Forbes India – Small Business Summit

Chennai, 23rd August at The Leela Palace

A panel discussion was held at the Forbes India Presents Small Business Summit with distinguished industry leaders sharing insights on how MSMEs can adopt a “think big” mindset and transition from a survival mode to growth and innovation. The panel featured Mr. Shivkumar Palanisamy, an expert in MSME development; Mr. KE Raghunathan, a renowned entrepreneur and startup mentor; Mr. Daniel Prabhakaran, a technology and MSME specialist; and FLO Chennai Chairperson, Ms. Divya Abhishek.

The discussion covered various key topics, including the importance of thinking big for MSMEs in the evolving economy, where smaller enterprises are gradually disappearing. The need to adopt a larger vision was emphasized, as businesses that fail to do so face challenges such as low financial capital and reduced productivity.

Startups were encouraged to think big from the outset, not only by focusing on valuation gains but also by developing sustainable, profitable ventures. Success was defined as the accomplishment of significant milestones rather than simply seeking fame or quick profits.
Another key focus was on how MSMEs can shift from survival to growth. Many MSMEs are keen to adopt technology but often rely on government support for funding and collaboration. Identifying niche markets and leveraging research were suggested as pathways to growth.

The challenge of balancing innovation with resource limitations was discussed, with an emphasis on utilizing government funding schemes, building strong business models, and seeking private equity investments. MSMEs were encouraged to collaborate with institutions that offer cutting-edge facilities and expertise to bridge resource gaps.

The panel also explored how technology can help MSMEs scale their operations and reach new markets. AI tools and other technological innovations were noted as essential for improving productivity, communication, and cost savings.

Further discussions included strategies for ensuring that digital transformation aligns with long-term business goals, overcoming common barriers to technology adoption, and the accessibility of automation and digital tools to enhance operational efficiency.

The session concluded with a dynamic Q&A segment, allowing participants to engage directly with the panelists and deepen their understanding of the challenges and opportunities for MSMEs in today’s rapidly changing economic environment.

Number of people impacted: 348 participants