'Boosting Entrepreneurship in South-East Europe
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1 'Boosting Entrepreneurship in South-East Europe - Highlights of Research Findings by the VIBE Consortium Andreas Baresel-Bofinger South-East European Research Centre - SEERC, Hellenic Business Angels Network - HeBAN
2 Boosting entrepreneurship I It is important to create suitable policy measures to facilitate easier access to funding for new ventures. (OECD, Scoreboard 2014)
3 Boosting entrepreneurship II It s a mistake to flood even high-potential entrepreneurs with easy money. Hardships of resource-scarce, even hostile, environments often promote entrepreneurial resourcefulness. Isenberg, D. (2010) The Big Idea: How to Start an Entrepreneurial Revolution Harvard Business Review, June 2010.
4 Need of South-East Europe Plan for systematic support of sustainable economic growth to enhance the region s capabilities in the long-term (Pendiuc and Lis, 2013) Support the key drivers of innovative entrepreneurship, such as the young and innovative SMEs and the financial stakeholders that fund them (Vadnjal, Rončević and Morić, 2011)
5 Background of study VIBE (Venture Initiative in the Balkan Europe) EU co-funded 2-years project in SEE Transnational Cooperation Programme 20 partners from SEE countries Main objective: Foster creation and growth of innovative SMEs and start-up companies in SEE
6 Scope of survey Objective: Identify needs of start-ups and investors in the SEE region for policy support regarding investment and growth Online questionnaire survey among start-ups and investors in VIBE partner countries Mix of open and closed (list, category, scale) questions 190 respondents from 11 countries Survey was conducted in Sept/Oct 2014
7 Current challenges - general Lack of strong innovation and research culture Entrepreneurial skills not widely enough taught across public and private educational system Not enough public support mechanisms for entrepreneurial ecosystem Awareness of new investment opportunities not reinforced by state
8 Current challenges start-ups view Start-ups not very familiar with funding opportunities in SEE countries others than their own High bureaucracy for establishing and operating startup Legal framework makes it difficult to close down failing start-up Weak existing technological infrastructure First year operational costs are too high No functioning Business Angel network
9 Current challenges investors view High levels of bureaucracy for foreign investor to enter a start-up No adequate policies to support syndicated investments/co-investments in start-ups No adequate policies for support of cross-border investments in start-ups Existing tax laws for start-up investments not adequately simple and stable No adequate tax reliefs/incentives for Business Angel investments No adequate investment and growth readiness of start-ups across the entire SEE region Entrepreneur deficiencies: lack of feasible ideas, practical knowledge and marketing experience, low self-initiative, lack of smart specialization Poor start-up material available for investors
10 Suggested policy changes I Simpler institutional framework, less bureaucracy: Organize more efficiently the administrative system; decrease regulations; reduce bureaucracy; better financial management in administration of public funds; simplify procedures for establishing and ending a company; make it easier for international companies to acquire and operate in a country Transparency: Elimination of corruption; government data to be made public; early sharing of information; fight monopolies Support dissemination and promotion: More active dissemination & sharing of good practices, of innovations that need capital, of initiatives, promotion of internationalization opportunities; enhance visibility of investment services, better information about their benefits, obligations, procedures
11 Suggested policy changes II Enhance knowledge exchange and sharing: Enhance cooperation between academic institutions/ R&D knowledge owners and startups; strengthen the link between research and industry; transfer R&D into the business environment; foster sharing and cooperation with startups abroad Foster entrepreneurial education: strengthen entrepreneurial knowledge throughout the educational system; follow market needs; improve skills of managers; strengthen motivation for entrepreneurship; increase investment & growth readiness by providing coaching and training financed by the state; free training in writing business plans; creation of more Master degree courses in entrepreneurship
12 Suggested policy changes III More and stronger financing mechanisms: Combine refundable funds with non refundable grants; reinforcement of funds of funds; more guarantee funds; cross-border syndicated funds; encourage equity financing (private & public); leverage private (seed) funding/ co-financing; more EU funding; more non-refundable funds instruments Easier access to funding: Allow easier and earlier access to funding; create alternative types of financing; help identification of private, national, regional and international sources; more active VCs and Business Angels Simpler funding procedures: Simpler and clearer conditions for capital grants, for structural funds; easier monitoring system and implementation procedures
13 Suggested policy changes IV Introduce legal changes: New legal framework for startups; less penalties for failure; promotion of second chances; speed-up bankruptcy procedures; quicker response system Liberalize labour market Adopt a single government vision: express and realize a single political will, one vision for the investment strategy Enhance online and offline infrastructure: Creation of (proactive) mechanisms to reinforce cooperation between startups and between startups and investors; platforms for partner searching, matchmaking platforms and events, virtual portals, B2B meetings, database of demand side, quality incubators, accelerators, tech parks, public spaces for networking and coworking
14 Suggested policy changes V Tax changes, tax reliefs: Reduce taxes; lower corporate and private tax; reduce VAT; create tax incentives for domestic corporations that buy out startups; tax reliefs/breaks/incentives for angel investors and early stage investors; lower or no taxation for 1-3 years of startups lifecycle; lower tax on experts salaries; tax reliefs for investments in R&D and innovative activities, for research and experimental development activities, for new investors, for re-invested profit; flat taxes Lower social security contributions paid by employers and employees Simple, clear and stable tax policies
15 Further details: VIBE website: Contact: SEERC South East European Research Centre, Thessaloniki, THANK YOU FOR YOUR KIND INTEREST!
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