The European Commission published on March 10th a new Strategy to help Europe’s industry lead the twin transitions towards climate neutrality and digital leadership. The Strategy aims to drive Europe’s competitiveness and its strategic autonomy at a time of moving geopolitical plates and increasing global competition.
The dedicated Strategy for small and medium-sized enterprises (SMEs) aims to reduce red tape and help Europe’s numerous SMEs to do business across the single market and beyond, access financing and help lead the way on the digital and green transitions.
SMEs play a key role in Europe’s industrial fabric, providing two out of three jobs, and are central to the success of this new industrial approach. The Strategy aims to help SMEs to lead the twin transitions, which also means securing access to the right skills.
The Commission will upgrade the European Enterprise Network with dedicated Sustainability Advisors to build SMEs’ capacity for these transitions. It will also expand Digital Innovation Hubs across every region in Europe to empower SMEs to integrate digital innovations. It will open up possibilities for volunteering and training on digital technologies.
To make it easier for SMEs to operate in the single market and beyond, the Commission proposes actions to remove regulatory and practical obstacles to doing business or scaling up. Among them, the Commission is stepping up its efforts to ensure prompt payment, in particular through a new virtual Observatory, as well as through alternative dispute resolution.
In addition, to make it more accessible for SMEs to go public in Europe, the Commission will also support an SME Initial Public Offerings (IPOs) Fund under the InvestEU SME window. It will also empower female entrepreneurship by stimulating investment in women-led companies and funds.
Furthermore, the Commission invites Member States to ensure one-stop shop assistance to companies. The objective is to make Europe the best place to start a business and grow. It will work with Member States on an EU Start-up Nations Standard to share and adopt best practices to accelerate growth of high-tech SMEs and start-ups. To ensure political commitment for these measures, a high-level EU SME Envoy will guarantee close partnership and coordination with EU Member States through national SME envoys, as well as with regional and local authorities. It will also strengthen the SME perspective in EU legislation.
For further information: New SME Strategy