small to medium-sized enterprises (SMEs)

Small to medium-sized enterprises (SMEs) are businesses that are smaller in scale compared to large corporations. They typically have a limited number of employees and lower annual revenue. The exact definition of SMEs can vary by country, but they generally have fewer than 250 employees and earn less than a certain amount, such as 50 million euros. SMEs play a crucial role in the economy by creating jobs, fostering innovation, and contributing to local communities. They are often considered the backbone of many economies, providing diverse products and services while encouraging entrepreneurship.