Tapping into the Local Enterprise and Association Development (LEAD) programme run by International Enterprise (IE) Singapore and SPRING Singapore, this move allows the council for the first time, engage in-market consultants to help local small and medium enterprises seek deals in overseas markets.
Nine furniture companies have pledged their commitment to the programme and officiated the cooperation with the signing of a Memorandum of Understanding (MoU).
Through this programme, SFIC will help the nine local SMEs seek deals in markets such as Australia, Europe and the Philippines. IE Singapore will fund up to 70 percent of the professional fees required to engage overseas consultants, for a 3-year duration.
As the custodian of the programme for the furniture industry, SFIC oversees all aspects of the initiative, including the selection of companies, planning and management of grant disbursement, as well as the screening and matching of overseas agents.
With regards to the motivation behind this initiative, Mr Ernie Koh, president of SFIC said in order to expand the horizon of the country’s furniture industry in the global arena, it is critical for local enterprises to adjust their mindset and reinvent their business models by taking the 3i Approach – Improve, Innovate, and Integrate.
To ensure sustainability of the programme, SFIC has also established a framework to review the progress and to measure customer satisfaction on the services rendered by the overseas in-market consultants, on a quarterly basis.