The contribution of small and medium-sized enterprises (SMEs) to European economies is hard to overstate. In the UK, they are the backbone of the economy, representing around 99% of all businesses and driving employment, local investment and economic resilience. Yet despite their significance, SMEs often fall behind larger, more established organisations when it comes to growth and new product development.
Access to capital, manufacturing networks and digital infrastructure has traditionally favoured bigger businesses. And today, UK SMEs are grappling with mounting pressures. According to the British Chambers of Commerce’s Q4 2024 Quarterly Economic Survey – where 91% of respondents were SMEs – taxation, inflation and competition are major concerns, while business confidence is at its lowest level since the 2022 mini-budget.
Giving SMEs the chance to shine
All of this highlights a persistent mismatch between the potential of SMEs and the practical realities of running and growing a business. 2024 research by Raconteur and HSBC found that 81% of business leaders believe there’s a strong link between innovation and growth – yet for many SMEs, the path to innovating is bumpy. But the tides are changing, with SME-focused platforms, events and networks working to change that dynamic.
CoCreate Pitch offers ambitious entrepreneurs and SMEs from across the UK the chance to turn their most innovative ideas into reality
One example is Alibaba.com’s CoCreate Pitch – a new global competition aimed squarely at SMEs with great product ideas who lack the tools, funds and exposure to scale them. With a total prize pool nearing £750,000, CoCreate Pitch offers ambitious entrepreneurs and SMEs from across the UK the chance to turn their most innovative ideas into reality.
The pitch competition is part of CoCreate, Alibaba.com’s SME-focused trade event. Since 2023, it has been hosted in Las Vegas, bringing together more than 2,000 North American SMEs under one roof to collaborate, forge sourcing relationships and unlock growth. For 2025, the company is expanding its reach with its first European edition, giving SMEs in this region an opportunity to connect and build a community.
CoCreate Pitch invites entrepreneurs to submit product ideas, which will be evaluated based on innovation, feasibility and market potential. Finalists will pitch live to a panel of industry experts and investors at the two flagship events, with two grand champions – one in London, one in Las Vegas – receiving approximately £150,000 each. A further 20 winners globally will receive up to £30,000, and all entrants will gain access to Alibaba.com’s AI-powered sourcing platform and supplier network.
The tools for growth
In the UK and across Europe, one simple and effective way for SMEs to level up operations, streamline efficiencies and turbocharge growth is through digitising their supply chain. Digital sourcing offers SMEs huge growth potential, helping them unlock international trade opportunities, connect with buyers and suppliers, stay ahead of trends through a wider range of products and ultimately grow their margins.
There is still a common perception among SMEs that AI sourcing tools are out of reach, hampering their growth potential
Recent research by Alibaba.com uncovered a strong desire for integrating AI tools, with two-thirds of UK SME decision-makers planning to adopt them. However, of those who disagreed, a lack of knowledge (34%), unclear ROI (32%) and high costs (27%) were the key barriers. There is still a common perception among SMEs that AI sourcing tools are out of reach, hampering their growth potential.
The complimentary access to Alibaba.com’s AI-powered sourcing platform – including Accio, Alibaba.com’s AI-powered sourcing engine – and supplier network offered as part of the competition is designed to lower the threshold for SMEs to move from pitch to rapid prototyping and cost-efficient production. It will provide a digital workflow that many SMEs would otherwise struggle to build in-house.
In this context, CoCreate Pitch functions not only as a competition but as an entry point. The broader aim is clear: to give SMEs the tools, exposure and partnerships needed to accelerate product innovation. In a business landscape where agility, innovation and differentiation define success, initiatives like CoCreate Pitch hint at a shift in how and where great product ideas can be brought to life.
UK SMEs can now submit their product dreams online. To apply, either upload a 30-second video to Instagram or TikTok with the hashtag #CoCreatePitch and tag @Alibaba.com_official, or submit an idea via the CoCreate Pitch website.
The contribution of small and medium-sized enterprises (SMEs) to European economies is hard to overstate. In the UK, they are the backbone of the economy, representing around 99% of all businesses and driving employment, local investment and economic resilience. Yet despite their significance, SMEs often fall behind larger, more established organisations when it comes to growth and new product development.
Access to capital, manufacturing networks and digital infrastructure has traditionally favoured bigger businesses. And today, UK SMEs are grappling with mounting pressures. According to the British Chambers of Commerce's Q4 2024 Quarterly Economic Survey – where 91% of respondents were SMEs – taxation, inflation and competition are major concerns, while business confidence is at its lowest level since the 2022 mini-budget.
