The document summarizes Lucia Cusmano's presentation at the AECM Annual Seminar in Berlin on June 19, 2015 about building a conducive environment for innovative small- and medium-sized enterprises (SMEs). It discusses challenges SMEs face such as access to finance and regulations, and how business investments have shifted to non-OECD countries. It also outlines an OECD project to benchmark SME performance and business environment policies across countries to help address these challenges.
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AECM Annual Event 2015 - Lucia Cusmano
1. AECM Annual Seminar
Berlin
19 June 2015
Building a conducive environment for
innovative SMEs
Lucia Cusmano
Senior Economist
Secretary to OECD Working Party on SMEs and Entrepreneurship (WPSMEE)
OECD Centre for SMEs, Entrepreneurship & Local Development (CFE)
3. Sustaining investment in innovation
Business investment in knowledge assets slowed, but weathered the
crisis better and recovered earlier
(Index, 2005=100)
Source: OECD (2014) based on OECD National Accounts.
5. Channelling liquidity into productive investments
The puzzle
Stock market boom: asset prices rising in response to zero
interest rates and quantitative easing
Stagnating productive investments: uncertainty and high
risk perceived by investors
Emergence of new financing instruments: expanding (from
a low basis) and engaging new (sometimes unexperienced)
investors
Growth capital gap for businesses: heavy reliance on
traditional debt to fulfill investment needs
6. Investment for sustainable and inclusive growth
• Sustain the cyclical recovery, which is still fragile
– subdued actual and expected demand
– lingering uncertainty
– remaining excess capacity in many areas
• Increase productivity
Labour productivity growth
Less investment
Scarred labour markets
and de-skilling
Slower diffusion and
embodiment of new
technologies
7. What are the main constraints for SMEs?
Finance … and beyond
The most pressing problems faced by euro area enterprises
ECB Survey on Access to Finance, April-September 2014
% of respondents
Source: ECB (2014)
8. The business environment matters
(and so structural reforms)
Main components of importance for SMEs
• Navigating and complying with
regulation
• Dealing with taxation
• Protecting rights and enforcing
contracts
• Building trust in institutions and
public services
• Implementing anti-corruption
practices
• Standing fair competition
• Finding customers
• Overcoming barriers to
international markets
• Accessing public markets
• Accessing finance
• Finding appropriate skills
• Sourcing knowledge,
technology and innovation
• Managing intellectual assets
• Managing energy costs
9. OECD project on
Benchmarking policies for stronger SME performance
Objectives
• Enable countries to benchmark their SME performance and SME
business environment conditions internationally, and draw links with
policies.
• Fill an important information gap on SMEs.
Pilot project (2015-16)
Phase 1. SME business environment scoreboard for OECD countries
Phase 2. Comparative assessment of selected policies targeted to SMEs in
pilot countries (Canada, Israel, Portugal and the UK)