Small businesses play an undisputedly important role in the economy, they represent about 90% of businesses and provide more than 50% of employment worldwide. Small and medium businesses benefit communities beyond economic factors too, many small businesses support local communities, they add to the diversity of business and stimulate innovation.
This impact is greatest in emerging economies but in Europe, SMEs still punch well above their weight in some sectors. Amongst the 14 industrial ecosystems in the EU, construction, tourism, and textiles are the top three industries where small and medium-sized enterprises have a greater proportion of value-added compared to their large enterprise counterparts.
