Τhe Centre for Entrepreneurship (C4E) of the University of Cyprus has recently compiled the National Report for Entrepreneurship, acting as the National Coordinator and Cyprus’ representative in the Global Entrepreneurship Monitor (GEM).
The GLOBAL ENTREPRENEURSHIP MONITOR CYPRUS REPORT 2021/22 was recently presented at the University of Cyprus in the presence of many entrepreneurs, businesspeople and academia.
For the sixth consecutive year, Cyprus participates in the National Entrepreneurship Report (Global Entrepreneurship Monitor – GEM).
The GEM is one of the largest entrepreneurship surveys conducted globally for the past 23 years, recording entrepreneurship indicators for over 70 economies and 200,000 participants each year.
The participation of Cyprus in GEM is particularly important as in this way comparable data are created for entrepreneurship in Cyprus, placing it on the world map of entrepreneurship and innovation.
Based on the responses of more than 2,000 respondents, it appears that Cypriots’ views on doing business have improved. In particular, the percentage of the population that believes they have the skills required for business activity (64%) and that there are business opportunities in the area where they live (50%) has increased.
In addition, Cypriots appear to become increasingly familiar with business activity: 72% of those questioned stated that they know an entrepreneur. The human resources of Cyprus are capable of undertaking business activity and have gained familiarity with the idea of entrepreneurship through their network. Despite this, 50% of the population declares that they have a “fear of failure” which is partly due to the insufficient cultivation of the entrepreneurial and risk-taking culture.
The advanced-stage entrepreneurship index has increased compared to the first year of the pandemic, while for early-stage businesses (< 42 months) the index has stabilized after the decline due to the pandemic. On the other hand, climate change, growing social and economic inequality, new technologies, changes in the way of working and geopolitical changes are constantly adding new challenges for Cypriot businesses.
The need therefore arises for the Cypriot business ecosystem to build greater resilience, as well as flexibility and speed in the implementation of appropriate changes, which can increase adaptability to todays and future challenges.
The survey is sponsored by the Ministry of Energy, Commerce, Industry and Tourism and PwC Cyprus and is available on tape on the university’s website.
The GLOBAL ENTREPRENEURSHIP MONITOR CYPRUS REPORT 2021/22 can be found here.
