HKPC Fully Supports SMEs with Comprehensive Support for Upgrading, Transformation to Enhance Competitiveness to Co-organise Annual Expo with Trade and Industry Department of HKSAR Government to Help SMEs Navigate Challenges

(Hong Kong, 7 October 2024) According to the latest “Hong Kong SME Leading Business Index” jointly released by the Hong Kong Productivity Council (HKPC) & Standard Chartered Bank in August 2024, Hong Kong SMEs hold a cautious outlook on the global economic landscape. The composite business index for the latest quarter stood at 42.5, the lowest since Q3 2022. Serving as a staunch supporter of SMEs, the HKPC and its SME ReachOut initiative have identified four major pain points faced by SMEs in Hong Kong through consultations with over 63,000 instances. The upcoming "SME ReachOut: FUND Fair plus Tech Sourcing 2024" to be co-organised with the Trade and Industry Department of the HKSAR Government from October 29th to 30th, aims to address these challenges. The Expo will provide a one-stop platform integrating government funding information, technological solutions, expert consultations, and success story sharing to empower SMEs to overcome obstacles and enhance their competitiveness.

HKPC's SME ReachOut: Common Pain Points Impeding SME Transformation

Over the past four years, SME ReachOut has provided 1-on-1 consultation services to over 63,000 instances, engaging in more than 10,000 consultations. Through in-depth understanding of the challenges faced by businesses, the following key pain points affecting SMEs have been identified:

1. Misconception of HKSAR Government Funding Application: While the government offers numerous funding schemes for SMEs, some businesses mistakenly perceived the application procedures as complex or are unsure of their eligibility. Others struggle with insufficient documentation, leading to unsuccessful applications.
2. Brand Building Challenges: SMEs face transformation challenges beyond funding constraints. They often lack comprehensive information and guidance on brand building, including developing brand narratives, strategic planning, and navigating patent and trademark applications.
3. Technological Upgrading and Digital Transformation Hurdles: SMEs often lack the technical expertise and resources to effectively implement digital transformation strategies. They encounter difficulties in finding suitable technology providers for establishing online sales platforms, engaging in cross-border e-commerce, leveraging social media marketing, or collaborating with influencers, or Key Opinion Leaders.
4. Limited Understanding on ESG: Many SMEs wrongly believe that Environmental, Social, and Governance (ESG) factors are solely relevant to large corporations, overlooking its importance in enhancing their competitiveness.

The lack of funding, technical expertise, and ESG awareness hinders SMEs' ability to upgrade, transform, and expand their businesses. In response, SME ReachOut offers various support services to strengthen their sustainable development capabilities. These include 1-On-1 consultations with FunFUND specialists and Form review services, and the recently introduced "Tech Buddy Meeting" to help businesses find appropriate technological solutions, benefiting many SMEs in Hong Kong.

Annual Expo in Hong Kong – "SME ReachOut: FUND Fair plus Tech Sourcing 2024": A One-Stop Platform to Seize Opportunities

To further support SME development, SME ReachOut and the Trade and Industry Department of the HKSAR Government will co-organise the "SME ReachOut: FUND Fair plus Tech Sourcing 2024" at the HKPC Building from October 29th to 30th. This event will integrate government funding information, technological solutions, expert consultations, and success stories sharing, assisting SMEs in addressing challenges related to funding, technology, market expansion, and ESG to capitalise on market opportunities. The Expo also provides a platform for interactive exchange and business development, fostering networking and potential collaborations between SMEs and startups. The past two Expos had attracted over 16,000 attendees and provided on-site consultations for over 8,000 SMEs, demonstrating a significant demand.

Ms. Karen Fung, Chief Marketing Officer and General Manager, InnoPreneur (SME & Startup Growth) and FutureSkills of HKPC, stated, "In the face of challenges, innovation and collaboration are crucial for SMEs seeking business expansion. Through this large-scale and comprehensive expo, HKPC aims not only to provide SMEs with information and resources but also to create a cross-industry collaboration platform bringing together government officials, industry leaders, and technology companies. HKPC strives to provide comprehensive support to SMEs, serving as a bridge to facilitate their upgrading and transformation, enhancing their sustainable and overall competitiveness."

This year, the Expo will feature over 60 booths from funding scheme secretariats and technology service providers across five thematic zones: "FunFUND", "eCommerce LIVE", "Go Digital", "Business Expansion-Mainland & ASEAN", and "ESG". SMEs may visit relevant zones based on their needs and gain insights into the latest market information. The Expo will also offer live demonstrations of innovative technologies and their practical applications, including a "Digital Interactive Zone" showcasing augmented reality photography and commercial robots, a digital navigation system, and newly added features like e-commerce KOL live streaming and AI-powered live streaming. 10 thematic seminars featuring experts and leaders from the chambers of commerce, banks, and industry, will provide valuable insights and opportunities for on-site consultations. Seminar topics include:

• "Fund Buddy Boot Camp”: Understanding the key to successful applications for popular government funding schemes, including the Dedicated Fund on Branding, Upgrading and Domestic Sales (Bud Fund) , SME Export Marketing Fund (EMF), Technical Voucher Programme (TVP), and New Industrialisation Funding Scheme (NIFS).
• "FunFUND Ambassadors" Sharing Insights with SMEs: Case studies of successful government funding applications.
• "Go Digital Zone” : Sharing popular technology applications and how to digitally transform traditional businesses.
• "Cross-border E-commerce”: Helping SMEs understand emerging trends, platform selection, social media strategies, and marketing tactics in the e-commerce market to effectively expand into the Greater Bay Area and Mainland.
• "Business Expansion Zone -Mainland and ASEAN”: Sharing how to leverage digital transformation to assist Hong Kong businesses in expanding into Mainland and ASEAN markets.
• "Cyber Security”: Equipping SMEs with the latest information and practical tips on cyber security to avoid online traps.
• "ESG”: Exploring effective ESG implementation strategies for sustainable development and transformation for SMEs.
• "Tech Purchasing Needs of Quangos": R&D centres and public organisations sharing their technology procurement needs, providing valuable information and collaboration opportunities for startups and SMEs.

HKPC looks to attract a higher turnout of SMEs to the Expo, enabling them to find practical solutions and development directions through abundant government funding information, expert consultations, and successful case studies, empowering them to enhance their competitiveness and navigate the challenging economic environment. The Expo is open for free. For inquiries, please contact the SME ReachOut hotline at (852) 2788 6868 or email to sme_reachout@hkpc.org.

Event Details:
Date: 29 - 30 October 2024 (Tuesday & Wednesday)
Time: 09:30 am- 6:00 pm
Venue: HKPC Building, 78 Tat Chee Avenue, Kowloon, Hong Kong
Admission Fee: Free (Pre-registration required)
Event details and registration: http://u.hkpc.org/zh-edm-FUNDfair2024
Inquiries: SME ReachOut Hotline (852) 2788 6868; E-mail: sme_reachout@hkpc.org
Sign up now: https://campaigns.hkpc.org/zh-hk/registration-sme-reachout-fund-fair-plus-tech-sourcing-2024

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Ms. Karen Fung, Chief Marketing Officer and General Manager, InnoPreneur (SME & Startup Growth) and FutureSkills of HKPC stated that she hopes the support measures will enhance the competitiveness of SME enterprises.