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Entrepreneurship in Cyprus National Report 2018/19

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Entrepreneurship in Cyprus National Report 2018/19 ENTREPRENEURSHIP IN CYPRUS NATIONAL REPORT 2018/19 GUEST SECTION ENTREPRENEURSHIP IN A POST-CONFLICT REGION: THE UNIQUE CASE OF CYPRUS, THE STORY OF CYPRUSINNO, AND THE PATH FORWARD ENTREPRENEURSHIP IN CYPRUS 2018/19 1 AUTHORS ENTREPRENEURSHIP IN CYPRUS NATIONAL REPORT 2018/19 POLYVIOU ARIANA ETEOKLEOUS PANTELITSA DIKAIAKOS D. MARIOS KASSINIS I. GEORGE GUEST SECTION: ENTREPRENEURSHIP IN A POST-CONFLICT REGION: THE UNIQUE CASE OF CYPRUS, THE STORY OF CYPRUSINNO, AND THE PATH FORWARD DOLUAY BURAK BERK STAVROU W. STEVEN 2 ENTREPRENEURSHIP IN CYPRUS 2018/19 TABLE OF CONTENTS Forefront from the Chairman of Entrepreneurship Council, University of Cyprus .......................................................................... 6 Foreword by the Chief Scientist for Research and Innovation ......................................................................................................... 7 Message from the Permanent Secretary of the Ministry of Energy, Commerce, Industry and Tourism ....................................... 8 Message from the CEO of PwC .......................................................................................................................................................... 9 1. EXECUTIVE SUMMARY .......................................................................................................................................................... 10 2. GEM INTRODUCTION AND BACKGROUND ............................................................................................................................ 13 2.1 Gem’s Conceptual Framework .................................................................................................................................................14 2.2 Gem Methodology ..................................................................................................................................................................... 17 3. ENTREPRENEURIAL ACTIVITY IN CYPRUS IN 2018 ............................................................................................................ 19 3.1 Societal Values & Perceptions about Entrepreneurship ........................................................................................................20 3.2 Total Early-Stage Entrepreneurial Activity (Tea) ......................................................................................................................22 3.3 Established Business Owners ................................................................................................................................................. 25 3.4 Employee Entrepreneurial Activity ........................................................................................................................................... 25 3.5 Business Discontinuance ......................................................................................................................................................... 25 3.6 Profile of Entrepreneurs in Cyprus ...........................................................................................................................................26 3.7 Entrepreneurial Impact .............................................................................................................................................................28 4. ENTREPRENEURSHIP ECOSYSTEM ...................................................................................................................................... 34 4.1 Strengths and Limitations of the Entrepreneurial Ecosystem in Cyprus ................................................................................ 37 5. EXISTING POLICIES AND FUTURE POLICY RECOMMENDATIONS ...................................................................................... 49 6. ENTREPRENEURSHIP IN A POST-CONFLICT REGION: THE UNIQUE CASE OF CYPRUS, THE STORY OF CYPRUSINNO, AND THE PATH FORWARD ........................................................................ 59 ENTREPRENEURSHIP IN CYPRUS 2018/19 3 TABLE OF FIGURES Figure 2.1: GEM economies by geographic region and economic development level in 2017 ................................................. 15 Figure 2.2: GEM Conceptual Framework ...................................................................................................................................... 16 Figure 2.3: The entrepreneurial process and GEM operational definitions ................................................................................ 16 Figure 3.1: Societal values about entrepreneurship in Cyprus and Europe ............................................................................... 20 Figure 3.2: Ease to start a business ............................................................................................................................................. 21 Figure 3.3: Self-perceptions about entrepreneurship in Cyprus and in Europe ......................................................................... 22 Figure 3.4: Percentage of the population, personally know an entrepreneur ............................................................................ 22 Figure 3.5: Total Early-stage Entrepreneurship (TEA) in Cyprus and Europe .............................................................................. 23 Figure 3.6: Total Early-Stage Entrepreneurial Activity (TEA) Index levels .................................................................................... 23 Figure 3.7: Nascent Entrepreneurs in Cyprus and Europe ........................................................................................................... 24 Figure 3.8: New business owners in Cyprus and Europe ............................................................................................................. 24 Figure 3.9: Established business ownership in Cyprus and Europe ........................................................................................... 24 Figure 3.10: Employee entrepreneurial activity in Cyprus and Europe ....................................................................................... 25 Figure 3.11: Reasons for business discontinuance in Cyprus and Europe ................................................................................ 26 Figure 3.12: Total Early-Stage Entrepreneurial Activity (TEA) rates by age group in Cyprus and Europe ................................................................................................................................................ 27 Figure 3.13: Total Early-Stage Entrepreneurial Activity (TEA) rates by gender and motivation in Cyprus and Europe ........................................................................................................................... 27 Figure 3.14: Percentage of the population that received corresponding education and is involved in Total Early-Stage Entrepreneurial Activity (TEA)............................................................................. 28 Figure 3.15: Total Early-Stage Entrepreneurial Activity (TEA) and industry sectors in Cyprus and in Europe ............................................................................................................................... 29 Figure 3.16: Expected new job openings in Cyprus and Europe ................................................................................................. 31 Figure 3.17: Innovation and international orientation of entrepreneurial activity in Cyprus and Europe ................................. 31 Figure 4.1: Entrepreneurial Framework Conditions (EFCs) .......................................................................................................... 35 Figure 4.2: Entrepreneurial framework condition scores for Cyprus and Europe in 2016/2017 .............................................. 36 Figure 4.3: Entrepreneurial framework condition scores for Cyprus and Europe in 2017/2018 .............................................. 36 Figure 4.4: Entrepreneurial framework condition scores for Cyprus and Europe in 2018/2019 .............................................. 37 4 ENTREPRENEURSHIP IN CYPRUS 2018/19 LIST OF TABLES Table 4.1: Physical infrastructure .................................................................................................................................................. 38 Table 4.2: Commercial and services infrastructure ..................................................................................................................... 38 Table 4.3: Government policies ..................................................................................................................................................... 39 Table 4.4: Entrepreneurial education ............................................................................................................................................ 40 Table 4.5: Government entrepreneurship program ...................................................................................................................... 41 Table 4.6: Access to finance .......................................................................................................................................................... 41 Table 4.7: Cultural and social norms ............................................................................................................................................. 42 Table 4.8: Internal market dynamics and burdens ......................................................................................................................
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