Small to medium-sized enterprises (SMEs) across Africa are always in need of impactful support to help them scale. With the prevalence of technology-based platforms, SMEs need to find out which platforms are best to help them develop. One of the platforms dedicated to helping SMEs with developmental support and funding is BIG Marketplace.
SME funding in Africa is characterised by a big funding gap. Experts estimate that funding for SMEs could exceed $140 billion in Sub-Saharan Africa. Although this is a large figure, it’s still significantly small considering that SMEs account for 95% of businesses in the region and contribute to almost 50% of GDP.
In this article, we look at what BIG Marketplace has to offer SMEs and how to join the platform.
What is the BIG Marketplace?
Big Marketplace is an artificial intelligence (AI)-powered platform that connects high-growth businesses to funders, service providers and development support through one universal profile and a scoring system.
Besides SMEs, the platform also has a range of solutions for funders, corporates, advisors and interns.
How BIG Marketplace Works
For SMEs wanting to register a profile on the platform, here are the steps.
Step 1: Create a profile and get verified
Creating a profile on the platform is quick and easy. You will need to do the following:
- Upload key documents such as business registration and financial statements
- Submit your application and automated and human review
- Receive an identity and legitimacy check
- Receive pre-vetting to unlock your score.
Step 2: Receive your BIG Score
In this step, the platform will evaluate your compliance readiness and your business documents. You will also receive:
- An evaluation of your business’s growth potential and market traction
- An evaluation of the quality of your pitch and positioning
- Receive a BIG score (0-100) and feedback on how to improve
Step 3: Unlock opportunities
Once everything in your application has been verified and you have your BIG score, you will be able to:
- Match with funders offering grants, equity funding and loan-ready options
- Match with advisors and mentors
- Be in line to enter accelerators and programmes based on your business stage, industry and readiness.
Unlocking opportunities does not require multiple applications, only one.
Step 4: Track and Grow your SME
In the final step, you will receive insights and development support to help your business grow pre- and post-funding. You will receive the following:
- Resources to help you improve your BIG score
- Access to tools and resources for business development
- Boosted visibility with top funders and corporate partners
What is the BIG Score Ranking?
The BIG score is a standardised score that validates your business’s readiness and trustworthiness, across compliance, governance and legitimacy. The score is used to highlight a business’s strengths, risks and what is needed to unlock sustainable growth, capital, customers and partners.
Additionally, the score enables investors and partners to filter out unqualified businesses and make data-driven decisions.
What makes up the BIG score?
The platform’s AI-powered framework scores SMEs across four dimensions:
- Compliance: Highlights if a business meets core legal, regulatory and tax requirements.
- Legitimacy: Shows how professionally and credibly a business presents itself, from governance signals to digital presence and transparency in leadership.
- Fundability: Shows if an SME has the traction, financials and narrative to secure impactful capital.
- Public Interest: Showcases how well-governed and structured an SMEs is for long-term scaling
SMEs can receive their BIG score through the platform.
Why Digital Marketplaces are Important for SMEs
Digital marketplaces are key to SME development because of the resources and services they provide. Some of the advantages provided by digital platforms include:
Enhanced Operational Efficiency
Digital platforms are critical to unlocking operational efficiency for SMEs. Automating repetitive tasks, such as compliance, enables SMEs to save time and money and focus on business operations that drive growth.
Increased Customer Reach
Online marketplaces provide SMEs with a platform to showcase their products and services to a larger audience. Besides reaching customers, these marketplaces can also connect founders to a wide network of potential investors.
Access to Funding Networks
Online marketplaces offer small businesses access to funding networks and investors, and development programmes such as accelerators and incubators. These can be critical in getting small businesses off the ground and expanding their operations while keeping overhead costs low.
Build Trust and Credibility
Online marketplaces have built-in systems for reviews and ratings, which can help SMEs build trust with customers and potential investors. Customers, investors and corporates looking to partner with SMEs will use online marketplaces as credible sources, making them a great way for SMEs to access more customers.
Online marketplaces are gaining popularity in South Africa and across Africa. For SMEs, these platforms present a wealth of resources, insights and most importantly, access to funding.
If you want to join BIG Marketplace or any other online marketplace, ensure you have all your documentation ready and that you are dedicated to growing your business.
Small to medium-sized enterprises (SMEs) across Africa are always in need of impactful support to help them scale. With the prevalence of technology-based platforms, SMEs need to find out which Read More
