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

UN chief remains committed in revitalising peace process in Cyprus

The UN Secretary-General has taken note of the recent election of Ersin Tatar as the Turkish Cypriot leader and remains committed to supporting both...

After keeping low profile on campaign trail, Obama makes debut for Biden

Former U.S. President Barack Obama will make his first appearance on the campaign trail on Wednesday for Democratic nominee Joe Biden, who is locked...

Nicosia hosts Cyprus-Greece-Egypt Trilateral Summit

Nicosia on Wednesday is hosting the 8th Cyprus-Greece-Egypt Trilateral Summit with the leaders of the three countries set to discuss several issues of mutual...

Police hand out 21 fines for breach of covid-19 measures

Police booked 17 individuals and four establishments all across Cyprus over the past 24 hours for violation of measures to contain the spread of...

Giovani Group’s two extra floors in Sun City project to be demolished

Two extra floors illegally built in the Sun City project in Ayia Napa in which the former Akel MP Christakis Giovanis’ Giovani Group is...

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...