Insider Business New types of entrepreneurship

New types of entrepreneurship

Entrepreneurship today does not necessarily go hand in hand with technology and globalisation. Two new types of entrepreneurship that will be incorporated into Cyprus law over the coming few months are the cottage industry and social entrepreneurship. These do exist today but are not institutionalised.

Social entrepreneurship

An attempt to promote this institution took place two years ago by the Presidency’s Administrative Reform Unit. In Europe and in developed countries there are many successful examples of ‘Social Entrepreneurship’  which, as viable businesses, offer the maximum either in the development of the local community they operate in, or in serving environmental and social objectives so as to improve the lives of vulnerable groups of society.

Cyprus is one of the few countries in the EU that does not have such a framework, which also leads to the inability of the EU itself to raise funds for Social Entrepreneurship. A draft bill on this is currently debated in Parliament.

A social entrepreneurship’s primary purpose is to serve society at large by promoting positive social, and/or environmental actions in the interest of the people rather than for generating profits for their owners, members and shareholders by providing services or goods based on a business model. As for provided incentives, these have not been determined as yet. One good example in Cyprus is Ayia Skepi.

Cottage industry

Cottage industry is a business or manufacturing activity carried on in peoples’ homes. It was significantly developed in the Greek countryside during the financial crisis. Many women turned their kitchen into a workshop and produced jams, liqueurs, cheeses etc that were sold around the neighborhood. Another form of cottage industry is sewing or knitting bags. There are no regulations or inspection rules on cottage industry in Cyprus.

 

Read more:

https://in-cyprus.com/cyprus-businesses-are-in-the-digital-age/

Top Stories

Expert says too early to assess epidemiological situation

Head of the Scientific Advisory Committee on the coronavirus, Dr Constantinos Tsioutis, told CNA that it is too early to safely assess the evolution...

Inauguration of Joe Biden as the 46th President of the United States

Lady Gaga sings the National Anthem during the inauguration of Joe Biden as the 46th President of the United States on the West Front...

Building collapses in central Madrid explosion, several injured

One building collapsed in a central Madrid explosion, a Reuters reporter saw, with smoke coming out of the building and rescue workers evacuating elderly...

U.S. President Trump departs the White House, in Washington

U.S. President Donald Trump and first lady Melania Trump depart the White House ahead of the inauguration of Joe Biden as the 46th President...

ECJ says there is no confusion between HALLOUMI and BBQLOUMI

The European Court of Justice General Court confirmed today that there is "no likelihood of confusion between the collective mark HALLOUMI, reserved for the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...