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BULGARIA MAKES FIRST APPEARANCE IN THE GLOBAL GEM REPORT – THE FOREMOST GLOBAL SURVEY ON ENTREPRENEURSHIP
The report finds that in Bulgaria, while around two-thirds of adults see entrepreneurship as a good career choice, entrepreneurship levels are low and entrepreneurial potential untapped.
The 2015 Global Entrepreneurship Monitor (GEM) Global Report was released.
GEM studies the entrepreneurship ecosystems dynamics since 1999 in over 100 economies around the world using its trusted methodology and collecting primary data from over 200,000 (18-64 yo) adults and nearly 4,000 experts and opinion-makers. In 2015 62 countries participated in the surveys, of which 23 European economies. GEM’s data and analyses are used by global and regional financial institutions, investors, national and local governments, universities and business associations, corporations, entrepreneurs and journalists. GEM’s key indicators are also monitored by the European Commission’s Directorate General for Internal Market, Industry, Entrepreneurship and SMEs for the purposes of the Small Business Act and the European semester.
This is the first time that Bulgaria has participated in the research, supported by Telerik – a Progress company and led by the GEM Bulgarian core team: Iskren Krusteff, chairman of GEM Bulgaria, mentor at Start it Smart and Endeavor Bulgaria; Monika Panayotova, board member of GEM Bulgaria, former MEP and expert on innovation and security; Mira Krusteff – board member of GEM and entrepreneur with focus on education; and Veneta Andonova, Director of Research at GEM Bulgaria, Associate Professor of Business at the American University in Bulgaria and the Universidad de los Andes as well as principal author of the upcoming GEM 2015 Bulgaria report.
One of GEM’s most quoted indicator is TEA (total early-stage entrepreneurship), which assesses the percent of working age population who are about to start an entrepreneurial activity or have started one in the past 3 years and half. Top performing European economies are Latvia, Estonia and Romania. They exhibit consistently higher TEA rates of 14.1%, 13.1% and 10.8% respectively. For comparison, the average for EU countries is 7.8%. While not the worst performer on global level, Bulgaria’s TEA is among the Europe’s lowest. Together with Germany and Italy, Bulgaria has less than 5% of the adult working-age population starting or running new businesses.
In the European context, Bulgaria’s indicator fear of failure is at par with the Netherlands. Bulgaria has lower fear of failure than Greece, Romania, Croatia, FYR Macedonia, Ireland, and Germany – at 33.3%. It is very important indicator as fear of failure can be a serious cultural and social impediment for entrepreneurship.
“In Bulgaria, there seems to be a high status attached to entrepreneurship 71.5% – we rank #20 in the world, but we are not seeing this translate into growing numbers of new and established businesses. It is critical that we get the enabling framework for entrepreneurship right to allow untapped entrepreneurial potential to emerge.” Iskren Krusteff concludes.
GEM Bulgaria is preparing the first national report which will launch later in 2016 and provide in-depth analysis of the collected data for Bulgaria, the factors that inhibit or support entrepreneurship activity through comparative analysis with other benchmark countries. This will mark the beginning of annual reports on entrepreneurship in Bulgaria based on comparable primary data accompanied by public events and media coverage.
GEM Bulgaria is supported by Telerik – a Progress Company.
GEM Bulgaria works with Market Test for the National Adult Population Survey.
Ends (556 words)
Link to the GEM 2015 Global report.
Issued by: Global Entrepreneurship Monitor Bulgaria
For more information contact: Iskren Krusteff on +359 87 6767 021 or email@example.com
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