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INVESTMENT FORECAST“Innovation can mean new ideas and new approaches to differentiate products from others on the market,” said Luxsamee Plangsangmas, deputy governor of industrial services at TISTR. “And we have innovative technology available for the public to use. Our research responds to what the industry needs – food, agriculture, energy and industrial materials. If you have an idea and don’t know how to manufacture it or make it profitable, we have the technology and strategies to help you. If you already have profitable products that you wish to improve, we provide a lab where you can test them, compare their quality to international standards and offer suggestions. Our mission is to create business opportunities, achieve zero waste and use natural resources efficiently.”Innovative products, however, cannot make a profit if they are not marketed well. Suwanchai Lohawatanakul, director of the Ministry of Industry’s Institute for Small and Medium Enterprises Development, sees great potential in the new generation of SMEs that are not only equipped with business knowledge but also digital know-how and multitasking skills.“For 15 years, SMEs repeated on the same loop, with the same products and marketing plans. Before changing and expanding, entrepreneurs should study consumer behaviour to hit the right target. They should be able to make their businesses flexible and turn threats into opportunities when crises arise.“The new generation of SMEs is our future. Third-generation entrepre- neurs whose grandparents started the business are now key players. They have business know-how passed on from previous generations and also an understanding of the digital lifestyle concept. They can bring SMEs into a new era and boost sales through digital technology. And for those‘The establishment of the Federationof Thai SMEs marks the dawn of a new era where everyone works together as a team’12 Elite+not part of a family business, the digital era makes it easier and more affordable to start up a new business. E-businesses and cybermalls are great channels, either for those who want to invest in a business or those who want to have a sideline apart from their day job. Younger people are good at multitasking. They stay current and connected via social media. They might not generate as much in terms of profit, but their businesses can be reliable and sustainable.”Jit Siratranont, vice general secretary of the Thai Chamber of Commerce, also saw potential in digital marketing and online trade, and said that the chamber had several development plans for Thai SMEs.“First we need to improve infra- structure, especially the e-business gateway,” he said. “We need some- thing like Alibaba – a big supplier accessible online – for smaller SMEs to take advantage of or to kick-start their businesses. Then we have to focus on the quality of the products,how to differentiate, to control quality of online merchandise and assist entrepreneurs with fast, efficient and affordable logistics. In the next few years we hope to increase online channels and promote e-business to support all businesses, not just SMEs.”Guest speaker Somkid Jatusripitak, a scholar and adviser on foreign economic relations, pointed to Singapore as an example of a nation determined to excel in SME- and e-commerce.“In 2005 Singapore announced that it would become a ‘smart nation’ in respect to lifestyle and social interaction as well as trade and commerce,” he said. “And they are able to do so after 10 years of learning and evolving with government support. A few decades ago Singapore was just a fishing village, and now they are a leader in finance and invest- ment. Through technology they equip people with the latest information and digital know-how, so they are able to network domestically and internationally.