GEG: Supporting Local SMEs and Entrepreneurs
Supporting Macau SAR Government to foster new industries and accelerate the process of Macau’s economic diversification, Galaxy Entertainment Group (“GEG”) supports the development of local SMEs (small and medium-sized enterprises)
Throughout the years, GEG has given priority to local SMEs and to encourage young people to make positive contributions for the local community, GEG focuses on nurturing local youths and provides opportunities for entrepreneurs.
In 2015, GEG invited over 40 local SMEs in the retail and F&B sectors to partner with us at Broadway Macau™. Nearly 60% of which are well-known and time-honored local brands. A year has now passed and we have received positive feedback from SMEs and the community on our mutually beneficial cooperation. Continuously upholding the philosophy of “what is taken from the community is to be used for the good of the community”, GEG fulfills its corporate social responsibilities to assist SMEs in exploring business opportunities in order to achieve the results of large businesses leading small businesses to success.
With the support of Macao Economic Services, Macau Trade and Investment Promotion Institute and Macau Productivity and Technology Transfer Center, GEG collaborated with Macau Chamber of Commerce on the launch of the Local SME Procurement Partnership Program this year. The Program, which aims to assist and create a better business environment for local SMEs, aligns with the Macau SAR government’s economic diversification objectives and helps GEG explore ways in which it can lead small businesses to grow and succeed. To date, over 250 SMEs have taken part in GEG’s SME Business Matching Sessions where they were provided with the opportunity to showcase their products and services and have one-on-one discussions with the personnel from GEG procurement team. As GEG continues organizing the SME Business Matching Sessions, those qualified SME suppliers will be invited to participate in bids or tenders. The final suppliers will be selected to join GEG’s Supplier Development Program where training and professional guidance will be offered to them in customizing their development plans.
Focused on educating and nurturing young people in developing positive life values as well as encouraging entrepreneurs to make positive contributions for the community, Galaxy Entertainment Group Foundation launched two projects this year – “GEG Young Entrepreneurs Business Advisory Service” (“the Advisory Service”) with the Macao Young Entrepreneur Incubation Centre and the Faculty of Business Administration of the University of Macau (“FBA”) and “GEG Venture Philanthropy Fund” (“the Fund”) with the Macau New Technologies Incubation Centre (“MANETIC”).
In partnering with Macao Young Entrepreneur Incubation Centre and FBA, the Foundation offers, on a pro-bono basis, “GEG Young Entrepreneurs Business Advisory Service” for young entrepreneurs who have successfully obtained funding under the Young Entrepreneurs Aid Scheme (“the Scheme”) from DSE. The Advisory Service includes customized consulting advice, addressing specific business issues and providing young entrepreneurs with strategic options or recommendations at various stages of business development in areas spanning market research to financial analysis, marketing and business modelling, among others. Consulting teams headed by a faculty member, together with undergraduate and postgraduate students from FBA will address the issues raised.
Meanwhile, to encourage and nurture local entrepreneurship while promoting venture capitalism, the Foundation collaborated with MANETIC and launched the “GEG Venture Philanthropy Fund”. The Fund “invests” and assists start-up businesses incubated under MANETIC to pursue and expand on promising technology ideas that may, in turn, become sustainable businesses, and ideas that will ultimately benefit Macau as a whole.