TiE DC Capital GovCon 2022: A Collective Mission to Foster Entrepreneurship globally!
McLean, November 18, 2022: OpenEyes Technologies recently participated in the TiE Capital GovCon, one of the largest professional and networking conferences for entrepreneurs. This year they brought together over 300 SMEs and professionals in the DC Metro region. The 2-day enriching experience covered aspects of emerging technologies, the need for digital transformation, and innovation. During the event, government & industry leaders discussed their efforts toward digital transformation across their respective sectors.
The panel discussions also centered around the type of support SMEs require from incubators, venture capital/private equity, for workforce development. And why businesses, universities, and government agencies should now be at the forefront of emerging technologies, digital transformation, and cybersecurity.
Thought leaders deliberated on how digitalization reduces overall transaction costs by providing better and quicker access to information and communication between staff, suppliers, and networks. Small and medium-sized enterprises (SMEs) can integrate into global markets by enhancing the scope of their services and by reducing the costs associated with border operations.
Boost SMEs Digital Transformation to Overcome Structural Barriers
Since the COVID-19 pandemic, there has been a radical shift in business models, with more businesses moving their operations online. There was a need to implement intelligent working solutions to overcome supply chain disruptions or remain in business. But one cannot ignore that many of these SMEs did not have the time or advice to implement the sudden transition. They were unable to select the right business tools and systems. So, what can they do to develop and strengthen their security, and understand the potential of new technologies and tools?
Policymakers must ensure that SMEs can access core digital tools as an entry point to digital transformation. And when this approach is combined with a sector-specific and function-specific system, SMEs can scale up their internal capacity. A few guidelines for scaling up SMEs:
- Targeted financial and technical support and assistance for SMEs
- Strengthening management skills through training and skill enhancement programs
- Increasing the awareness and capacity to protect and manage data
- Enhancing the digital security profile of SMEs
- Fostering public-private partnerships
- Digital-innovation hubs to help SMEs access data and technology
According to Trushant Mehta, Co-founder and COO OpenEyes Technologies, ‘One out of every four jobs is directly related to the technology solutions sector. SMEs are well-aware of how critical it is to be technologically competitive. Yet, despite the willingness of these companies to go digital, they face several challenges, the biggest being not understanding the need to update existing processes. Even today, many SMEs are still lagging in technology, especially companies with fewer employees. This also leads to an increased opportunity for hackers to exploit SMEs’ lack of preparedness. Coronavirus-related scams and phishing campaigns have been on the rise. The costs to SMEs for such a breach can be high with companies not knowing how to protect themselves.’
About OpenEyes Technologies
OpenEyes Technologies Inc. is an ISO 9001: Quality Management and ISO 27001: Information Security certified IT consulting, services, and business process outsourcing organization. We are a Small Minority Women Owned business. We offer custom software development, strategic IT consulting, and managed services to non-profit, government organizations, and commercial sector.
About TiE
TiE was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, & senior professionals. Currently, they have over 12,000 members and over 1,800 charter members in 61 chapters in 12 countries. TiE Global is one of the largest non-profit organizations that aims to foster entrepreneurship globally by mentoring, networking, education, funding, and incubation. Its other programs include Special Interest Groups (SIGs), TiE Institute, Deal Flow Meetings, TiE Young Entrepreneurs, and, most recently, TiE Women’s Forum and CEO Forum.