The EY G20 Entrepreneurship Barometer 2013
Successful entrepreneurial countries have rich, diverse ecosystems with strong funding options, a supportive culture, a business-friendly environment and first-class schools. And their educational systems encourage entrepreneurial mind-sets.
|Alessandro Cenderello, Managing Partner, EU Institutions and Global Advisory Services Leader, Government & Public Sector at EY discusses co-ordinated support.|
They also tend to have a range of high-quality resources spanning the public, private, and voluntary sectors. Governments can help orchestrate the way these disparate stakeholders come together.
Coordinated support creates the foundation for entrepreneurial success
A robust ecosystem for entrepreneurship fosters strong links between the public, private and voluntary sectors. Diverse stakeholders, including universities and research laboratories, business incubators, non-governmental organizations, investors and existing entrepreneurs, must coordinate support.
The challenge is to ensure that these disparate stakeholders are better orchestrated for maximum effect.
Champion entrepreneurship with united thinking
To be effective, government ministries of business environment, tax, regulation, innovation and education must coordinate policies to stimulate entrepreneurship. Entrepreneurs would also benefit from having their own champion in government, for example through creation of a dedicated entrepreneurship minister.
Clusters can thrive with the right kind of support
Many G20 countries have high-profile projects to create clusters of entrepreneurial activity.
There is an array of tools that can help create an environment in which entrepreneurial businesses can thrive. These tools range from local economic incentives to business parks that provide plug-and-play infrastructure combined with mentoring and advisory services.
Business incubators can play a pivotal role
Business incubators are a powerful means of teaching and mentoring entrepreneurs, while introducing new contacts, investors and networks.
Our survey shows that access to business incubators is broadly improving across the G20, but more could be done. The goal is to help businesses acquire the skills, resources and networks they need to become self-sufficient.