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‘The Great Reset’ programme offered at SMU focuses on digital transformation to help Singapore SMEs during Pandemic

Singapore Management University’s Business Families Institute (“BFI@SMU”) and BEYOND Lab will be running two complimentary blended courses on digital transformation to help Singapore SMEs strengthen their resilience in the current challenging times. Aptly named “The Great Reset”, the programme caters to senior business leaders of Singapore SMEs, and aims to work with them to digitalise and transform their businesses.

‘The Great Reset’ includes virtual sessions and in-person workshops held over five weeks. The curriculum, curated by BFI@SMU, is designed to be action-oriented and outcome-driven, offering business leaders practical knowledge and implementable takeaways to enhance their business strategies and operations.

Upon completion of the programme, participants  receive post-training implementation support from BEYOND Lab. This includes help in connecting to preferred technology vendors as well as identifying sources of funding to support the firm’s digital transformation.

The first run of the programme for 30 participants, scheduled to begin on 2 October 2020, was fully subscribed within two weeks of its release. The second run is scheduled for 12 October.

A regional digital academy focused on supporting SMEs in adopting digital technology to increase operational efficiency and competitiveness, BEYOND Lab is jointly established by Singapore Business Federation and V3 FinTech Pte Ltd, a unit of leading Singapore SME V3 Group Limited (“V3 Group”). BFI@SMU is Southeast Asia’s pioneer regional business family-centric institute focused on addressing the needs of business families in the region.

Mr Ron Sim, Founder and Executive Chairman of V3 Group and founding family member of BFI@SMU, said, “While the Covid-19 outbreak has severely disrupted many Singapore SMEs, it has also accelerated the need for businesses to embark on the digitalisation journey. With ‘The Great Reset’, leaders of Singapore SMEs can come together to discuss, learn, and develop practical digital transformation strategies for their businesses.”

He added that “As Singapore business leaders, we have to have the courage, curiosity, and the creativity to not only navigate through the turbulent weather but also emerge stronger and more resilient. We can do so by resetting our thinking and embracing the new future, so that we create more value for our enterprises, our workforce, and their families.”

The two runs of the programme in October are offered complimentary to participating SMEs. This is made possible through generous support from the V3 Group, which established the V3 Group Professorship in Family Entrepreneurship (“Professorship”) at SMU in 2018 through the contribution of leading Singapore entrepreneur and founder of V3 Group, Mr Ron Sim. The Professorship was established to support research and programmes on best practices in family entrepreneurship.

Professor Annie Koh, V3 Group Professor of Family Entrepreneurship, Professor of Finance, and SMU Vice President for Business Development, said, “The current pandemic has hastened the adoption of digital tools and technologies by local SMEs. Some may have transitioned faster than others, but everyone can benefit from attaining practicable knowledge and resources to help them ease into the new business norms. ‘The Great Reset’ programme is both timely and relevant as it helps our SMEs to further sharpen their business strategies and operations.”

“We are very encouraged by the overwhelming response towards the first run of the programme in October. The inaugural cohort comprises a good diversity of participants from the Wholesale Trade, Built Environment, Food Manufacturing & Services, and Retail sectors. Over 80% of the participants are from the second and third generation of the family businesses holding positions of director and above,” she added.

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