Our Solution 1.0
Targeted at...
AN “INTEGRATED, ORCHESTRATED EFFORT”
Where all three parties understand the importance of needing each other to collaborate, in order to achieve ESG in Singapore
A SOLUTION THAT FOCUSES ON 4 AREAS
AWARENESS
TRUST & TRANSPARENCY
VALUE & PROPOSITION
STEWARDSHIP
What are the impacts of my actions?
What options can I choose from?
"I want to be Sustainable"
Where do I look for trusted information?
Government and MNCs/Companies with a large following, work together to build on the 4 areas above, by shedding light on a current global issue that everyone knows about.
WE PROPOSE THAT...
WWF x Accenture Study
75%
of consumers want to behave more sustainably, but worry they lack avenues and options to do so.
54%
of consumers ranked the government as their most trusted information source.
75%
of consumers want individuals and communities to behave more sustainably.
(WWF x Accenture , SUSTAINABILITY IN SINGAPORE CONSUMER AND BUSINESS OPPORTUNITIES 2020)
HOW WILL THIS SOLUTION WORK?
Shedding Light on a bigger picture, with the help from a Larger Company/Gov or both
Attract the attention of Consumers which leads to nature curiosity, learning and eventually a shift in Social Cultural demands
SMEs need to understand and learn about ESG, in order to retain customer loyalty and profitability
Companies that CARE about ESG
Solution #2: Matchmaking SMEs to MNCs/Large Enterprises
"A large corporation uses a whole supply chain of SMEs, and so the relationship between them is quite fluid. Both the SME and MNC need to work together when it (concerns) a whole supply or value chain."
Benjamin Henry Towell
Executive Director of Sustainability at OCBC
What do MNCs and Larger Corporations have that SMEs do not?
The current gap we see is how we aren’t making use of the resources that MNCs have to help SMEs understand. SMEs can tap on MNCs as a “Sandbox”, while MNCs can influence SMEs to be more ESG friendly.
Excess Funds
Experience
Talent
Space & Infastructure
Launching a Program that matchmakes SMEs (based on the nature of the business or SSIC code) with the most relevant larger enterprises to guide them, and allow SMEs to tap on their resources and ideas.
WE PROPOSE...
1 -
Save Funds
SMEs would not need to spend too much while trying to learn how they can integrate ESG into their businesses
2 —
Learning from a industry partner
This supports knowledge transfer between larger companies and local SMEs or start-ups.
3 —
1 on 1 Approach
Since it is a mentorship program, this program allows SMEs to have a 1 on 1 approach with the bigger companies, eliminating the issue of “lack of attention”.
How will SMEs benefit from this program?
OVERVIEW OF #2 SOLUTION
Get Large Enterprises/MNCs to work together with SMEs by matchmaking them based on industry and relevance
Tie a few employees from the larger companies to each SME (under them) to better cater to their needs and queries
Incentivizes for the SMEs as they get to tap into ESG resources to experiment, while at the same time, giving them the opportunity to grow.
Recap of Our Research
56%
of SMEs surveyed stated that their top driver to become sustainable is the ease of working with MNCs who care about sustainability goals
63%
of SMEs surveyed are on the lookout for collaboration opportunities with industry bodies, government-linked companies or large businesses
39%
of SMEs surveyed want connections to industry peers and ecosystem partners
(UOB SME Outlook Study 2022, 2022)
Solution #1 : Educating our Consumers
"Educating consumers to demand more and expect more Sustainability wise"
There is very little incentives for SMEs to take up ESG principles and many of them are facing trouble linking profitability to ESG.
Taking another angle
Consumer influence
Consumers are the lifeblood of any business. Hence consumers is a much greater influence on SMEs compared to government intervention