Business News of 2014-06-27

K Poly launches project to aid SMEs’ growth

The Kumasi Polytechnic has launched a project to identify operational challenges facing small and medium enterprises (SMEs) to devise appropriate strategies to overcome these for optimal performance.
The project involves creating the opportunity for research scientists of the institution to interact with businesses and provide them with technical and managerial support to improve efficiency and become competitive locally and internationally.
Mr Eric Osei, Coordinator of the Centre for Research and Development for Technology Incubation (CRDTI), set up to coordinate and market all private sector research outputs to the private sector, said it was a response to the invitation to the tertiary and research institutions to do more to aid the SMEs to perform.
The Ministry of Environment, Science, Technology and Innovation (MESTI) and the Council for Technical and Vocational Education and Training (COTVET) have asked that they provide scientifically proven information that would enhance the growth of indigenous enterprises.
He said some of the expected outcomes of the project include the establishment of private sector-oriented staff at the polytechnic and incentive schemes to support the sector. It would also strengthen the engagement between the private sector and selected technology providers and build the capacity of such providers to develop, adapt and diffuse technology to the private sector.
Mr Osei was speaking at a forum held to share with captains of industry findings of the research carried out by some departments of the polytechnic in Kumasi. He said the CRDTI had already conducted a baseline survey of about 300 SMEs in the Ashanti Region and was using that to conduct further research to come out with the right solutions to identify challenges.
The vision of the Centre is to become a pivot of quality and innovative research that would radically transform work attitudes, procedures and productivity of the private sector.
Professor Nicholas Nsowah-Nuamah, the Rector, said polytechnic education should provide practical approach and solutions to problems affecting industrial growth. They need focused efforts on helping to promote the viability of the local enterprises.
Source: GNA
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