Small and medium-sized enterprises are businesses that comprise a lower number of employees, assets, or revenues at a lower scale when compared to large-scale firms. The exact definition for an SME may differ based on the country. In Sri Lanka, a business is considered as an SME if its number of employees does not exceed 300 individuals and if its revenue does not exceed 750 million LKR.
Most developing nations around the world harness the potential of the country’s native creative industries in gaining economic development and empowering craftsman communities. Mostly involving traditional handcrafted products, unique to each country and region, many countries in Asia, Europe, Africa and South America have invested widely and heavily on their unique handcrafted products, that combine traditional knowledge, native skills and a wealth of indigenous resources.