MSME Day- Embracing the Journey Ahead

This year’s MSME Day unfolded as a truly spectacular event, captivating the attention of global audiences with its timely discussions. Convened at the United Nations, subject matter experts from around the world gathered both in person and virtually to address crucial topics ranging from global ecosystem development for MSMEs to the challenges faced by women and youth entrepreneurs, as well as the transformative power of innovation. Against a backdrop of urgency, unity, and hope, the event emphasized a human approach and the allocation of vital resources such as funds, toolkits, and other support services. Recognizing that MSMEs constitute over 90% of global businesses and serve as the backbone of economies worldwide, speakers shed light on how to overcome the multiple shocks and crises that have disrupted the global working environment for these micro-, small-, and medium-sized enterprises.

Throughout the event, representatives stressed the importance of offering comprehensive support portfolios to MSMEs, both to strengthen businesses in developing economies but also to reduce the risk of pursuing entrepreneurship in developed countries. The significance of innovation as a lifeblood for successful entrepreneurship was underscored, so was the need for high-touch, high-meaning solutions. Notable speakers shared their insights including approaches such as “learning by feeling” to empower women entrepreneurs. Furthermore, participants emphasized the role of MSMEs in shaping national policies and highlighted the strategic plans required to galvanize them, ensuring responsible entrepreneurship and knowledge transfer alongside new public support.

Amidst the exchange of ideas and experiences, a shared sense of excitement permeated the discussions, as participants recognized the promising path ahead. The event served as a call to action, urging all stakeholders to embrace the opportunities and challenges that lie ahead. With perspectives shared from diverse economies such as Germany, South Africa, Switzerland, Italy, Saudi Arabia, and others, the discussions echoed the global nature of MSMEs and the collective responsibility to foster their growth and sustainability. MSME Day set the stage for a future where MSMEs thrive and contribute to a more inclusive and prosperous world. As the echoes of the discussions linger, it is our collective duty to heed the call and embark on the journey towards empowering MSMEs, shaping policies, and creating an environment conducive to their success.

As we venture into the forthcoming year, take a moment to reflect on the role you can play in supporting MSMEs. Let us ask ourselves: How can we contribute to their success? Whether it entails making a conscious effort to buy local, enthusiastically spreading the word about their offerings, forging partnerships with MSME associations, or advocating for the simplification of regulations and procedures, each and every one of us has the power to make a tangible difference. By embracing these actions, we can collectively play an instrumental part in fostering an environment where MSMEs thrive and flourish.

Written by: Emmanuel Moges – Analyst at FedTech