ABCtech #24 03NOV14 Small Business Success

ABCtech #24 03NOV14 Small Business Success

QuikTech Notes

03-NOV-14

Special Edition –

Small Business Success

EVENTS

The Missing ‘M’ in SME – Why Alberta’s small technology businesses fail to grow

Last week was SMALL BUSINESS WEEK coinciding with the release of our REPORT on the high failure rate of small technology businesses. The REPORT, its recommendations and associated proposals are based on our On-line survey of our subscribers in Feb/Mar and On-site workshops in Apr/May and Sep/Oct with SMEs across the province.  The REPORT is supplemented with articles provided by ABCtech’s subscribers.  The Report can be viewed HERE

Please read the Report.  Download it.  Circulate it.  Discuss it – with your colleagues, peers, advisors.  The project was conducted for you and others sharing an interest in the welfare of small technology enterprises, commercializing technologies and thereby contributing to diversifying Alberta’s economy.

If you want to share a viewpoint on the Report, please REPLY; we will be publishing viewpoints received. Note. We are proceeding immediately to execute several of the proposals, and we hope you will consider doing the same.

Sincerely,

Alberta Council of Technologies Society

MEDIA RELEASE – Small Business Week

Small businesses are essential for job creation and innovation. Their survival and growth are essential for: diversifying Alberta’s economy, global trade and applied research. The Alberta Council of Technologies Society released its Report today addressing why most of Alberta’s small technology businesses fail, and why survivors fail to grow.

The Report cites the consolidated results of a spring Survey of its subscribers and follow-on workshops held at numerous sites across Alberta. The Report is available  HERE   http://www.ABCtech.ca

Internal impediments to growth include processes requiring strong people skills in: customer, staff, supplier relations. External impediments include: manpower, municipal “red tape”, self-interest of multi-nationals, and banking practices. The early exit and sale of growing enterprises is cited as eroding Alberta assets. Mergers and acquisitions, a prime strategy for successful enterprises – again warranting people skills, is rarely cited by small businesses as a growth option.

Business incubators, research institutes, management consulting and industry associations ranked high as small business helpers.

Given the complex recipe for survival and growth, the Report recommends establishing a model Innovation Zone featuring collaborative economic development and engaging arts and technology interests. Also. recommended is a formal review of procurement practices and the valuation of intangible assets fueling the knowledge economy. And entrepreneurs need people skills, an appreciation of M&A as a growth option, and the facility to constantly adapt to support business processes essential for growth.

Contact

   Perry Kinkaide

     Alberta Council of Technologies Society

             (780)990-5874 or pkinkaide@ABCtech.ca

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