Uganda on Monday signed a Memorandum of Understanding with partners in science and technology to support innovations among small and medium enterprises in Uganda under the Top 100 Mid-Sized Companies survey 2020.
The survey involves partners going to all districts in Uganda to identify businesses with growth potentials.
The Ministry of Science, Technology and Innovation signed the MOU to collaborate with Nation Media Group NMG, KPMG East Africa and World Vision Uganda, to recognise best innovative companies as they expand.
The Top 100 Mid-Sized Companies survey is an initiative that was started 12 years ago and it’s sponsored by NMG and other partners to help SMEs understand their challenges and grab opportunities available to them to compete in both local and international markets.
The best company will be declared in December, 2020.
The Ministry of Science and Technology estimates that 75 percent of Ugandans manufacturers are in the SME sector and they significantly contribute to the national economy.
To qualify to be among the top 100 SMEs in the survey, a company should have not above Shs25 billion turnover and not below Shs20 million turnover and should not be listed on the stock market.
Mr Sam Barata, the general manager commercial, Nation Media Group Uganda said that the survey is aimed at increasing technological opportunities for SMEs which is key to attract investments, skills and development.
“We help owners to personally run their companies. Our interest is to grow the economy, and grow the country. We are trying to bring all these technologies into SME ideas so that they can adapt this into their businesses and enhance the business efficiencies and therefore grow,” he said.
This year’s Top 100 survey has incorporated a component of innovation in technology to over 300 SMEs. The innovations will be gauged in terms of product, processes, marketing or any other innovative approach.
Mr Asad Lukwago from KPMG East Africa, one of the partners of Top 100 Survey said that the SMEs have been failing to adapt to technological innovations that exist. He said they have to change the approach so that ideas are transformed into products that can be commercialised into the market.Mr David Obong, the Permanent Secretary in the Ministry of Science, Technology and Innovation said Uganda’s economy can only progress to a middle income status if they embrace technology.“Given my rural background, there is a lot to be done in our rural areas. There is a lot of scientific innovations buried […]