A thriving Small and medium enterprise (SME) environment is needed for South Africa to grow, develop and solve issues like unemployment and poverty. The small business landscape in South Africa can be a jungle with only the fittest surviving as 90% of small businesses fail in their first 2 years of operating.
The fourth Industrial revolution is upon us and with it comes a variety of disruptive technologies that SMEs need to utilising. For South Africa to produce more SMEs and for those to go on to survive, South African business people will have to look into new technologies and how it can advance their businesses, product and services not only for their benefit but to sustain them in this new digital age.
The physical is moving towards the digital which is effecting employment, laws, politics and Industries that once looked self sustained and secured for years. SMEs are now required to find ways of innovating to further their growth and capitalised on the disruptive technology. The SMEs that take advantage of new technology will become leaders in their industry and possibly shape the direction of business in the years to come.
By Mokgethi Mtezuka’