SupportLocal, a new integrated digital platform aiming to bolster the reach and awareness of small businesses and entrepreneurial ventures in the local economy, is scheduled for its official launch today. Operating on an entirely pro bono basis, SupportLocal will help small and mid-size businesses (SMBs) compete more effectively by bridging access to customers in local communities, and amplifying their brand without deploying expensive marketing and communications campaigns.
With an existing base of over 1,200 local businesses featured currently, the platform’s goal is to scale this number to 5,000 local businesses within the next 3 months, and 10,000 companies before the end of 2022. The long-term vision of SupportLocal is to create a comprehensive, ‘one-stop-shop’ directory and mobile app for consumers to access products and services created and curated by local entrepreneurs. By connecting businesses to their end markets and promoting them via a multi-channel social media platform, SupportLocal helps organizations strengthen brand exposure for each individual business and accelerate traffic and revenue growth. The platform will also enable local businesses to network with each other to leverage diverse strengths and promote market presence to drive higher growth potential. Recognizing the financial constraints faced by the small business sector, SupportLocal is offered as an entirely fee-free service for both vendors and visitors.
In 2021, the Malaysia Statistical Business Register (MSBR) issued the results of a study that found that over 97% of business establishments in Malaysia are SMBs. SMBs make up about half of the nation’s employed population and contribute 38.3% of total GDP. In particular, microenterprises emerged as the most prominent type of business in the economy, accounting for 78.6% of SMB establishments1. These microenterprises hold substantial significance as they are a key enabler in propelling Malaysia’s long-term economic growth as part of its journey to achieving ‘developed nation’ status. SupportLocal was established to build a robust ecosystem for these businesses and equip them with the right tools, resources and networks that enable them to flourish.
One of SupportLocal’s key initiatives in the near term is the 1,000+ Stories project. This project is a compilation of business owners sharing their own experiences in starting and running a business, the challenges they faced, and other insights for prospective entrepreneurs. The initiative is aimed at nurturing a human-centric approach, encouraging mutual support, eliciting feedback on how SupportLocal can further improve its platform, and reaching a wider audience on the local front to encourage businesses to sign up on the platform.
The integrated marketplace also encourages and supports collaboration and networking initiatives to help businesses unlock the next level of growth and expansion. Additionally, SupportLocal intends to build capacity among its participants by providing them the opportunity to attend training sessions run by industry experts on diverse topics including business planning, decision-making, risk management, operations, community engagement, sales and marketing. Through talks, podcasts and curated blog articles, participants can also obtain insights on evolving trends in digitization and technology.
Regarding the launch, founder Parvinjeet Kaur said, “We want to provide a voice to the underserved SMB market to increase their visibility with key partners and customers. Many small businesses don’t have sizable marketing budgets to invest in growth initiatives. With SupportLocal, we become their marketing engine to position brands for success even with limited resources.”
As a serial entrepreneur from the age of seventeen, Parvinjeet has faced first-hand the business challenges that plague new founders – particularly when trying to scale with limited resources. With a seasoned understanding of the hurdles that come with entrepreneurship, she conceived the idea of SupportLocal to ensure that promising founders do not shy away from taking risks for fear of failure.
In April, SupportLocal completed a survey of 100 domestic companies and investors where over 85% of respondents said that it was difficult to obtain information from government agencies. In addition, many prospective investors were reluctant to invest in Malaysia due to their perception of constant policy changes occurring the economy. The SupportLocal platform therefore intends to work in parallel with the government and provide regulatory and development advisory information to increase the competitiveness of Malaysia’s economy in the areas of entrepreneurship, internationalisation, foreign investment, and technology.
Some upcoming strategic initiatives on SupportLocal’s growth roadmap include Invest Malaysia, a one-stop platform for businesses and investors looking for relevant information to start a business or invest in Malaysia. This platform will provide this information in a user-friendly, time-efficient manner to ensure entrepreneurs, investors or new business owners are able to make informed decisions quickly and easily. It will also promote local businesses to an international audience and educate them on government programmes available to them.
