In today’s dynamic business landscape, fostering growth and innovation is paramount for enterprises to thrive. To shed light on this pursuit, the Suriname’s Enterprise Growth (SURGE) program, in collaboration with the Ministry of Economic Affairs, Entrepreneurship, and Technological Innovation (MEA), has embarked on a mission to empower businesses in Suriname. A recent presentation highlights the collaborative efforts between the SURGE team and the VSB board to magnify the program’s impact.
Understanding the SURGE Program
Suriname’s Enterprise Growth (SURGE) is a strategic initiative funded by The World Bank and executed by Solidaridad, ETG, and B4Concepts. Rooted in the Ministry of Economic Affairs, Entrepreneurship, and Technological Innovation, SURGE aims to bolster growth-oriented companies. This endeavor is realized through a blend of business development services and co-investments. By augmenting productivity-enhancing investments and cultivating value chains, SURGE contributes to the business ecosystem’s vitality.
Identification of High-Growth Potential Companies
Central to SURGE’s approach is its keen focus on identifying companies with the potential for substantial growth. This identification process is multifaceted, encompassing avenues such as engagements with buyers, open calls, outreach events, collaboration with business support organizations, and word-of-mouth recommendations. By following a buyer-led strategy, SURGE strategically tailors its efforts to the demands and opportunities presented by the market.
Navigating the SURGE Journey
- Identifying Candidates: The initial step involves recognizing businesses poised for growth.
- Generating Applications: Candidates develop Sales Growth Plans, forming the basis for co-investment support applications.
- Selecting SURGE Clients: Companies demonstrating commitment and ambitious sales growth plans are selected.
- Approving Co-Investment: Rigorous evaluation and company pitches lead to co-investment decisions.
- Supporting Implementation: Successful applicants receive support in executing their growth plans.
- Monitoring, Evaluation, and Learning (MEL): The final step involves continuous assessment and learning to optimize outcomes.
Empowering Micro, Small & Medium Enterprises (MSMEs)
For businesses to benefit from SURGE, they need to meet basic eligibility guidelines:
- Employing 3 to 50 individuals.
- Generating annual revenue between US$20,000 to 1,000,000.
- Operating for at least 3 years.
- Listed in the Trade Register at the KKF.
Moreover, businesses must exhibit a profound commitment to enhancing sales, exports, and employment. They should also manifest a strong dedication to innovation, productivity, and competitiveness.
Innovation as a Catalyst for Growth
Innovation serves as the cornerstone for businesses seeking exponential growth. From product and process innovation to marketing and organizational innovation, embracing transformative practices propels companies forward. Research demonstrates that enterprises investing in innovation are more likely to achieve higher performance and elevated sales figures.
The Power of Demand-Driven Strategies
SURGE’s approach follows a demand-driven paradigm: the buyer-led approach. With buyers at the forefront, businesses align their production with market needs, minimizing the inefficiencies associated with oversupply. This buyer-led approach not only enhances efficiency but also aligns businesses with concrete demand.
Co-Investment and Financing Strategies
SURGE’s co-investment strategy facilitates businesses in obtaining financial support. Depending on the scale and structure, individual companies can secure co-investments ranging from $5,000 to $100,000. Similarly, groups of companies within a value chain can access funds ranging from $150,000 to $300,000. To ensure commitment and alignment, companies contribute a matching co-investment of at least 20-30%, combining cash and in-kind contributions.
Diverse Avenues for Investment
The co-investment financing encompasses a spectrum of areas, including equipment upgrades, marketing services, technical support, enterprise training, ICT adoption, quality standards, and environmental sustainability. However, certain areas like real estate, construction, and working capital are excluded from the scope of co-investment.
SURGE’s Transformative Impact
Since its inception, SURGE has a considerable target to reach:
- Engage with 180 companies (72 women-owned/led).
- Enable 115 co-investments (46 women-owned/led).
- Induce growth in sales, exports, and employment.
- Cultivate a more diversified economy.
- Uplift local content, amplifying locally produced goods and services.
Embrace Growth with SURGE
Aspiring businesses keen on taking their growth trajectory to new heights are invited to join the SURGE initiative. To embark on this transformative journey, entrepreneurs are encouraged to visit the program’s official website at www.surge.sr and register their companies and start the online application. By embracing innovation, aligning with market needs, and leveraging co-investment opportunities, businesses can play an instrumental role in driving Suriname’s economic growth.
For further inquiries and engagement, the SURGE team can be reached at:
SURINAME’S GROWTH ENTERPRISES
Kromme Elleboogstraat 9
Paramaribo, Suriname
Phone: +597 866 53 37
Email: info@surge.sr
Stepping into the Future
With high-growth potential companies on the horizon, the collaboration between the SURGE team and the VSB board holds the promise of propelling Suriname’s business landscape to greater heights. As the program unfolds, VSB members eagerly anticipate presentations, the dissemination of the “Call for Applicants,” and opportunities for synergistic partnerships. The road ahead beckons businesses to embrace innovation, seize growth, and contribute to a thriving Surinamese economy: Mek’ Sranan Gro