Let the games begin! As I write, I am flying to South Africa for a global business conference and to partake in the World Cup. Thirty-two teams, hundreds of players, and millions of fans will gather in South Africa and generate billions of dollars of economic impact for Southern Africa. It will be an amazing show.
Yet, the impact of the SME Challenge could be even greater than the World Cup. No, I’m not kidding. Across the developing world, there are millions of small entrepreneurial businesses that, if encouraged, have the potential to create tens of millions of new jobs and address major social and environmental challenges, including reducing the impact of climate change. In developed countries, formal small and medium enterprises contribute 51% of gross domestic product and 57% of employment. But in emerging markets, SMEs contribute, on average, only 16% of total GDP and 18% of employment. There is a strong relationship between percentage of SMEs and overall GDP growth, yet SMEs do not receive the support they need in most developing countries. To continue the football analogy, allowing SMEs to struggle is the economic equivalent of missing a penalty kick.
Emerging market SMEs typically face a variety of significant capital deficiencies -- human, knowledge, and financial – that I will explore in future posts. However, there are a variety of solutions to these challenges that are being piloted throughout the world. The point of this Challenge is to identify those solutions that can be scaled and/or replicated by leveraging public sector actions that drive private sector action. We are committed to unlocking the prosperity-creation potential of SMEs and hope that you will join us in this quest for this goal.
I'm Renee. Im a young maori women & aspiring social entrepreneur passionate about helping people, providing solutions & and work with others to instigate change.
I have in mind to make major changes from minority sectors such as micro SMEs, eventually will emerge and grow. This will create more development only if it starts work in common, how to raise funds to grant credits for potential trading profits and also help people in extreme poverty. All in one set as a circle of trust.
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Let the games begin! As I write, I am flying to South Africa for a global business conference and to partake in the World Cup. Thirty-two teams, hundreds of players, and millions of fans will gather in South Africa and generate billions of dollars of economic impact for Southern Africa. It will be an amazing show.
Yet, the impact of the SME Challenge could be even greater than the World Cup. No, I’m not kidding. Across the developing world, there are millions of small entrepreneurial businesses that, if encouraged, have the potential to create tens of millions of new jobs and address major social and environmental challenges, including reducing the impact of climate change. In developed countries, formal small and medium enterprises contribute 51% of gross domestic product and 57% of employment. But in emerging markets, SMEs contribute, on average, only 16% of total GDP and 18% of employment. There is a strong relationship between percentage of SMEs and overall GDP growth, yet SMEs do not receive the support they need in most developing countries. To continue the football analogy, allowing SMEs to struggle is the economic equivalent of missing a penalty kick.
Emerging market SMEs typically face a variety of significant capital deficiencies -- human, knowledge, and financial – that I will explore in future posts. However, there are a variety of solutions to these challenges that are being piloted throughout the world. The point of this Challenge is to identify those solutions that can be scaled and/or replicated by leveraging public sector actions that drive private sector action. We are committed to unlocking the prosperity-creation potential of SMEs and hope that you will join us in this quest for this goal.
Kia Ora
I'm Renee. Im a young maori women & aspiring social entrepreneur passionate about helping people, providing solutions & and work with others to instigate change.
Thank you for this amazing opportunity.
Renee Lee
@lee0007
Skype: rlee0007
I have in mind to make major changes from minority sectors such as micro SMEs, eventually will emerge and grow. This will create more development only if it starts work in common, how to raise funds to grant credits for potential trading profits and also help people in extreme poverty. All in one set as a circle of trust.
my skype: edu.valladares
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