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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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Monitoring and evaluation of SME and entrepreneurship programmes

A core justification for SME and entrepreneurship policy is the presence of coordination failures and information asymmetries, which may limit SMEs’ ability to contribute to economic and industrial development, innovation, job creation and social cohesion. SME and entrepreneurship support can come in various forms, including advice, training, and enhanced access to finance and can help both, the individual SME owner as well as the rest of society through positive spill-over benefits in terms of job and wealth creation, as well as economic growth.

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