British Council Zambia Shaping our Future Conference (26 & 27 March 2013) Ways of Growing SME Innovation and Finance

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1 British Council Zambia Shaping our Future Conference (26 & 27 March 2013) Ways of Growing SME Innovation and Finance Presenter: Mr.Trevor Simumba, MD Sub-Saharan Consulting Group Zambia Limited Sub-Saharan YOUR LOGO Consulting Group Research Investment Training Consulting

2 Table of Contents Who are SSCG? Sustainable SME s Innovation and Finance is a Challenge Importance of Innovation Banks Risk Aversion Key Recommendations Contact us YOUR LOGO

3 Inspiring Entrepreneurship, Fostering SMEs Development in Africa YOUR LOGO

4 Overview Who we are? Sub-Saharan Consulting Group (SSCG) We are a UK based global management consulting firm that focuses at providing research intelligence, corporate services, business management solutions and advisory to organisations in Sub-Saharan Africa. With extensive expertise in Africa we provide expert knowledge, networks, advice and support to organisations wishing to engage in business activities in Africa. Our regional subsidiaries and operation coverage in Nigeria, Zambia, Kenya, Uganda and Malawi allows us to work locally and close to business communities in Africa. Our aims & objectives are to support SMEs development, foster innovative mind-set and promote the cause for entrepreneurship in Africa. Leveraging on innovation, entrepreneurship, international experience, local knowledge and market intelligence, we provide advice on barriers, disseminate knowledge on the most pressing issues that affect businesses, investors, public organisations and entrepreneurs today, identify and present investment opportunities to investors to enhance sustainable economic and business growth in the African continent.

5 Sustainable SME s SME sector can form the bedrock on which all economic activity is built, and that SMEs can be the mainstay of an economy Economic development is for people, that is, for citizens of that country. If the benefits of economic growth fail to reach the majority, in the long run there is no development. The SME sector is one of the principal driving forces for economic growth and job creation

6 Innovation and Finance is a Challenge Access to finance is still a major limiting factor for SMEs in Zambia. A 2007 World Bank survey stated that only 16 per cent of firms surveyed reported having a loan or line of credit from a financial institution, compared with 23 per cent for the region and 35 per cent for all countries surveyed. In general, banks refuse credit to SMEs because they are perceived as risky and unprofitable. Promote innovation and entrepreneurship as an intervention to job creation and poverty alleviation in Zambia. We need to showcase existing tools (banking, finance, Innovation, creativity, technology & entrepreneurship) that support business growth. The consequent intermediation gap is reflected in narrow and shallow financial markets a phenomenon that restricts broad-based economic growth In particular, the rural based SMEs and micro enterprises face serious problems to access financial services. Page 6 YOUR LOGO

7 Importance of Innovative SMEs Innovation is recognised as an essential component of the economic growth process it can be broadly defined as the development, deployment and economic utilisation of new products, processes and services (OECD, 2001b). Job creation can come through entrepreneurship and innovation the ability of entrepreneurs and firms to seize upon global business opportunities by commercialising new products and processes faster than their competitors is critical in raising the economic wealth of a nation. However, many SME s in Zambia and beyond have very little support for innovation and thus lag behind Page 7 YOUR LOGO

8 Going Forward Banks see any risk as dangerous BUT any type of transaction which provides credit involves a chance of failure. If the banks continue to fail to deepen and extend their activities, alternative means will emerge in the market Already we see alternatives in the market such as, Micro-finance, payroll financing, CELPAY, Mobile Money (Airtel, MTN), Western Union etc. Rather than categorically turning down requests from SMEs, banks can learn how to calculate the risks. By developing an entrepreneurial attitude, they can start generating profits from this client segment, too. To do so, banks need to improve their risk-evaluation skills.

9 Key Recommendations Financing innovative SMEs is very risky and uncertain, and has led to a proliferation of government programmes to close perceived financing gaps faced by innovative SMEs. Concentrate policies for promoting availability of risk capital to innovative SMEs mainly on early stages of the financing of the firm and use public funds only to leverage private money Encourage and facilitate venture capital funds. Venture capital is an alternative way to finance SMEs when banks cannot intervene Tutoring and mentor programmes. Sometimes, venture funds will provide nonfinancial assistance and close tutoring for talented entrepreneurs. Encourage, in conjunction with business and accounting bodies, small business to recognize, measure, and report intangible assets (ICT skills, organisation, software and networks, intellectual property rights) so that new and small firm assets can be managed more effectively and more reliably valued.

10 Key Recommendations, cont d. Financing innovative SMEs is very risky and uncertain, and has led to a proliferation of government programmes to close perceived financing gaps faced by innovative SMEs. Subject new regulations which could adversely affect the provision of risk finance to cost-benefit tests of their likely effect before implementation and monitor their impact subsequently. Increase the managerial and technical expertise of intermediaries whose role is to evaluate and monitor companies. Support development of E-finance to boost expansion of SME s and make access easier. This requires bringing down the cost of ICT and would support innovation esp amongst youth Regional and local equity initiatives (e.g. regional funds) should be encouraged across the provinces. Such equity programmes should be created in parallel to the development and support of regional and local business angel networks as well as business incubators and industrial clusters

11 Thank you You May Contact Us Where you can reach us Oxford Business Park, Oxford, OX4 2JZ, UK Po Box 33203, Lusaka, Zambia Tel: + 44 (0) Mobile: Web: Nigeria: Zambia: Malawi: Uganda: Page 11 YOUR LOGO

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