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17 November, 2015 11:08 AM Source: Financial Times - Sri Lanka
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Data released last week in the 2016 Global Entrepreneurship Index (GEI) provides key information for policymakers and government leaders worldwide to strengthen their entrepreneurial ecosystems and promote high-growth, high-impact entrepreneurship, including insights for regional development.
The Global Entrepreneurship Network and the GEDI Institute released the Index today in preparation for Global Entrepreneurship Week (GEW) celebrations (Nov. 16-22). Findings from the Index will drive policy discussions at events around the world during GEW, to help countries and their cities develop best practices and sustainable plans.
“To be entrepreneurial, a country does not necessarily need the most entrepreneurs. They need the best,” said ZoltanAcs, the founder and President of the GEDI Institute. “We must look to the countries with entrepreneurship-rich ecosystems to discover best practices and strengthen the world’s entrepreneurship ecosystem.”
The GEI not only ranks more than 130 countries on their entrepreneurial ecosystems but also provides a framework for understanding how those countries measure up against neighboring ecosystems. The report indicates that countries in different regions have vastly different issues that need to be addressed for entrepreneurial growth. The Index identifies those regional issues and also provides examples of model systems – like Denmark in Europe – for others in the area to follow.
The report indicates the Asia-Pacific region should increase export-focus among entrepreneurs, Europe needs to help individuals perceive entrepreneurship opportunities and that the Middle East and North Africa should reduce overall business risk. North America needs to improve entrepreneur visibility in their communities, and South and Central America, as well as the Caribbean, must invest to develop new technology from within the region. The report also shows that Sub-Saharan Africa needs to support post-secondary education.
The GEI measures a country’s entrepreneurial ecosystem by combining individual data such as opportunity recognition, startup skills and risk acceptance, with institutional measures, including urbanization, education and economic freedom. These measurements help distinguish self-employment and replicative entrepreneurship from the innovative, productive and rapidly growing entrepreneurial ventures that drive real economic growth.

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