SAP SME Event Focuses on Mobile, the Cloud, Entrepreneurs
SAP hosted its SME Summit in New York City Nov. 29 to talk about the challenges facing small and midsize enterprises in New York and around the world. While SAP has built its brand being the solutions backbone behind business giants, the cloud and SAP's HANA platform are enabling it to scale its solutions to support even two-person companies. Eighty-eight percent of the new businesses in SAP's portfolio are SMEs. The event opened with the release of a new study on SMEs in New York and a discussion among six industry insiders who eventually agreed on several points: a culture of entrepreneurship is important; failure isn't always a bad thing; segmentation is necessary and helpful; and companies need to be able to both start up and scale up. When asked about the most-pressing need facing SMEs today, the opinions were more varied: capital, clients and changes to U.S. immigration policies were three answers. A fourth was mentors. While an inability to plan ahead was said to be the No. 1 reason small businesses fail, the top determinant of success among entrepreneurs, according to a study from Endeavor Global, a company that financially backs entrepreneurs, was whether they had mentorships.