90% Of Existing Businesses Are Small Medium Enterprises

Small and medium-sized enterprises (SMEs), represent 90 percent of existing businesses, up to 70 percent of jobs, and 40 percent of the country’s GDPs according to a survey by Global Business Coalition for Education.

In Kenya, the SME sector has been known to employ at least 86 percent of the population, represent more than 90 percent of the businesses and contribute about 45.5 percent to Kenya’s GDP.

Unlike before, SMEs have been found to be impacting millions of children through mentoring, tutoring, scholarships, support to after-school programs, financial contributions, and pro bono support.

“Small businesses can have a big impact by being the bridge between education and employment and provide better opportunities for children and youth globally,” said Justin van Fleet, Executive Director of the Global Business Coalition for Education.

The Covid-19 pandemic has accelerated the digital transformation in education and provides even more opportunities for businesses to get involved even as they see their own business models shifting to address the new realities.

Through their knowledge, expertise, and connections with communities, SMEs can provide training and employment opportunities in their local communities or provide support to global education efforts.

To encourage more companies to support young people and make it easier for business leaders to make the most impactful decisions when investing in education, the report recommends easy steps to get involved, such as learning from other businesses’ experiences, working with your suppliers or client companies, or supporting out-of-school programs like sports or music classes.

On the back of the report, small business leaders are signing onto a global pledge to support education in their communities.

Justin van Fleet said: “We hope that this report inspires other small business leaders to find ways to support education for children in their community and strengthen public education. It is good for young people and also good for business”.

READ: Global Tourism Lost USD 1.3 Trillion In 2020 – UN