{"id":11251,"date":"2024-07-30T08:30:00","date_gmt":"2024-07-29T22:30:00","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=11251"},"modified":"2024-07-30T07:58:02","modified_gmt":"2024-07-29T21:58:02","slug":"harnessing-technology-for-small-business-growth-in-the-pacific","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/harnessing-technology-for-small-business-growth-in-the-pacific\/","title":{"rendered":"Harnessing technology for small business growth in the Pacific"},"content":{"rendered":"\n

JEFF LIEW<\/a>  |  <\/p>\n\n\n\n

Small business owners like Rosa have embarked on their entrepreneurial journey with a dream of seeking financial stability and independence. But achieving this requires that she overcome a myriad of obstacles. Access to finance is a constant struggle, with traditional banking services often out of reach due to high costs and stringent requirements and have little choice but to seek financial support from her family and friends.  Additionally, Rosa grapples with the scarcity of bankable ideas and a lack of training in essential business skills, including an understanding of how technology can help her.<\/p>\n\n\n\n

Despite these challenges, Rosa diligently manages her finances. She maintains a bank account, albeit one primarily used for personal transactions, as the high cost of banking discourages separate accounts for business. While recognising the importance of digital financial services for business success, Rosa remains hesitant, echoing the sentiments of many in her community who still prefer cash transactions.<\/p>\n\n\n\n

Amidst these hurdles, Rosa\u2019s motivation remains unwavering. Her drive stems from a desire to achieve her entrepreneurial dreams and increase her personal income to provide for her family. With a positive attitude towards entrepreneurship, Rosa envisions growth within her local community, relying on the support of family and friends for financing and advise in running her business.<\/p>\n\n\n\n

Navigating the landscape of available support mechanisms poses its own challenges for Rosa. The disconnect between her expectations and the offerings of Business Development Support (BDS) organisations often leaves her feeling adrift. While she acknowledges the usefulness of practical experience gained through incubation programs, she remains unaware of many training and support opportunities that could benefit her business, especially in vital areas like financial planning and digital marketing.<\/p>\n\n\n\n

Although Rosa recognises the potential for technology to transform her business, her understanding remains limited. She primarily relies on social media for outreach and engagement but has yet to fully embrace e-commerce for purchases or sales. While aspiring entrepreneurs in her community display a stronger interest in technology adoption, she remains cautious, unsure of how tech can effectively support her enterprise.<\/p>\n\n\n\n

Emerging priorities and call to action<\/h2>\n\n\n\n

The creation of a \u201csuper app\u201d to support entrepreneurs like Rosa was just one example of the many ideas that emerged from the Policy Dialogue<\/a> on Enhancing Pacific Ecosystems for Entrepreneurship and Innovation held in Brisbane from 26 to 27 March 2024. The meeting was a key milestone in the first phase of a two-phase project aimed at identifying the challenges faced by small business owners in the Pacific and designing practical interventions, leveraging digital technology, to strengthen key support organisations and networks to enable small enterprises to thrive in the post-COVID era. <\/p>\n\n\n\n

In attendance were around 40 senior development policy makers, financial regulators, development bankers, MSME networks and support organisations, business and technology  innovators and development partners from across the Pacific islands. The policy dialogue was organised by Griffith Asia Institute<\/a>, Asian Development Bank Institute<\/a> and Foundation for Development Cooperation<\/a> and with the support of the Konrad Adenauer Stiftung<\/a>.<\/p>\n\n\n\n

Over the course of the 2-day meeting, several emerging priorities were identified where it was believed dedicated interventions, such as the creation of a small business-centric \u201csuper app\u201d or digital platform, could lead to strong positive benefits for the region\u2019s small-scale entrepreneurs. These included:<\/p>\n\n\n\n