Insider Business Cypriots have entrepreneurial spirit; lack organisation

Cypriots have entrepreneurial spirit; lack organisation

Cyprus has ranked 23rd in the Entrepreneurial Spirit Index out of fifty four world economies surveyed in the 2017/18 Global Entrepreneurship Monitor (GEM).

And the message sent by GEM, which covers 68% of the world’s population and 86% of the world’s GDP, is that there are three necessary pillars to boost a country’s entrepreneurship:  education, government policy and financing.

The survey was presented yesterday by the Centre for Entrepreneurship of the University of Cyprus which takes up the lead role in the National Team of GEM for Cyprus.

There is an apparent positive perception of entrepreneurship since an encouraging percentage of the population expresses such an intention. However, the small size of the country, the lack of skilled talent and indifference of networks linking local innovative entrepreneurs with global funding seem to prevent high-risk or non-conventional business activity.

The survey also depicts a country in transition from the financial crisis of 2012-2013 to an economic future which is still uncertain. In addition, there is still a remarkable gap between women and men entrepreneurs.

The bulk of entrepreneurship is recorded in the wholesale and retail sectors (45.4%), while fast growing sectors with a strong innovation potential in globalised markets such as renewable energy and smart manufacturing have a modest contribution to entrepreneurship in Cyprus. GEM provides recommendations to help Cyprus become a regional hub of innovation and entrepreneurship for the Middle East and North Africa (MENA) region.

Education

The study shows that there is limited business training at both school and university level. National experts call for reforms in the existing education system so as to foster entrepreneurial mindset from an early age.

Some recommendations relate to the promotion of Science, Technology, Engineering and Mathematics, the introduction of training programs that foster entrepreneurial mindset, the development of targeted lifelong learning programmes, the enhancement of education at all levels with case studies emphasising female entrepreneurship and the linking of university education and research with the industry.

Government policies

The study underlines that government policies sometimes hinder entrepreneurship. The shortcomings appear to be the government’s inability to quickly licence and draft policies (eg public procurement) that are in favour of new businesses. Suggestions include the modernisation and acceleration procedures related to new businesses such as registering a company or a patent or attracting talented people, boosting the use of technology in the public sector and enhancing eGovernment as well as the use of digital signature.

Financing

Regarding funding, the survey suggests government co-operation with private investors, as well as the creation of an advisory board and evaluation and monitoring committees. At the same time, GEM recommends the extension of funding programmes and the promotion of other forms of funding such as crowd-funding. Finally, the development of additional incentives to attract foreign investors to areas that have growth potential, such as angel investors, is also proposed.

Read more:

https://in-cyprus.com/fully-funded-entrepreneurship-workshop-opportunity/

 

Top Stories

WHO pauses trial of hydroxychloroquine in COVID-19 patients due to safety concerns

The World Health Organization has suspended testing the malaria drug hydroxychloroquine in COVID-19 patients due to safety concerns, WHO Director General Tedros Adhanom Ghebreyesus...

UK to reopen thousands of shops in easing of coronavirus lockdown

Britain will reopen thousands of high street shops, department stores and shopping centres next month, Prime Minister Boris Johnson said on Monday, setting out...

Repeat positive cases ‘released’ three weeks from first diagnosis

The Health Ministry issued instructions on Friday on the release / ending of isolation for patients who tested positive to Covid-19 but are not...

Two new Covid cases in education and repatriations

Two new coronavirus cases were reported today by the health ministry, a drop from yesterday's eight, out of a total of 2128 tests, raising...

Minister: Back to school for 769 pupils with disabilities

  More than 760 children with disabilities who were told they could not go back to school when primary and lower secondary schools reopened last...

Taste

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...

Honey Balls

As you stroll down Onasagorou street in the old city of Nicosia and suddenly feel the need for something sweet, follow the smell of...

Octopus with Oregano

Ingredients: (Serves 4) 1 kg octopus ½ tsp dry oregano Pepper 3 tbsp olive oil 2 tbsp vinegar or lemon juice Preparation: Clean the octopus thoroughly under cold running water. Place the octopus...

Fish meatballs

In a bowl, mix the finely chopped onion and parsley. Boil the fish, cut into small pieces and add to the bowl. Add salt...