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enterprises --- small and medium enterprises --- Esprit d'entreprise --- Belgium
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small and medium enterprises --- management. --- management --- Human resources --- training strategies --- training programmes --- economics --- Capacity building --- Germany
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This paper tests for financial constraints as a market failure in education in a low-income country. In an experimental setup, unconditional cash grants are allocated to one private school or all private schools in a village. Enrollment increases in both treatments, accompanied by infrastructure investments. However, test scores and fees only increase in the setting of all private schools along with higher teacher wages. This differential impact follows from a canonical oligopoly model with capacity constraints and endogenous quality: greater financial saturation crowds-in quality investments. The findings of higher social surplus in the setting of all private schools, but greater private returns in the setting of one private school underscore the importance of leveraging market structure in designing educational subsidies.
Education --- Education Finance --- Education Markets --- Educational Achievement --- Financial Innovation --- Private Schools --- Return to Capital --- Small and Medium Enterprises --- SMEs
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This paper explores the impact of large, individual-liability loans on the growth of women-owned microenterprises in Ethiopia. Traditionally, microfinance institutions in Ethiopia have primarily catered to female enterprises with group lending schemes that provide very small loans. The limitations of this model are two-fold: in addition to these micro-loans being too small in size to fuel meaningful business growth, many of the female enterprises that are targeted with these loans face binding constraints, such as concentration in lower-growth sectors, lack of alternative job opportunities, limitations on time and mobility, and restrictive gender norms. The paper investigates the impact of credit to female entrepreneurs in a novel context, by examining larger loans, provided to growth-oriented women entrepreneurs. These entrepreneurs fall in the "missing middle" or "meso-finance" segment of the financial market because their credit needs are too large for microfinance, but not large enough for commercial banks. The paper uses a propensity score matching methodology to examine the impact of loans offered to women as part of the Women Entrepreneurship Development Project, a program funded by the World Bank International Development Association, that targets growth-oriented women entrepreneurs in Ethiopia. The results suggest that large, individual-liability loans can make a significant difference in accelerating growth in the business incomes and employment levels of women-owned enterprises.
Entrepreneurship --- Firms --- Gender --- Macroeconomics and Economic Growth --- Microenterprise --- Microenterprises --- Microfinance --- Private Sector Development --- Small and Medium Enterprises --- SMEs
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This paper describes a unique cross-country database that presents consistent and comparable information on the contribution of the small and medium enterprises sector to total employment, job creation, and growth in 99 countries. The authors compare and contrast the importance of small and medium enterprises to that of young firms across different economies. They find that small firms (in particular, firms with less than 100 employees) and mature firms (in particular, firms older than 10 years) have the largest shares of total employment and job creation. Small firms and young firms have higher job creation rates than large and mature firms. However, large firms and young firms have higher productivity growth. This suggests that while small firms employ a large share of workers and create most jobs in developing economies their contribution to productivity growth is not as high as that of large firms.
Emerging Markets --- Employment --- Finance and Private Sector Development --- Growth --- Job Creation --- Labor Markets --- Labor Policies --- Microfinance --- Private Sector Development --- Small and Medium Enterprises --- Small Scale Enterprise
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High-growth firms have been widely studied in advanced countries, but little is known about such stellar performers in Africa. Using establishment-level data from Ethiopia, this paper finds that the incidence of high-growth firms stands at an average of 7 percent, a figure comparable to that of advanced countries. High-growth episodes are short-lived, and the likelihood of survival or a subsequent episode is not any higher for high-growth firms. It is difficult for firms to sustain high growth, and the likelihood of a repeated episode is low. There is only a 6.5 percent chance that a manufacturing plant in Ethiopia will repeat a high-growth event in the subsequent three-year period. This likelihood is not greater than that of plants that did not experience high growth in the previous period. The paper explores the drivers of high growth and finds a tight link between exemplary performance and initial plant productivity, which is robust to many controls, including plant location. Plants located in Ethiopia's capital city or agglomerations have a higher probability of high growth. And high growth in plant employment is found to be self-reinforcing, that is, past high-growth experience is positively and significantly associated with subsequent growth in firm productivity.
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Many innovative start-ups and small and medium-size enterprises have good ideas, but do not have these ideas fine-tuned to the stage where they can attract outside funding. Investment readiness programs attempt to help firms to become ready to attract and accept outside equity funding through a combination of training, mentoring, master classes, and networking. This study conducted a five-country randomized experiment in the Western Balkans that worked with 346 firms and delivered an investment readiness program to half of the firms, with the control group receiving an inexpensive online program instead. A pitch event was then held for these firms to pitch their ideas to independent judges. The investment readiness program resulted in a 0.3 standard deviation increase in the investment readiness score, with this increase occurring throughout the distribution. Two follow-up surveys show that the judges' scores predicted investment readiness and investment outcomes over the subsequent two years. Treated firms attained significantly more media attention and were 5 percentage points more likely to have made a deal with an outside investor, although this increase is not statistically significant (95 confidence interval of -4.7 to +14.7 percentage points).
Entrepreneurship --- Equity Investment --- Innovation --- Investment --- Private Sector Development --- Randomized Controlled Trial --- Small and Medium Size Enterprises --- Small Medium Enterprises --- SMEs --- Start-ups
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This paper describes a unique cross-country database that presents consistent and comparable information on the contribution of the small and medium enterprises sector to total employment, job creation, and growth in 99 countries. The authors compare and contrast the importance of small and medium enterprises to that of young firms across different economies. They find that small firms (in particular, firms with less than 100 employees) and mature firms (in particular, firms older than 10 years) have the largest shares of total employment and job creation. Small firms and young firms have higher job creation rates than large and mature firms. However, large firms and young firms have higher productivity growth. This suggests that while small firms employ a large share of workers and create most jobs in developing economies their contribution to productivity growth is not as high as that of large firms.
Emerging Markets --- Employment --- Finance and Private Sector Development --- Growth --- Job Creation --- Labor Markets --- Labor Policies --- Microfinance --- Private Sector Development --- Small and Medium Enterprises --- Small Scale Enterprise
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Small and medium enterprises (SMEs) have to approach open innovation differently than large companies. Open Innovation Essentials for Small and Medium Enterprises provides the first comprehensive introduction to the practice of open innovation expressly for entrepreneurs and managers of SMEs. The authors provide strategies, techniques, and "tricks of the trade" that enable SMEs to establish and operate open innovation systems that increase their business's profitability and enhance the long-term value of their equity. They explain how SMEs can use open innovation to develop and sell products and services or to acquire, mature, and sell technology and intellectual property rights. Tools such as brokers, auctions, crowdsourcing, technology transfer, and spin-ups are presented in ways that make it easy to use them in your own company. The entire book can be read on an airplane flight or in an evening, making it useful for people already in business and faculty or students seeking supplemental reading material for courses.
Entrepreneurship. --- Technological innovations. --- Small business --- Management. --- business acceleration --- crowdsourcing --- intellectual property (IP) --- IP auctions --- IP brokerage --- open innovation --- small and medium enterprises (SMEs) --- spin-up companies --- technology transfer
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The subject of business valuation is a very controversial one. Indeed, many practitioners agree that it is not an exact science. It is therefore understandable that the valuation of Belgian small and medium-sized enterprises is even more so. The lack of visibility of the market makes comparisons almost impossible and involves varied and poorly formalized methodologies. In addition, there are many evaluation techniques and can lead to results that are very different from each other. These differences are mainly due to the parameters used in the implementation of methods. This project-thesis will therefore be divided into two main parts. The first one will present in a theoretical way the different valuation techniques of the host company. It will provide the necessary information to the reader so that he or she can have the knowledge necessary for a proper understanding of the project. The second part will discuss the analyses carried out on the company's operational tool as well as the research carried out on the market, with professionals in the field. The results obtained will then be presented and will lead to modifications and improvements to the Excel tool, which will also be developed in this part of the work. This paper will therefore address some of the parameters used when implementing techniques, such as Small Firm Premium or the amount of equity capital used. It will also make it possible to analyze the relevance of the methods implemented and the accuracy of new techniques. Finally, advice and suggestions will be given to the company in order to enable it to better defend its files and obtain valuation results closer to the prices the market accepts to pay.
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