science and Technology’s (DOST) push for innovation that would help entrepreneurs survive amid the global health crisis.

 

At DOST’s Science for the People book launch Thursday, DTI Secretary Ramon Lopez said the government has been encouraging businesses to instill science and technology in their business models.

 

“DTI firmly believes that innovation is at the core of entrepreneurship. Innovative ideas and solutions enhance the competitiveness of business enterprises towards greater expansion and growth,” Lopez said.

 

He said innovation will help micro, small, and medium enterprises (MSMEs) to stay relevant and make their businesses viable amid the Covid-19 pandemic.

 

“With the need for social distancing and health protocols in today’s new normal, digital platforms, changing business models for current businesses for them to stay relevant and become competitive is really very important,” he added.

 

At the height of the lockdown early this year due to the Covid-19 outbreak in the country, a DTI survey of over 2,000 MSMEs showed that 38 percent of businesses were closed from April to May.

 

As entrepreneurs cope with the new situation by using digital platforms to offer their products and services online as well as other innovation in their businesses, closed businesses from August to September were fewer at 6 percent.

 

DTI data also indicate that online business registration increased to 75,029 from January to August this year.

 

Registration of online businesses surged when the community quarantine started.

 

Between March 16 and August 31, online businesses registered with the DTI reached 73,276.

 

“While science can offer so much to our society, entrepreneurs can transform this research into relevant solutions to current problems,” Lopez said. “By linking science, technology, and innovation to business, we can encourage would-be and existing entrepreneurs to aim higher and dream bigger.” (PNA)

 

Source: Philippines News Agency

 

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