UP ISSI celebrates ISME Day
International SME Day is a global observance dedicated to celebrating and recognizing the contributions of small and medium-sized enterprises (SMEs) to the global economy. It serves as a platform to raise awareness about the importance of SMEs, promote their growth and development, and highlight their role in job creation, innovation, and economic prosperity.
The United Nations General Assembly officially recognized June 27th as International SME Day in 2017. The resolution aimed to emphasize the significance of SMEs in achieving sustainable development goals and to encourage governments, organizations, and stakeholders to support and empower these businesses.
SMEs play a vital role in economies worldwide, contributing significantly to GDP, employment generation, and overall economic growth. They are often considered the backbone of economies, particularly in developing countries, as they are agile, innovative, and adaptable to market changes. SMEs encompass a wide range of businesses, including startups, family-owned enterprises, and micro-enterprises, operating across various sectors such as manufacturing, services, and technology.
International SME Day is an occasion to shed light on the challenges faced by SMEs and to recognize their resilience in the face of adversity. These challenges can include limited access to finance, bureaucratic hurdles, regulatory complexities, lack of infrastructure, and difficulties in scaling operations. By highlighting these obstacles, the day aims to promote dialogue and advocate for policies and initiatives that address the specific needs of SMEs.
International SME Day serves as a reminder of the importance of nurturing and empowering SMEs, recognizing their contributions, and creating an enabling environment for their growth. It highlights the need for inclusive economic policies, access to finance and markets, capacity building, and supportive ecosystems to foster the success and sustainability of SMEs globally.
International SME Day serves as a global platform to recognize and celebrate the contributions of small and medium-sized enterprises (SMEs) to economic growth and development. These dynamic entities often face unique challenges, requiring support and guidance to thrive in a competitive business landscape. The Institute for Small Scale Industries (UP ISSI), an organic institution of the University of the Philippines dedicated to empowering SMEs, made an impactful contribution to International SME Day by spending the day with entrepreneur-mentees, providing them with valuable assistance and guidance to support their business ventures.
UP ISSI embraced the spirit of International SME Day by dedicating the day to support its entrepreneur-mentees. Through the LIPAD Project, (Levelling-up of Innovative Agriculture, Aquatic, and Natural Resources-based Start-ups/Spin-offs through Promotion, Assistance, and Development) which is done in partnership with the Department of Science and Technology (DOST), these aspiring business owners seeking to establish or grow their ventures, will receive personalized guidance from the experts at UP ISSI and funding support from the DOST to expand and grow their business.
The university’s initiative involved a range of activities designed to address the unique needs and challenges faced by these entrepreneur-mentees. The UP ISSI team engaged in one-on-one mentoring sessions, business consultations, and knowledge-sharing workshops tailored to specific areas such as marketing, finance, operations, and strategy. The focus was to equip these individuals with the skills and knowledge necessary to navigate the complexities of entrepreneurship successfully.
UP ISSI’s commitment to supporting SMEs is not limited to a single day. Established in 1969, the Institute has conducted various research, extension, and training programs which are crucial in fostering the growth and success of SMEs and demonstrates the Institute’s dedication to nurturing a vibrant entrepreneurial ecosystem that will continue to thrive beyond International SME Day, contributing to the economic development of the country.
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