Everyone agrees that small and medium businesses are the way to go to drive job creation and growth. But despite myriad government policies and funds in place aimed at creating and supporting small black-owned businesses and the many private-sector hubs, incubators and enterprise and supplier development initiatives, we seem to be making remarkably little progress. That's evident in a recent study by the World Bank and International Finance Corporation which finds that SA's micro, small and medium enterprises employ 50%-60% of the workforce and contribute 34% of gross domestic product, but the sector has been stagnant over the past decade, with the number of enterprises hardly higher in 2017 than in 2008 - and a rate of new business creation that is low compared to other African countries. There clearly are some serious gaps in the market, not to mention failures in policy. And while the R1.4bn SA SME Fund, which was launched formally this week, is tiny in the scheme of things, it c...

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