Financing is one of the aspects of key importance for startups, but also for small and medium-sized companies. Even more so during 2020 when the COVID19 pandemic has turned the world upside down. At the beginning of the year everything was unclear. Some were bracing for a crisis while some were trying to stick to business as usual. Still, business seemed to be in a suspended state, everyone expecting to see what the other would do.
There is good news in all this. Governments all over the world offer support to small and medium-sized companies and to startups. Now more than ever, it is evident that the business world must stick together and help those struggling. And every country stepped up to this.
Digital transformation and innovation is happening now. Take advantage of it
The best lesson of the pandemic is that digital transformation and innovation are mandatory and they need to happen fast. This is the only way companies can survive and eventually thrive even in difficult economic times. While every business is aware that change is needed, the pandemic accelerated the implementation of such solutions by at least 5 years.
The use of digital technologies enables businesses to deliver value to clients faster and better, it alters the competitive landscape and it ultimately changes markets. It’s no wonder that founders and CEOs see unprecedented opportunities in technological change.
SMEs and startups can transform their business processes, model, domain and culture. Processes can be reinvented through data, analytics, APIs, machine learning and other technologies, in order to lower costs, save time or increase quality. Unlike business processes transformation that focuses on specific areas, business model transformation is focused on the very building blocks of the business. Domain transformation allows companies to go beyond their industry limits by redefining products and services, and offering completely new ways to create value for their customers. But all these transformations are not sustainable without organizational culture transformation. Sustainable digital transformation demands a change in organizational mindsets, processes, workflows, testing, learning, decision-making, and business ecosystems.
Finance your digital transformation with grants
Singapore is dedicated to helping startups and SMEs overcome economic challenges. 99% of all businesses in Singapore are small and medium-sized enterprises (SME) and employ 65% of the country’s workforce. They play an important role in the livelihoods of locals and the government is highly aware of this.
Here are some grants you can access:
- ACE Startups from SPRING Singapore government agency. The grant is for first-time entrepreneurs having an innovative idea.
- Capability Development Grant (CDG) through which SPRING supports startups that are eager to develop new products.
- Early Stage Venture Fund (ESVF) is an initiative by the government to co-fund startups along with Venture Capital firms. They fund early-stage technology startups.
- Technology Enterprise Commercialization Scheme (TECS) is a government grants program that helps entrepreneurs turn their technology ideas into businesses. The program also helps entrepreneurs beyond the seed stage and supports them in getting funding from third-parties further on.
Work with experts to bring digital transformation to your business
Digital transformation and innovation is not just a process. It is also a mindset. It is a way of discovering and solving problems, followed by innovative technological solutions for them. At AB4 Systems, we approach digital transformation and innovation in phases, making the whole process easy to follow for any type of founder of executive, no matter how complicated the technology behind might be. We use design thinking to discover innovative solutions that help companies reach their objectives and offer real value to customers.
Our process begins with understanding your client and user needs, the market and competition, and stakeholders’ needs and expectations. Only through empathy can true innovation occur. If digital transformation is something you’d like to bring to your business, you can reach out to us here: firstname.lastname@example.org.