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Nurturing an economy for all: The role of SMEs and open data

How the European Commission prioritises prosperity and equity through SME support and open data initiatives

Recognising that the prosperity of individuals and businesses hinges on an economy tailored to their needs, the European Commission has emphasised the necessity of cultivating an economy that adapts to the people. This prioritisation, deeply embedded within the EU's distinctive social market economy framework, not only seeks to promote economic growth but also strives to mitigate inequality across Member States.

A central focus within the broader agenda of crafting an economy that benefits all is the bolstering of small and medium-sized enterprises (SMEs). The European Commission aims to fortify SMEs, recognised as the backbone of the EU economy, through initiatives that promote standardisation processes, consequently reducing costs, enhancing innovative capacity, and augmenting competitiveness. Additionally, efforts are directed towards facilitating SMEs' access to crucial market information, essential for informed decision-making and strategic planning.

An indispensable tool in realising these objectives is the strategic utilisation of open data. By fostering greater accessibility and transparency of data, businesses, particularly SMEs, can glean valuable insights into labour market dynamics, emerging business trends, and shifting consumer behaviour. Notably, platforms such as the SME support webpage and provide SMEs with useful information, facilitating evidence-based decision-making and enabling targeted interventions to enhance competitiveness. 

With our portal offering access to nearly 90,000 datasets in the economy and finance category alone, organisations can harness valuable open data to drive innovation, foster entrepreneurship, and ultimately contributing to fuel economic growth of EU.

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