How Education and Government Policies Influence Entrepreneurial Culture
Compared with many other countries, The Center for Entrepreneurship still sees its entrepreneurial culture in an embryo stage. This could be best illustrated by figures describing the small and medium business sector contribution to its economy. For example, the SME contribution to the USA's and Europe's overall economy is around 60 percent, employing many people, significantly more than here. While it is still developing, the progress is slow. Factors like corruption and the multi-level bureaucratic system hinder the transparency and growth of businesses. It is not about repression; it is a matter of education, which can provide positive examples. One such example is a regional entrepreneur who spent around $90,000 on transparency, which resulted in attracting substantial investment from a U.S. private equity fund.
The Center for Entrepreneurship Initiatives and Key Organizational Support
The Center for Entrepreneurship focuses on various educational programs tailored for entrepreneurs. One such program is the Scaleup Acceleration Program, which is dedicated to guiding growing businesses through new development stages. Another critical initiative is the Global Entrepreneurship Week, aimed at promoting and celebrating entrepreneurial activities globally. The Center also works closely with notable organizations like Entrepreneurs' Organization and Ernst & Young, providing financial and strategic support. Such collaborations emphasize the importance of entrepreneurial culture and innovation in achieving economic diversification and growth. Training professors and operating centers for entrepreneurship help build an ecosystem similar to MIT, fostering innovation and commercializing ideas.