SSSIC invites innovative ideas from entrepreneurs, students

25 June 2024

KUALA LUMPUR: The Small Medium Enterprise Development Bank Malaysia Berhad (SME Bank) collaborated with the School of Business from the University of Applied Sciences and Arts Northwestern Switzerland (FHNW) to hold the SME Bank Sandbox Swiss Innovation Challenge (SSSIC) 2024.

This challenge is open to startup companies, Micro, Small and Medium Enterprises (MSMEs), and students from higher education institutions to present innovative business ideas that have a significant impact on the environment, society, and economy.

In a statement released by SME Bank, participants have the opportunity to win a cash prize of RM110,000 and represent Malaysia at the Swiss Innovation Challenge 2024 International Pitch in October 2024.

Supported by institutions such as the Centre for Entrepreneur Development and Research Sdn. Bhd. (CEDAR), Universiti Malaysia Kelantan (UMK), Putra Business School, and DRB-HICOM University of Automotive Malaysia, SSSIC 2024 will offer practical knowledge and skill enhancement through experienced trainers and entrepreneurs.

Datuk Wira (Dr.) Aria Putera Ismail, President Group/Chief Executive Officer of SME Bank, said "At SME Bank, we encourage entrepreneurs and MSMEs always to move forward. The SME Bank Sandbox Swiss Innovation Challenge provides a platform to promote innovation among MSMEs and allows entrepreneurs and innovators to showcase their creativity and provide sustainable innovative solutions to current challenges, while creating opportunities for international collaboration and potential financing."

"Our collaboration with FHNW is designed to nurture startups and new ventures to excel in the MSME sector by empowering tools and knowledge to drive sustainable development, have a significant impact on the community, and build international partnerships that will be valuable assets as they navigate the dynamic business landscape. This is in line with the government's efforts to develop local companies at all levels through innovation ecosystems supported by the MADANI Economy framework," he added.

SSSIC 2024 aims to support innovation in startups and MSMEs, as well as raise awareness and promote the adoption of Environmental, Social, and Governance (ESG) practices among MSMEs by offering participants the opportunity to present new business ideas, product innovations, service innovations, organizational innovations, management innovations, or business model innovations that embody business concepts aligned with the United Nations Sustainable Development Goals (UNSDG).

Prof. Dr. Arie Hans Verkuil, Head of the Management Institute at FHNW University of Applied Sciences and also the President of the SIC Jury, stated, "SIC has long been supported by the Swiss government to seek innovative business ideas from startups and MSMEs.

"For everyone's knowledge, there is a growing global interest in this unique initiative beyond the European region, and we are pleased to collaborate with SME Bank in Malaysia, which is a key pillar for the holistic growth of MSMEs beyond financial services, especially in the implementation of ESG.

"Together with our local university partners, this collaboration will pave the way for a better understanding of the startup or new business environment and further drive positive change and foster a culture of innovation and sustainability in the MSME community."

SSSIC 2024 is now accepting entries from June 24 to July 26, 2024. To find out more about the competition and how to participate, please visit www.smebank.com.my/sssic2024.