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SMEs urged to enhance innovative capacities
2007-11-12 08:42:10
By David Mambo
The Permanent Secretary, Ministry of Industry, Trade and Marketing Dr. Stergomena Bamwenda has urged Small and Medium Entrepreneurs (SMEs) to constantly engage in activities that would enhance their innovative capacities.
She made the call last week at an event to award winner of the 2007 Tanzania Business in Development (BID) competition organized by the University of Dar es Salaam Entrepreneurship Centre (UDEC) and other stakeholders.
By consistently enhancing their innovative capacities, she said, SMEs would be able to march with globalization as the business environment was increasingly becoming competitive.
Likewise, she counselled service providers as well to come forth in sponsoring training of entrepreneurs rather than complaining that most SMEs lack bankable ideas.
`Financial service providers should be more innovative by developing more finance products tailored to the requirement of the SME sector` she added.
Adding that the innovative culture was a good move that proves private sectors can participate in designing and implementing initiatives that contribute directly to poverty reduction and empowerment.
Bamwenda commended the University of Dar e Salaam for spearheading the initiative.
`It is important for our higher learning institutions to engage with stake holders and make a difference in the lives of our people` she added.
UDEC Director Dr. Donath Olomi said that the objective of the initiative was to stimulate creativity and also to empower Tanzanians in developing innovative and sustainable business ideas that would contribute to poverty reduction and preservation of the environment.
Olomi said that there is a need to challenge young Tanzanians in order for them to come up with creative business ideas to be developed to bankable proposals through development of plans.
`Our initiative targets start-up and existing businesses with capital investment of between 8.5 to 800 m/- that have impact on development and can be profitable within three years` he said.
According to him, the online business plan competition drew more than 391 proposals across the country including Lindi, Kigoma, Tanga, Ruvuma, Coast region and Morogoro.
Victor Mfinga of Morogoro emerged the overall winner under his project `Expansion of Shambani Graduates Milk Processing Enterprisers`.
Ladislaus Magai of Morogoro emerged the second under his project `Educational toy making`, Flotea Massawe was third under her company called Marvelous Flotea Company limited.
Nancy Kaizelege was fourth under her project called Beads `n` bags while Edgar Nkunda made the fifth under the project called integrated small scale textile while Joy Desai won as the most innovative planer under his project called JND environment techniques.
In total, winners scooped a total of 43m/- where the first winner received 12m/- the second and the third winners received 8m/- each, while the fourth and the fifth winners got 5m/- each. The most innovative business planer scooped 5m/- prize.
Dr. Olomi said that the first overall winner, Victor Mfinga and the most innovative business plan winner, Joy Desai will receive a sponsorship to attend and compete at the international BID challenge to be held later this month in Netherlands where the winner will receive a price of 20 Euros
The competition was made possible by business in Development Network Foundation, UDEC, United Nation Development Programme, Tanzania Investment Center and CRDB Bank.
Others are Akiba Commercial Bank, Eurafrican Bank, United Bank of Africa, Bp Tanzania, IPP Media Limited and Moven Pick Hotel
The business plan competition was launched on April this year aiming to inspire the creativity and empowerment of SMEs in the country.
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