Micro-, Small and Medium-sized Enterprises Day

Micro-, Small and Medium-sized Enterprises Day

Micro, Small and Medium-sized Enterprises (MSME) Day is an observance dedicated to recognizing the vital role these businesses play in the global economy. By generating employment opportunities, fostering innovation and contributing to sustainable development, these enterprises serve as the backbone of many economies, including Canada's. The aim of the Observance is to raise awareness of the significant impact MSMEs have on job creation, poverty reduction and financial inclusion, as well as to encourage international support and cooperation in the realization of their potential.

Originally established by the United Nations General Assembly in 2017, MSME Day aims to advocate for the growth and development of these enterprises as a means of bolstering the economic prospects of not just individual countries but also entire regions. For Canadians, this observance serves as a reminder of the important role MSMEs play in driving Canadian economic success, with these enterprises accounting for over 90% of all employer businesses in the country. With vast geographical expanses and a highly diverse population, MSMEs in Canada represent the backbone of local communities, providing employment opportunities and vital revenue to fuel economic development.

Typical customs and activities around MSME Day in Canada may include conferences, workshops, and seminars aimed at supporting the growth of these businesses and fostering networking opportunities among entrepreneurs. These events provide platforms for knowledge exchange, collaboration, and innovation, with the ultimate goal of securing the future prosperity of Canadian MSMEs. The Observance occurs annually on June 27th, providing a designated day for celebrating, recognizing, and supporting the vital role these businesses play in the Canadian economy.

Facts about Micro-, Small and Medium-sized Enterprises Day

• According to the International Council for Small Business (ICSB), formal and informal micro-, small and medium-sized enterprises make up more than 90% of all firms in the world. They also account for 70% of the total employment and 50% of the global gross domestic product (GDP).
• According to the UN, more than 600 million jobs will be needed by 2030 in order to handle the growing global workforce.
• MSMEs are proving to be more resilient and adaptable to economic shifts and market disruptions, being key drivers in ensuring an economy's sustainability. They have shown their mettle during the economic downturns and the ongoing COVID-19 pandemic.
• MSMEs are essential in creating employment opportunities in Canada. They provide jobs to about 90% of the private sector workforce, which translates to more than 8 million jobs.
• Canadian small businesses contribute around 30% of the total research and development expenditures in the country.

In the News and Trending in Canada for Micro-, Small and Medium-sized Enterprises Day

Top things to do in Canada for this observance

• Learn more about the power of micro-, small and medium-sized enterprises .
• Discover 5 things SMEs need to survive.
• Visit local business support centers, such as the Small Business Enterprise Centre (SBEC) or Business Development Bank of Canada (BDC), to access resources, mentorship, and advice for growing your business.
• Enroll in courses or programs that focus on improving business skills, including marketing, finance, management, and technology offered by local colleges, universities, or business organizations.