Navigation path

Left navigation

Additional tools

Tag ‘news’

SMEs and the war in Ukraine

Tags: , ,

Russia’s war of aggression in Ukraine is a tragic humanitarian crisis affecting millions of men, women and children. The economic impacts of the war have also been severe, with EU trade with Ukraine nosediving due to the war. A recent report from the SME Envoy Network looks at the economic consequences of the war and makes some recommendations on how to help small and medium-sized enterprises (SMEs) emerge stronger from the turmoil.

According to the report, which was put together under the guidance of SME Envoy for Denmark Torsten A. Andersen, the direct economic damage caused by the war will be significant for Europe’s SMEs. European businesses will be more adversely affected by the sanctions put in place as a result of Russia’s unprovoked attack on its neighbour than compared to companies in other large economies. This is due to their higher exposure to the Russian market, which is geographically close and has been a major supplier of energy and other raw materials. Russia has also been an important export market for many European SMEs.

Risk to SMEs

However, the report goes on to say that, the indirect consequences of the war may well prove to be more significant for European SMEs. Ukraine and Russia are key suppliers of a number of commodities that are necessary for a modern economy to function, from wheat to nickel and platinum. In addition, Ukraine also produces around half of the world’s neon, needed in the production of microchips.

The report notes that the impacts of the war may be disproportionately harmful for SMEs, which often lack the resources and global reach to seek out alternative suppliers and diversify their inputs in response to higher prices and longer waiting times. Moreover, as higher costs are passed on throughout value chains, SMEs may find that they have less bargaining power than larger companies do.

Recommendations for recovery

The report recommends that policy-makers should take steps to improve the competitiveness and economic vitality of Europe’s SMEs. New import and export markets should be cultivated for SMEs to offset the loss stemming from the Russian invasion of Ukraine. The report also highlights the important role that trade promotion activities play in supporting, services such as the Enterprise Europe Network.

To help mitigate the negative economic effects of the war, the report stresses that efforts should be made to ensure good economic conditions are conducive to growth within the EU Single Market, so that greater intra-EU trade can provide an alternative for SMEs exporting to the Russian market.

Read the report in full here.

SME Week Newsletter 2021: Issue #9

Tags: , ,

Welcome back to the SME Week Newsletter!

What better time than summer to get creative? The latest edition of SME Week Youth Essay Competition 2021 has been launched to give young people across Europe a platform to share their ideas on what a successful and sustainable start-up in 2030 looks like.

In this edition, we also look at the next phase of the European Enterprise Promotion Awards 2021 to see how many entries made it to the European stage.

Don’t forget to share with us YOUR stories; how are you navigating these challenging times? Share your news and updates to be featured in an upcoming issue or on the Promoting Enterprise News Portal.



Don’t forget to check our YouTube channel below

  • Tags

  • RSS Promoting Enterprise

    • Secrets of Success 2022 – 2023 33 Under 33 List: meet the first 4 November 25, 2022
      This year, in the spirit of the European Year of Youth and under the auspices of European SME Week, we have launched the new Secrets of Success 2022–2023: 33 Under 33 List. It aims to identify and promote 33 promising young entrepreneurs from across the 33 EU & COSME countries. In this post, we introduce […]
    • SME Assembly 2022 — A Little Guide to Prague November 24, 2022
      The SME Assembly 2022 is nearly here! In anticipation of this year’s event, we’ve listed some of the best things to see, buy, eat, and (of course) drink in the beautiful Czech capital. What to See Take a walk along the Royal Route to check out some of the city’s most dazzling sights. Although less […]
    • 2022 SME Assembly — Award Categories November 23, 2022
      There are only days to go before the SME Assembly 2022. Who will take home awards in Prague this year? Download the Promoting Enterprise app to livestream the ceremonies! Amongst the highlights of every SME Assembly are the awards presented to entrepreneurs and other inspiring individuals from across Europe. This year, three different categories of […]
    • SME Assembly 2022 – A Sneak Peek at this Year’s Programme (Part 2) November 22, 2022
      There are loads of incredible workshops to participate in at this year’s event, as well as two masterclasses. You can livestream them using the Promoting Enterprise app. Aside from the awards to be presented, keynote speeches to be delivered, talks by renowned policymakers to be given, and Luc Soete’s Schumpeter ‘Innovation in Enterprise’ lecture, the […]
    • SME Assembly 2022 — Meet This Year’s Schumpeter Lecturer, Dr Luc Soete November 21, 2022
      At each SME Assembly, a leading figure in European entrepreneurship delivers our Schumpeter ‘Innovation in Enterprise’ lecture. Meet Professor Luc Soete, Dean of the Brussels School of Governance (BSoG), VUB who, in just a few days, will be delivering this year’s lecture (which you can livestream via the Promoting Enterprise app). The SME Assembly is […]
    • SME Assembly 2022 — A Sneak Peek at this Year’s Programme (Part 1) November 18, 2022
      The countdown to Europe’s premier SME event has begun! This year’s edition of the SME Assembly will take place between November 28 and 30 in Prague. Here’s a glimpse of what’s in store for those attending in person (and online!). The SME Assembly 2022 will be hosted by actress Lejla Abbasová (Prince Caspian) and will […]
    • SME Week Newsletter 2022: Issue #19 November 16, 2022
      Welcome to the latest edition of the SME Week Newsletter The countdown has begun! Less than two weeks to go to this year’s SME Week and SME Assembly in Prague on 28-30 November 2022. Ahead of all the excitement of SME Week, in this month’s issue of our newsletter we bring you all the latest news from […]
    • Attend the SME Assembly online November 10, 2022
      (Register Now) Last chance to register now for the SME Assembly 2022 The SME Assembly is the most significant event for Europe’s SMEs and entrepreneurs, and those that support them. It focuses on how to make SME policy work on the ground, in order for Europe’s SMEs and entrepreneurs to thrive. The SME Assembly 2022, […]
    • SME Week Youth Essay Competition – meet the finalists! November 7, 2022
      The standard of the submissions was very high in this year’s SME Week Youth Essay Competition, so our jury had a difficult task. Nevertheless, their deliberations have concluded and we can announce the three finalists that will be travelling to Prague later this month to attend the SME Assembly. And so, without further ado, here […]
    • EEPA 2022 shortlist – Responsible and Inclusive Entrepreneurship November 2, 2022
      At the beginning of October, we announced the shortlist of finalists for s year’s European Enterprise Promotion Awards (EEPA). Since then, we have taken a closer look at the shortlisted projects in each category. You have already had the opportunity to learn more about the projects in Category 1, Category 2, Category 3, Category 4 and […]