Indian MSME sector comprises over 31 million units, employing over 73 million people, contributes over 40 per cent of India’s industrial production and 40 per cent of Indian exports. India requires more cooperation between micro businesses, so we’re glad to see that leaders from some of the largest companies in the country gathered in Ahmedabad in January 2015 to discuss the role that open innovation and collaboration can play in boosting the economy. PeriGrow attended the #VibrantGujarat2015 and witnessed a buzzing SME forum wherein collaborations were being formed between unlikely businesses. However while on the forefront many SMEs come together to collaborate, the reality is that many business owners in India are reluctant to do so.
While this is frequently the case with women owned entrepreneurial ventures, many business owners have similar questions: “How do I find that ideal person to collaborate with?” closely followed by “How do I know I can trust them?” or “How do I know they won’t run off with my ideas?”
However the crux of the matter is a business owner not trusting the other business, or that many business owners fear sharing their proprietary information or trade secrets with other business owners. The crux lies in the blind spots within your own business. Many feel a natural protectiveness towards a business they have built from scratch. Relinquishing control is one very common fear amongst business owners. If a business owner doesn’t find the right vendors, suppliers, collaborators and resourceful partnerships, it is likely to get pretty lonely through the journey in the market.
Yet working for your business shouldn’t translate into working by yourself. A successful collaboration can be extremely instrumental in building your business, whether in extending your network and diversifying into new markets, or simply bringing on board additional talent and expertise.
A common theme in relation to forming is that forging ties in the first place is not always easy. Identifying the right partner and establishing a relationship is no mean task. More often than not, this calls for some kind of bridging mechanism. This may take the form of an MNC’s partnering program, a public policy initiative, or a regional association’s networking event.
So where do you start?
- Linkedin Groups
- Google Plus Groups
- Local business communities
- SME forums
- Web searches
- Clients and referrals
- Diversify overseas
- Diversify your products or service offerings
Here is a list of the SME forums by some of the most recognized agencies in India:
- SME Chamber of India: The leading National premier Chamber, working for the growth of SMEs from Manufacturing and Service Sectors for the last 20 years. The Chamber supports for export promotion, Channelize Bank Finance & Investment, joint ventures, technology transfers, exchange of know-how, setting up industries, marketing, distribution and connectivity with Buyers, Importers, Investors and strategic business partners from abroad.
- India SME Technology Services Limited helps SMEs to identify business partners willing to collaborate and extend support to tie up financial assistance and other requirements such as drafting agreements, obtaining various approvals and preparation of business plans required for transfer of technology. http://techsmall.com/rang-services.php?id=service
Take part in our #UCANPeriGrow program and connect with other SMEs to outsource your overheads and collaborate with the right partners by contacting us at firstname.lastname@example.org or +91 22 6117 4910.