The study on viability of MSMEs supported by PIN Armenia in 2012-2022

From the period of 2012 to 2022, significant political, social, and economic changes occurred in Armenia, starting with the transformative 'Velvet Revolution' in 2018, followed by the impact of the Covid-19 pandemic and the 44-Day War with Azerbaijan in 2020.
This study examines the sustainability of small and medium-sized enterprises (MSME) supported by PIN and indicates an overall positive trend in their viability. PIN-supported businesses have shown better-than-average rates of operation. However, there is room for improvement in terms of skills training for program participants, considering the challenges faced during the program such as the pandemic and war.
The study findings cover various aspects, including the performance and limitations of MSMEs, employment, the participation of women in MSMEs, access to financial services and accounting, the support and business skills provided, and suggestions for future improvements.
Overall, the findings present a mostly positive outlook. The study highlights that rigid job creation requirements for start-ups were counterproductive, but the Business Model Canvas was highly regarded as a useful tool by trainees. Furthermore, the respondents expressed great value in training and post-grant support, and emphasized the importance of networking among beneficiaries.
The MSME study was conducted by People in Need’s Markets and Enterprise Advisor, Bělíček Pavel, together with the PIN Armenia team from February to April 2023.