Small, medium and micro-sized businesses (SMBs) are the engines of job creation worldwide, are critical to the health of our global economy and to fostering growth and wealth distribution in emerging and developed countries.
- More than 90% of all European businesses are SMBs.
- In the US, small companies have generated 65% of net new jobs over the past 17 years.
- In Africa, 40% of citizens plan to start a business in the next 12 months.
- Indian SMBs will account for 22% of India’s GDP over the next three years.
At SAP, we see every day how access to critical resources enables fledgling organizations to grow into robust enterprises that create jobs and strengthen communities. Across the globe, technology, talent, and capital are like “rocket fuel” for entrepreneurs and small businesses.
For example, innovative patient capital models can help entrepreneurs to create sustainable businesses with significant social impact in bottom of the pyramid countries. In partnership with Peace Nobel Prize Laureate Muhammad Yunus, SAP is fostering entrepreneurship in Haiti after the devastating earthquake in 2010 to empower Haitians to help themselves and to create employment. By setting up an incubator and a Haiti social business fund, SAP is helping to establish at least 30 social businesses by the end of 2014, and thus a minimum of 450 jobs will be created in a country where more than two thirds of the labor force does not have a formal job.
But capital is just one piece of the puzzle. Education and mentorship opportunities are necessary to support a skilled workforce and a new generation of entrepreneurs with the ability to create meaningful jobs. And technology enables businesses to scale their operations and/or kick start fresh innovations that will nourish sustainable economic growth.
Underserved communities often lack these resources, despite the wealth of potential they possess. Together, we can change that. Let’s work together to help unlock the potential of entrepreneurs and small businesses in underserved communities to create economic, social and environmental impact.
Join our global, online competition “The Power of Small: Entrepreneurs Strengthening Local Economies”. We look forward to partnering with you and hearing your innovative strategies to help emerging entrepreneurs and small businesses grow and thrive in underserved communities.