COMPANIES like XMI are good examples of how smaller and locally based firms with a sound business model can succeed despite the downturn, says International Enterprise (IE) Singapore.
'Although it is not a huge company, XMI has leveraged on its strengths in innovation to capture global market share and continue to grow,' said IE Singapore's director of infocomm technology (ICT), Mr Thian Tai Chew.
Mr Thian told The Straits Times yesterday that XMI's success in overseas markets showed that there was still a global demand for creative and well-designed ICT product solutions.
'It is important for ICT companies to adopt a long-term approach and to invest in building competencies such as design, intellectual property and branding to remain relevant to the marketplace,' he said.
Businesses, especially small and medium-sized enterprises (SMEs), which ensure that products are innovative, useful and well positioned in terms of pricing stand a good chance of long-term success.
ICT companies should always look out for new, vibrant markets offering opportunities, such as in Latin America, China and even Asian nations.
Mr Thian says IE Singapore remains committed to helping local firms and SMEs venture overseas, regardless of whether there is a recession or not.
One example of practical help on offer is for companies which want to take advantage of the global crisis to enhance their capabilities and product offerings.
They can make use of IE Singapore's programmes, such as the Internationalisation Capability Development Programme, to build firm-level capabilities.
For example, ICT companies may need to customise their product design to suit different needs in order to gain traction in different markets.
Another option is for companies keen to find out more about foreign markets and the business opportunities available.
They can participate in overseas missions and trade shows organised or supported by IE Singapore.
'These are opportunities for companies to meet potential buyers and raise awareness of their brand.
Examples of some international trade shows IE Singapore supports include CeBIT, Consumer Electronics Show and Mobile World Congress,' added Mr Thian.
'Prior to going for such trips, companies can also learn more about the market situation by attending our market-focused seminars or assessing market intelligence reports from IE Singapore's Advisory Centre.'
For firms still trying to mitigate the financial crisis, IE Singapore has a range of financial programmes to enable them to gain better access to capital and trade credit insurance for their overseas expansion and trading activities.
'These include the Internationalisation Finance Scheme, Loan Insurance Scheme, Loan Insurance Scheme Plus and Export Coverage Scheme,' said Mr Thian.
