26.3 C
Philippines
Friday, February 23, 2024

12:47 AM

26.3 C
Philippines
Friday, February 23, 2024

12:47 AM

Innovation helps MSMEs stay competitive

ILIGAN CITY (PIA)— Micro, small, and medium enterprises (MSMEs) should instill the culture of innovation to their business models to enhance their competitiveness and make them relevant amid the global pandemic.

“An organization cannot expect to maintain a competitive edge if innovation is not part of the overall business strategy,” Reggie Punongbayan, president of the Chamber of Commerce and Industry Foundation of Iligan, Inc. (CCIFII), said during the virtual launching of ILIGANiCE program.

She stressed that for MSMEs to stay relevant and competitive, business owners must think creatively and embrace innovation into their business models which the ILIGANiCE program can be of help.

The ILIGANiCE or Innovation through Leveraging, Industry, Government, Academe Networks and inclusive Community Engagements program was launched Wednesday, June 30, by the Department of Science and Technology (DOST)-X, Department of Trade and Industry (DTI)-10, Mindanao State University-Iligan Institute of Technology (MSU-IIT), CCIFII, and United States Agency for International Development (USAID) Philippines through the Science, Technology, Research, and Innovation for Development (STRIDE) program.

It aims to assist MSMEs in terms of product and business development and access to appropriate innovation resources, as well as, help aspiring entrepreneurs in undertaking innovation processes for business resiliency, among others.

Punongbayan said ILIGANiCE can aid local enterprises to feature improved products and services and guide aspiring entrepreneurs and start-ups in the innovation process. (APB/PIA-10/ICIC)