The MSME sector suffered heavy losses due to the pandemic but showed exemplary fortitude in conquering the battles of survival in 2020 and 2021, with many rising above the adverse effects of COVID-19. Today, when many of these SMEs are beginning to show signs of rapid revenue and margin growth, expert interventions/advice/institutional support in empowering them with capabilities to grow can make a big difference. The same applies to several smaller manufacturing firms that have lagged behind the growth curve shown by mid-sized enterprises.
With this background, the Bombay Chamber of Commerce and Industry (BCCI), one of the oldest chambers in the country and a pioneer in supporting the development of commerce and trade, has joined hands with the Wadhwani Advantage (SME-led initiative of the Wadhwani Foundation; https://advantage.wfglobal.org/), the pathbreaking and innovative SME focused program that started in 2019, to launch ‘SME GrowthDrive’, to help the 2000 strong BCCI SME members to grow from 2x to 10x.
SME GrowthDrive is a go-to destination initiative, providing high-quality diagnostic transformation consulting, learning and networking offerings to SME members of BCCI in collaboration with experts at Wadhwani Advantage. This initiative will select and prepare SME Entrepreneurs and Top Management to be, hungry-for-growth, willing to professionalise and committed to learning.
Speaking about the initiative, Mr Sandeep Khosla, Director General, BCCI, said, “The last two years have negatively impacted SME businesses. To support them in their recovery process, the Bombay Chamber has initiated multiple projects, leveraging our strong membership base of large corporations who can provide their expertise in guiding the 2000 BCCI SME members. Our partnership with the Wadhwani Foundation is a step towards supporting our SME members.”
Elaborating on the partnership, Mr Samir Sathe, Executive Vice President, Wadhwani Advantage at Wadhwani Foundation, said, “We are excited to partner with BCCI to kick off this first-of-its-kind initiative to help their SME members through Wadhwani Advantage, which is a pioneering global program blending empowerment, consulting and practical hand-holding support, solving knowledge, time, talent and funding issues of SMEs, holistically. We hope to deliver the expected outcomes to the SME beneficiaries leveraging each other’s strengths and creating a unique case study for others to emulate.”
Mr Rajan Raje, Chair of The MSME Committee, BCCI and Director – Nichem Solutions Pvt Ltd., said, “MSME plays a vital role in National Economy. It is a feeder to Middle and Large Enterprises. Hence it will play an important role in reaching a 10 trillion dollar economy. Thus achieving the necessary skill set and professionalism is very important for the MSME sector. BCCI realised this and took the initiative to offer credible support to this sector. Their partnership with Wadhwani Foundation is the first step in this direction. Wadhwani Foundation, with its pool of experts, will effectively drive this Polyclinic!
BCCI & Wadhwani Advantage (WA) will combine their respective strengths to bring the following advantages of SME GrowthDrive, which are differentiators to any other support systems available elsewhere.
SME GrowthDrive Program Summary:
- WA will set up the Program Management Office (PMO) to institutionalise and run the SME GrowthDrive for BCCI through a structured, calendarized, continual and sustainable support with interventions designed to meet immediate and long-term goals of the chosen SMEs
- WA will leverage BCCI resources, including 22 expert committee services, and its own resources with its expert interventions like 60+ consulting productised tools, ~600 content assets, a curated network of 150+ advisors
- WA will offer its newly set up, state-of-the-art technology community platform to SME members as well as the BCCI management to facilitate interactions amongst SME stakeholders
- Wadhwani Foundation will also offer a subsidy to each selected SME of particular revenue size to partly subsidize the fees of the advisors, subject to certain conditions
Established in 1836, the Bombay Chamber of Commerce and Industry is one of the oldest and most reputed Chambers in the Country. Bombay Chamber has an illustrious history of 186 years. It is registered under Section 8 of the Companies Act, 2013 (Section 25 of The Companies Act, 1956) as a non-profit organisation. Chamber has played a significant role in the development of the city. (http://www.bombaychamber.com)
About Wadhwani Advantage:
Wadhwani Advantage is the SME-led program of the Wadhwani Foundation, a global not-for-profit organisation founded in 2000 with the primary mission of accelerating economic development in emerging economies by driving large-scale job creation through entrepreneurship, innovation and skills development with a presence in multiple countries across Asia, Africa, and Latin America. Wadhwani Advantage empowers thousands of small and medium-sized businesses with capabilities to maximize their growth potential through a knowledge and network resources-led transformation and has delivered impressive results with a Net Promoter Score of 73, having served 600+ SMEs since 2019 and the creation of 5000+ jobs. (https://advantage.wfglobal.org/)