Since 2009 ANDE has been tracking the state of the small and growing business (SGB) sector to assess its growth and impact on emerging market economies. This year’s report begins with an overview of SGB intermediaries in 2017. including data on capacity development services, direct investments into SGBs, and donor funding. Next, the report focuses on trends and activities at ANDE’s seven regional chapters that were active in 2017: Brazil, Central America/Mexico, East Africa, East and Southeast Asia, India, South Africa, and West Africa.

ANDE 2017 Impact Survey

ANDE’s Annual Impact Survey is a tool to collect data about the impact its members have made in the previous year. The 2017 survey launched in January 2018 and closed in February 2018; 137 members completed the survey. We would especially like to thank members who took the time to participate in the survey.

ANDE Investment Vehicle Database

ANDE compiled the data in this section by surveying current ANDE members, collecting public information from other fund managers, and partnering with external data collectors. Partners include the Global Impact Investing Network’s (GIIN) ImpactBase, the Emerging Markets Private Equity Association (EMPEA), and the Latin American Private Equity and Venture Capital Association (LAVCA). Funds qualified for inclusion in this dataset when they met three criteria: the investment target included emerging market countries; target deal sizes were from US $20,000 to US $2 million; and the focus was not exclusively on microfinance institutions.

The data from the India breakdown in the investment section was calculated using the data provided on on Indian deals that have taken place since January 2015. These deals were compiled and deals below US $20,000 and above US $2,000,000 were excluded from the analysis.

OECD Creditor Reporting System

Data presented in the Donor section comes from ANDE analysis of the Organisation for Economic Cooperation and Development (OECD) Creditor Reporting System, a database of commitments and disbursements made by donor countries and multilateral institutions in 2015 constant US Dollars. Unfortunately, the OECD survey instrument does not allow for users to directly classify their programs in relation to entrepreneurship. To develop an estimate, ANDE searched the database for key words and codes that most likely relate to the SGB sector, specifically: entrepreneur, SME, small business, small enterprise, and small and growing business. Any disbursement that was a positive match with one or more of the terms above was categorized as “SME-related.” Those that matched “entrepreneur” were categorized as “entrepreneurship-specific.” We aggregated disbursement amounts for all donors in the database, and we included both overseas development assistance and other official flows. Working with this existing database, ANDE likely underestimates donor support for SMEs, but we have opted to risk undercounting to ensure that no disbursements were mistakenly included. This methodology was refined in 2017 to include more SME-related search terms, and to remove “start-up” from the criteria, as it was falsely categorizing some disbursements.

ANDE is working with the OECD and other data aggregators to improve the available data for tracking donor support to emerging market entrepreneurs.

Search Inclusive Business Database

Data presented in the Regional Chapter breakdowns of the Capacity Development Provider section of the report is based on the Search Inclusive Business Database, which was developed by the Practitioner Hub for Inclusive Business and the Inclusive Business Action Network with support from Endeva and funding from DFID Impact Programme. Organizations described are those that provide at least one type of technical assistance, support start-ups/SMEs, and operate in the country or countries specified.

Global Accelerator Learning Initiative

Data on accelerators is provided by the Global Accelerator Learning Initiative (GALI), a collaboration between the Aspen Network of Development Entrepreneurs (ANDE) and Emory University. See more at

The Aspen Network of Development Entrepreneurs (ANDE) is a global network of organizations that propel entrepreneurship in emerging markets. ANDE members provide critical financial, educational, and business support services to small and growing businesses (SGBs) based on the conviction that SGBs will create jobs, stimulate long-term economic growth, and produce environmental and social benefits. Ultimately, we believe that SGBs can help lift countries out of poverty.