Building Markets
The World Trade Organization estimates that small businesses represent 90% of all companies in the world and provide 70% of all jobs. However, these businesses are often overlooked by major buyers and procurers, stifling their potential. SMEs in marginalised or low-income communities are also more sensitive to shocks such as economic downturns, climate change and pandemics, meaning that the jobs they provide are vulnerable too.
Founded in 2004, Building Markets connects small businesses to larger firms looking to procure local goods and services via its digital marketplace. It finds and validates SMEs, provides them with access to working capital, procurement opportunities and training, and supplies buyers and financial providers with the data they need to confidently engage with them.
3B Impact collaborated with Building Markets to rework their theory of change and develop a new strategy which focuses on their priority group of minority communities. We helped them articulate the problems they are trying to solve and their root causes, to ensure that their activities and goals are optimised to deliver the outcomes and impact they are working towards.
As a result of our work, Building Markets has published its revised global strategy, which can be read here.
