The EU SME Assembly in Budapest came to a close on Wednesday 20th November. Held during Global Entrepreneurship Week (GEW), this annual event, held in Hungary's vibrant capital, brought together policymakers, entrepreneurs, and industry leaders from across Europe to discuss the challenges and opportunities facing SMEs in an ever-evolving economic landscape.
The assembly kicked off with the prestigious Schumpeter “Innovation in Enterprise’ lecture. This keynote address was delivered by the renowned Swedish professor of entrepreneurship, Johan Wiklund and provided insights on the EUs approach to entrepreneurship as well as a deep dive into why the Silicon Valley model might not be right and what the alternatives are.
One of the key themes that emerged during the event was the digital transformation of SMEs. Panels and workshops focused on how small businesses can leverage emerging technologies like artificial intelligence and blockchain to enhance their competitiveness. Experts shared insights on digital skills training and funding opportunities to help SMEs navigate this technological shift.
Sustainability was another central topic, with discussions on how SMEs can contribute to and benefit from the EU's green transition. Sessions explored eco-innovation, circular economy practices, and green financing options tailored for smaller enterprises.
The assembly also addressed the ongoing challenges posed by economic uncertainties and geopolitical tensions. Policymakers and business leaders engaged in frank discussions about supply chain resilience, access to finance, and strategies to mitigate the impact of global crises on SMEs.
A highlight of the event was the Youth Start-up Competition recognizing outstanding projects and initiatives that support entrepreneurship from young entrepreneurs. GEN Director of Knowledge and Programming, Cristina Rodriguez was part of the panel which awarded the 2024 award to Frederico Mauritty, founder of HidroQapa, an outstanding environmental project that produces waterproof bioplastic films from shrimp shells, creating solutions for the textile industry while adding value to waste.
The SME Assembly 2024 concluded with a renewed commitment from EU officials to strengthen support for SMEs, including promises of simplified regulations, increased access to funding, and enhanced programs to boost internationalization. As participants departed, there was a sense of optimism about the future of Europe's small businesses and their potential to drive sustainable economic growth in the years ahead.