CRI听力:Collaborative Innovation for SMEs Highlights Young Entrepreneur Innovation Summit

Small and medium-sized enterprises are currently seen as the growth engine for Asia.

But Bundit Limschoon, Secretary General of ACD Provincial Secretariat, believes that the actual contribution of SME's to the region's economic development is vastly undervalued.

"This indicates Asian SME even poses a great potential, but unfortunately, it has yet to be unleashed. Asian SME usually constrained by low cost and mass production without creativity. To overcome these weaknesses, and strengthening SME in the long-term, I would like to highlight only three factors: innovation, partnership and inspiration."

Taking China as an example, the promotion of SMEs along with innovation has only been given priority in the past two years.

To achieve an optimal development of SMEs, Johnny Kwan, founder and chairman of Bee Associates, a London-based utilities company, believes companies need to realize that "invention is not equal to innovation".

"Innovation not only needs to be technical, innovation can be material, can be process technology, but also can be business model. We burn a lot of money into invention, but for innovation, we have to create money. It has to be the collaboration with business, it has to be commercialized proven, and it has to be resolving a society issue."

Meanwhile, the term collaborative innovation has grabbed the limelight at the forum for Young Entrepreneur Innovation, also part of the two day event.

Experts encourage SMEs to collaborate with suppliers or large companies, in order to deepen and broaden the innovation progress.

Johnny Kwan says it's vital to work together in this way.

"You have to make sure you have the right company set-up, the right fire wall, the right company culture, the right compliance, the right respect to intellectual property, to be able to serve both your competitor and your collaborator. So as a company, it strongly encourages you firstly look into what you have. You cannot jump into the latest research if you have nothing. So you can only extend the current technology. And you build it up. But you can work with research institution to share a particular platform of knowledge."

The Asian Cooperation Dialogue currently has 34 member countries and regions, including China and India.

The core values of the ACD include positive thinking, voluntarism, openness and respect for diversity.

The event draws to a close later today.