Looking back at 2023 and Forward to 2024
How we Advanced Responsible Business Models with Impact-Driven SMEs.
“Just witnessing the happiness and joy that our work brings to households in communities where my business is established is one that you cannot quantify. What we keep hearing from them is ‘thank you.’ These are the things that soften my heart and make me wake up every day and do what I have to do,” said James Ebuk, founder of Awelo Millers and Packers investment in Uganda.
“When I think of the users of the reusable sanitary pads that we produce, I just keep on pushing. I have found that passion will fail you when there is no profit, but compassion will keep you going,” added Olivia, the founder of PadUp Creation, a company that manufactures reusable sanitary pads for women and girls in Nigeria.
James and Olivia, along with numerous other impact-driven SMEs, are actively challenging conventional business practices and advocating for responsible approaches that foster a more human economy[1]. Through our extensive work with SMEs, supported by research and data, we have gleaned insights indicating that increased investments in impact-driven enterprises are pivotal in ensuring their positive contributions to both people and the planet.
Our focus
Oxfam Impact SME Development program is dedicated to driving systemic change by ensuring that people and the planet benefit from inclusive, fair, and sustainable businesses.
Through increased investments in impact-driven SMEs, we promote sustainable business practices and products that benefit the environment, while also creating fair income opportunities for smallholder suppliers, offering inclusive and sustainable products and services to customers, and fostering equal opportunities and increased employment for women and youth.
What we are most proud of in 2023
As of 2023, we have supported 511 SMEs in various countries. 70% of them prioritized environmental impact in their business activities. Within these businesses, 15,000 jobs have been supported since 2015, with 45% held by women. All SMEs have on average 4 out of the 6 decent policies in place. 69% have social impact at the core of their business model and 66% percent successfully applied for and received external financing.
In 2023, we continued our journey towards creating a fairer, greener, and more inclusive global ecosystem. We co-organized the Asia Inclusive & Responsible Business Forum which convened 80+ business leaders and civil society groups to discuss sustainable practices, emphasizing integration into business models and promoting collaboration for a people- and planet-centered approach. Topics included decent work, women's empowerment, fair and responsible supply chains.
We established a global alumni network with 155 impact-driven SMEs from seven countries, fostering learning, enabling idea business opportunities and resource sharing, and creating cross-country linkages because together, we are stronger.
The fourth edition of the global Oxfam Novib Superstar Business Competition attracted innovative ideas from over a 100-impact driven small and medium-sized businesses, empowering them with grant funding, technical support, and business exposure.
Together with our impact investment team, we launched the Pepea Funds, a EUR 20 million fund with a mission to empower the upcoming generation of impact-driven small and medium sized businesses (SMEs) in East Africa – particularly Kenya, Uganda, Ethiopia and Somaliland.
In Uganda, we conducted training sessions with our partners on practical ways to adopt circular practices in their businesses.
We successfully concluded our program in Nigeria, Egypt, Uganda and Somaliland where we supported impact-driven SMEs and strengthened the capacity of our implementing partners for continuity because our impact doesn’t end; it evolves.
To wrap up 2023, we organized another responsible business forum in the Hague that brought together more than 100 participants ranging from leading SMEs and Civil Society Organizations (CSOs) from various African and Asian countries, along with institutional donors, investors and partners and co-hosted impact fest in the Netherlands the same week. You can learn more about key takeaways shared by some of the participating SMEs. This blog also gives insight into the conversation from the forum on how to make responsible business models the norm.
What next?
We want to spread our net to more countries and scale our impact to reach more impact-driven SMEs. We are deepening our work with partners to provide more tailored business development services to help these SMEs grow their business performance and increase their impact.
We are strengthening synergy with our impact investment funds to bolster access to finances for these responsible businesses to help them scale.
We invite more allies not to hold back in walking the talk in investing in impact-driven SMEs because they are critical in achieving a human economy that benefits people and the planet.
