The European Commission (EC) has just released a pair of strategies, one specifically aimed at small and medium enterprises (SME) in Europe. What type of strategy is it, and why is it designed for the SME business sector?
Before unveiling this strategy, let’s take a look at the SME sector of the economy. It is common for people to think that large corporations are the drivers of the economy in any country. And, indeed, they do contribute substantially in terms of gross national product, numbers of employees, and media attention they get.
You might be surprised to learn that SMEs provide more jobs than big companies. They are also where a lot of innovation takes place because these companies are small, agile, focused, and driven to “break the mold.”
According to Eurostat, in 2015, companies with fewer than 250 employees accounted for 99% of all businesses, and of these, 94% are independently owned. You can see more data at Statista. The chart below gives the numbers by country.
As the article above states, “(SMEs) are a focal point in shaping enterprise policy in the European Union (EU). The European Commission considers SMEs and entrepreneurship as key to ensuring economic growth, innovation, job creation, and social integration in the EU.” They are also considered key to achieving the digitization of the European economy and growing a green future.
Heady praise for these small companies. So, do you think it does not make sense to focus on the SME as the drivers of digital and green economic growth? Consider this point, just about every significant company starts small. Take Apple and Microsoft; for example, they began as garage operations. So did HP, Siemens, and so on.
To support the SME community, the European DIGITAL SME Alliance exists to represent and advocate for small and medium-sized companies in the information and communication technology (ICT) sector. Check them out here.
Skudo is proud to be part of the ICT community and is actively developing and deploying the best end-to-end encryption solutions available to companies and organizations of all sizes. We have an exciting new hardware encryption development board available. Go to our Crowd Supply page and sign up for more information. You can also learn more about Skudo on our website.