1. Presented by In collaboration with
Copyright © 2012 by Monitor Company Group, L.P.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means — electronic, mechanical, photocopying, recording, or otherwise — without the permission of Monitor Company
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Graph Data Source: Monitor Entrepreneurship Benchmarking Survey, 2003–2012
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2.
Triangle
of
Compe//veness
Specialized
Human
Assets
Entrepre-­‐
Innova/on
neurship

3.
Importance
of
Entrepreneurship
to
Job
Crea/on
Net
Job
Crea/on
in
the
United
States,
2000
–
2010
8
6
Jobs
Created
(Millions)
4
2
Total
Net
Job
Firm
Age
Crea/on
2000-­‐2010
0
New
Firms
33
million
Established
Firms
-­‐25
million
-­‐2
All
Firms
-­‐8
million
-­‐4
New
Firms
(<1
yr
old)
-­‐6
Established
Firms
(>1
yr
old)
-­‐8
All
Firms
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Source:
United
States
Census
Bureau

4.
Tremendous
Entrepreneurial
Poten/al
JIM
BIDZOS
FOUNDER,
VERISIGN
NIKOS
LYGEROS
HIGHEST
IQ
IN
THE
WORLD
Talent and Ideas
STELIOS
HAJI-­‐IOANNOU
FOUNDER,
EASYJET
MIKE
LAZARIDIS
FOUNDER,
RIM
Passion and Role Models
Conviction

5.
Measuring
Policies
Aimed
at
High
Impact
Entrepreneurs
High
Impact
Entrepreneurs
Revenue
CAGR
Tradi/onal
Entrepreneurship
Net
Opera/ng
Profits

6.
OECD
Growth
Model
and
Entrepreneurship
1
2
3
OECD
Mul1-­‐Factor
Produc1vity
Model
ICT
Capital
Labour
HR
Innova/on
Entrepreneurship
Entrepreneurship
Performance
Value
Crea/on/
Entrepreneurship
Growth
Policy
Drivers
Source:
Monitor
Group
analysis;
OECD

7.
Entrepreneurship
Policy
Drivers
Entrepreneurship
Policy
Drivers
Entrepreneurship
Assets
Business
Assistance
Policy
Accelerators
Mo/va/ons
Technology
&
Admin.
Financing
Skills
and
Talent
Support
Services
Legisla/on
Mindset
Infrastructure
Burdens
Entrepre.
Business
Entrepre.
Tech
Equity
Debt
Training
and
Infra-­‐ Taxes
/
Transac/on
Culture
&
Mngt.
Tech
and
R&D
Advisory
Develop.
Commerci-­‐ Compe//on
Financing
Financing
Educa/on
structure
Incen/ves
Costs
A[tudes
Capacity
Services
Programs
aliza/on
Supply
of
Supply
of
Supply
of
Skills
Competency
/
Govt.
Access
to
Credits
/
Market
Govt.
Expendi-­‐tures
Physical
Infra.
Business
Legiemacy
Equity
Capital
Debt
Capital
Develop-­‐ment
Experien.
Programs
Tech.
Inceneves
Openness
Regulaeons
Services
Networking
Corporate
/
Access
to
Access
to
Affordability
Affordability
Individualist
Preparaeon
Organiza-­‐ Business
Govt.
Impact
Equity
Capital
Debt
Capital
of
Bus.
Svcs.
of
Tech.
Culture
eons
Taxes
Amtudes
Financing
Quality
of
Stock
Opeon
Incubators
Spin-­‐offs
towards
Strategies
Bus.
Svcs.
Rules
Income
Tax
Amtudes
Exit
Strategies
towards
Bankruptcy
Amtudes
towards
Stock
Opt.
Adj.
R-­‐Square
of
-­‐1.00
to
0.09
Adj.
R-­‐Square
of
0.10
to
0.29
Adj.
R-­‐Square
of
0.30
to
0.49
Adj.
R-­‐Square
of
0.50
to
1.00
Note:
Adjusted
R-­‐Squared
values
measure
how
successful
the
fit
is
in
explaining
the
variaeon
of
the
data,
and
adjusts
it
based
on
the
residual
degrees
of
freedom.
The
adjusted
R-­‐square
staesec
can
take
on
any
value
less
than
or
equal
to
1,
with
a
value
closer
to
1
indicaeng
a
beger
fit.
Source:
FORA
Performance
Index,
2004;
FORA
/
Monitor
/
ART
Entrepreneurship
Index
Survey,
2003–2004;
Monitor
Group
analysis

8.
Most
Impac]ul
Policy
Levers
ACCESS
TO
Making
various
forms
of
equity
financing
available
to
FINANCING
entrepreneurs
TAX
CREDITS
&
Equipping
entrepreneurs
across
industries
with
tax
credits
and
INCENTIVES
inceneves
ENTREPRENEURSHIP
Teaching
entrepreneurial
skills
and
an
entrepreneurial
SKILL
DEVELOPMENT
mentality
ENTREPRENEURIAL
MINDSET
Inselling
an
entrepreneurial
mindset
in
society

9.
Ten
Indicators
Surveyed
1. SUPPLY
OF
CAPITAL
ACCESS
TO
2. FINANCING
AND
EXIT
STRATEGIES
FINANCING
3. SPIN-­‐OFFS
4. CREDITS
AND
INCENTIVES
5. GOVERNMENT
REGULATIONS
TAX
CREDITS
&
6. ATTITUDES
TOWARD
INCOME
INCENTIVES
TAXES
7. LEGITIMACY
ENTREPRENEURIAL
8. RISK-­‐TAKING
&
INDIVIDUAL
MINDSET
INITIATIVE
9. MENTORS
&
SUPPORT
ENTREPRENEURSHIP
ENVIRONMENT
SKILL
DEVELOPMENT
10. SKILLS
DEVELOPMENT

10. Views
on
Entrepreneurship
Policies
by
Entrepreneurs
Country
Score
Respondents
Country
Score
Respondents
China
66.2
56
Chile
54.0
36
India
62.0
55
Tunisia
53.9
32
Europe/ME
Kenya
61.0
45
Jordan
53.9
76
Austral-Asia
New
Zealand
59.8
53
Russia
53.8
150
Africa
USA
58.5
148
Tanzania
53.2
68
Americas
Canada
58.5
81
Ecuador
53.2
67
Nigeria
57.9
126
Germany
53.1
57
Latvia
57.1
52
Romania
53.0
59
Turkey
57.0
52
Argenena
52.0
61
Australia
56.7
68
Belarus
51.1
93
Dominica
56.4
31
Mexico
50.7
66
South
Africa
55.5
500
Costa
Rica
49.8
42
Algeria
54.6
79
Poland
49.5
52
Hungary
54.4
76
Andorra
49.0
47
Kazakhstan
54.3
71
Ukraine
47.7
49
UK
54.2
33
Venezuela
47.3
64
Ghana
54.1
82
Greece
46.2
197

11. Views
on
Entrepreneurship
Policies
by
Greek
Entrepreneurs
Access
to
Financing
Entrepreneurial
Mindset
1. Supply/Access
to
Capital:
32nd
of
34
7. Legi/macy:
32nd
of
34
2. Financing
/
Exit
Strategies:
34th
of
34
8. Risk-­‐Taking
&
Individual
Ini/a/ve:
27th
of
34
3. Spin-­‐Offs:
22nd
of
34
Tax
Credits
and
Incen1ves
Entrepreneurship
Skill
Development
4. Credits/Incen/ves:
32nd
of
34
9. Mentors
&
Support
Environment:
26th
of
26
5. Government
Regula/ons:
34th
of
34
10. Skills
Development:
32th
of
34
6. A[tudes
towards
Income
Taxes:
34th
of
34

12. ACCESS
TO
Sources
of
Capital
FINANCING
Respondents
were
asked
whether
they
agree
with
the
statement:
“There
are
adequate
sources
of
capital
to
help
launch
or
finance
the
growth
of
your
firm.”
Latvia
48%
14%
38%
Jordan
46%
23%
31%
Russia
43%
10%
47%
Germany
42%
27%
32%
Hungary
41%
22%
37%
Poland
32%
34%
34%
UK
31%
17%
51%
Turkey
25%
29%
45%
Romania
25%
30%
45%
Belarus
21%
15%
64%
Andorra
15%
21%
64%
Ukraine
12%
10%
78%
Greece
10%
11%
79%
0%
25%
50%
75%
100%
Agree Neither Agree / Disagree Disagree
Source:
Monitor
Entrepreneurship
Policy
Survey
2012

13. TAX
CREDITS
&
Tax
Incen/ves
for
Commercializing
R&D
INCENTIVES
Respondents
were
asked
whether
they
agree
with
the
statement:
“New
and
growing
firms
are
given
special
tax
incen>ves
for
commercializing
research
and
development.”
Turkey
53%
9%
37%
UK
23%
20%
57%
Hungary
22%
24%
54%
Romania
16%
16%
68%
Latvia
15%
17%
69%
Germany
14%
18%
67%
Belarus
13%
21%
67%
Russia
13%
21%
66%
Jordan
7%
13%
80%
Poland
6%
23%
71%
Greece
4%
12%
83%
Ukraine
2%
17%
80%
Andorra
2%
12%
86%
0%
25%
50%
75%
100%
Agree
Neither
Agree
/
Disagree
Disagree
Source:
Monitor
Entrepreneurship
Policy
Survey
2012

14. ENTREPRENEURSHIP
Teaching
on
Entrepreneurship
SKILL
DEVELOPMENT
Respondents
were
asked
whether
they
agree
with
the
statement:
“Colleges
and
universi>es
offer
a
sufficient
amount
of
teaching
on
entrepreneurship
and
new
firm
crea>on”
Latvia
33%
14%
53%
Hungary
24%
23%
54%
Turkey
23%
16%
60%
UK
18%
3%
79%
Germany
17%
28%
56%
Romania
13%
7%
80%
Ukraine
13%
2%
85%
Andorra
10%
18%
71%
Greece
9%
12%
79%
Jordan
9%
6%
86%
Poland
8%
12%
80%
Russia
4%
8%
87%
Belarus
1%
2%
97%
0%
25%
50%
75%
100%
Agree
Neither
Agree
/
Disagree
Disagree
Source:
Monitor
Entrepreneurship
Policy
Survey
2012

15. ENTREPRENEURIAL
Support
for
Individual
Efforts
to
Succeed
Professionally
MINDSET
Respondents
were
asked
whether
they
agree
with
the
statement:
“People
strongly
support
individual
efforts
to
succeed
professionally.”
Russia
77%
7%
16%
Ukraine
70%
5%
25%
Belarus
69%
14%
16%
Germany
47%
29%
24%
Latvia
47%
23%
30%
UK
44%
29%
26%
Romania
40%
33%
28%
Jordan
36%
23%
40%
Hungary
33%
31%
36%
Ecuador
31%
23%
45%
Poland
16%
26%
58%
Greece
14%
32%
53%
Andorra
14%
20%
67%
0%
25%
50%
75%
100%
Agree Neither Agree / Disagree Disagree
Source:
Monitor
Entrepreneurship
Policy
Survey
2012

16.
Poten/al
Policy
Guidelines
• Professionalized
angel
investor
networks
(e.g.
Kansas
City)
ACCESS
TO
FINANCING
• Intrapreneurship:
Unlocking
capital
and
talent
from
large
companies
(e.g.
Denmark)
TAX
CREDITS
&
• Bankruptcy
laws
(e.g.
US)
INCENTIVES
• Spin
offs
and
spin
outs
(e.g.
US)
ENTREPRENEURSHIP
SKILL
DEVELOPMENT
• Science-­‐based
compeeeons
(e.g.
Chile)
ENTREPRENEURIAL
• Media
focus
on
entrepreneurs
(e.g.
Korea)
MINDSET
• Focus
on
failure
(e.g.
Singapore)

17.
The
Greek
Entrepreneurial
Ecosystem
Academia
&
Legisla/on
&
Voca/onal
Regula/on
Business
&
Social
&
Financial
Cultural

18. Thank
You

19. Entrepreneurship
is
neither
a
science
nor
an
art.
It
is
a
prac1ce.
–
Peter
Drucker

20.
State
of
Entrepreneurship
in
Greece
More
than
725,000
SMEs,
comprising
99.9%
of
Volume
all
business
in
Greece
Represeneng
nearly
2
million
employees,
Employment
comprising
85%
of
all
Greek
employees
The
State
of
Enterprise
Greece
ranked
21st
out
of
the
25
European
SMEs
in
Crea/on
countries
rated
for
enterprise
creaeon
in
2007
Greece
Value
SME
contribu/on
to
GDP
was
€47
Billion
and
Crea/on
comprised
17.3%
of
GDP
in
2010
Greece
had
7
insolvencies
per
10,000
Insolvency
companies
in
2010
while
the
EU
average
was
68

21.
Debunking
Some
of
the
Myths
l Entrepreneurs
are
“orphans
and
outcasts”
l
Most
entrepreneurs
are
just
out
of
short
trousers
l Entrepreneurship
is
mainly
driven
by
venture
capital
l To
succeed,
entrepreneurs
must
produce
some
world
changing
new
product
l Entrepreneurship
cannot
flourish
in
big
companies