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Strengthening SMEs and Entrepreneurship for Productivity and Inclusive Growth

OECD 2018 Ministerial Conference on SMEs

image of Strengthening SMEs and Entrepreneurship for Productivity and Inclusive Growth

SMEs that grow have a considerable positive impact on employment creation, innovation, productivity growth and competitiveness. Digital technologies and global value chains offer new opportunities for SMEs to participate in the global economy, innovate and strengthen productivity. Yet SMEs are lagging behind in the digital transition and are disproportionately affected by market failures, trade barriers, policy inefficiencies and the quality of institutions. A cross-cutting approach to SME policy can enhance SME innovation and scale-up, as well as their contributions to inclusive growth. This includes a business environment conducive to risk-taking and experimentation by entrepreneurs, as well as access to entrepreneurship competencies, management and workforce skills, technology, innovation, and networks.

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Strengthening social inclusion through inclusive entrepreneurship

Inclusive entrepreneurship is an important vehicle for achieving inclusive growth. Business creation by under-represented and disadvantaged groups helps create jobs and fight social and financial exclusion, while stimulating economic growth across the economy. However, while entrepreneurship plays an important role in stimulating innovation and driving job creation, only a relatively small part of the population is involved in starting a business, and not all people have the same opportunities to create and run a business. The objective of inclusive entrepreneurship policies is to ensure that all people have an opportunity to start up and operate in business or self-employment, regardless of their personal characteristics and background.

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