Small and medium-sized enterprises (
SMEs; sometimes also
small and medium enterprises) or
small and medium-sized businesses (
SMBs) are
businesses whose personnel numbers fall below certain limits. The abbreviation "SME" is used in the
European Union and by international organizations such as the
World Bank, the
United Nations and the
World Trade Organization (WTO). Small enterprises outnumber large companies by a wide margin and also employ many more people. SMEs are also said to be responsible for driving innovation and competition in many economic sectors.