![]() ![]() Small and medium businesses, often referred to as “SMEs” (for “small and medium enterprises”) are a driving force of innovation and knowledge diffusion, and they help aggregate production. You want more? Small and medium businesses generate close to 60% of value added (Source, OECD). In typical Latin American or Caribbean countries, the employment contribution of small and medium businesses is closed to 70%, and they create a substantial portion of new jobs (source: IDB Invest). In Europe, 99% of all enterprises are small or medium and together, they employed 91 million people. They employ more than 10.7 million people across the country, which represents 89.6% of the workforce (Source: Statistics Canada). In Canada, there are more than 1.1 million small and medium businesses, of which less than 2% are medium-sized. In 2015, they employed 58.9 million people and created 1.9 million net jobs (source: Investopedia). In the United States only, the 30 something million small and medium businesses account for 99.9% of all businesses, and 8 million of them are owned by a member of a minority group. Let’s start by drawing a general picture… But few of them try their hands at exporting. These small and medium businesses outnumber larger firms and employ many more people, drive competition, and reinforces the whole entrepreneurial ecosystem. But ultimately, every strong economy of this world knows that its success relies on a network of small and medium businesses. In our common era, the wishbones of all cities have well-known names giants like Microsoft, Apple, and Google that make the news every time they set their eyes on a new location. They say “success depends on your backbone, not your wishbone.” ![]()
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