Small and medium-sized enterprises (SMEs) have been challenged to leverage on technology and adopt industry networks to position their businesses better for growth.
Industry players noted that for small businesses to flourish, adoption of technology is key as it helps in data management, enhanced protection against cyber threats, facilitates improved service delivery and enables access to modernized, easy payment systems.
Speaking during a symposium on leveraging digital technology for growth and sustainability of SMEs at Mount Kenya University (MKU), the industry experts reiterated that technology fosters innovation which is significant in maintaining a competitive edge in the present-day business environment.
Led by Prof. Deogratius Jaganyi, the MKU Vice-Chancellor, the stakeholders called on young entrepreneurs to use the available tools to kickstart marketing their products digitally.
He singled out use of smartphones saying that most buyers no longer make orders physically and that use of mobile marketing strategies will result in higher conversion rates and customer loyalty and ultimately increased profits.
On his part, Chief Executive Officer · Ellegant Credit Limited Dr. Harrison Mutegi revealed that most young entrepreneurs with brilliant ideas have been grappling with inadequate funding to convert their ideas into businesses.
He further noted that most of them have been lacking the requisite knowledge of kickstarting their businesses adding that poor technological adoption has also seen most of them remain sluggish.
Mutegi called on stakeholders to continue supporting start-ups saying that given the right environment, entrepreneurs have the capacity to turn-around Kenya’s economic situation for the better.
During the event, students at higher learning institutions were challenged to pursue businesses and consider becoming employers at a time when the job market continues to shrink despite the high number of graduates churned out by universities annually.
Dr. Mercyline Kamande, a researcher noted that businesses that embrace technology are able to remain competitive and resilient adding that in today’s digital era, only entrepreneurs with digital skills are able to thrive.
She thereby called on young entrepreneurs to positively adopt digital technology to spur the necessary growth in their businesses.
Students led by Shadrack Oguta, a Masters student in Business Administration called for further training among young entrepreneurs to foster economic growth.
By helping youngsters venture into businesses, the students noted that more jobs will be created thereby helping solve the joblessness crisis that Kenyans have been grappling with.
Kingdom Bank Thika’s Marketing Manager acknowledged the financial challenges SMEs face, particularly in loan repayment.
He said the symposium served as a crucial platform for empowering SMEs and young entrepreneurs with digital skills, reinforcing the role of technology in driving economic sustainability and business growth.
