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Small and Medium Enterprises Report − Croatia 2015 Including the Results of GEM – Global Entrepreneurship Monitor Research for Croatia for 2014

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Small and Medium Enterprises Report − Croatia 2015 Including the Results of GEM – Global Entrepreneurship Monitor Research for Croatia for 2014 Small and Medium Enterprises Report − Croatia 2015 including the results of GEM – Global Entrepreneurship Monitor research for Croatia for 2014 ISSN 1848-3526 SMEs and Entrepreneurship Policy Centre Small and Medium Enterprises Report − Croatia 2015 including the results of GEM – Global Entrepreneurship Monitor research for Croatia for 2014 Scientifi c research basis for the publication was prepared by the members of CEPOR’s research team. Authors (in alphabetical order): Mirela Alpeza, Ph.D. Danica Eterović Maja Novosel Sunčica Oberman Peterka, Ph.D. Slavica Singer, Ph.D. Nataša Šarlija, Ph.D. Editors: Slavica Singer, Ph.D. Mirela Alpeza, Ph.D Copyright CEPOR – SMEs and Entrepreneurship Policy Center Trg J.F. Kennedy-a 7 10000 Zagreb, Croatia www.cepor.hr Publication is published with support: European Fund for Southeast Europe (EFSE) Croatian Bank for Reconstruction and Development (HBOR) Parts of this publication may be reproduced unaltered without authorisation, on condition that the source is indicated. The views expressed in this publication are those of the authors and do not necessarily represent the views of the European Fund for Southeast Europe and the Croatian Bank for Reconstruction and Development. Layout and print: Gradska tiskara Osijek d.d., Osijek Zagreb, April 2016 ISSN 1848-3526 Contents List of tables 5 List of fi gures 6 Introduction 7 1. Macroeconomic environment in Croatia 9 2. Situation in the small and medium enterprise sector in Croatia 12 2.1. Criteria for defi nition of small and medium enterprises in Croatia 12 2.2. Importance of the small and medium enterprise sector in the Croatian economy 13 2.3. Dynamics of development of the small and medium enterprise sector 24 2.4. Regional aspect of the importance of the small and medium enterprise sector 26 2.5. Cra s in Croatia 28 2.6. Cooperatives in Croatia 30 3. Women entrepreneurship 32 4. Environment of the small and medium enterprise sector in Croatia 39 4.1. Legislative and institutional framework 39 4.1.1. Distribution of competences for making and implementation of policy decisions 39 4.1.2. National and regional policies and programs 40 4.1.3. Regulatory environment 42 4.2. Obstacles to the development of the small and medium enterprise sector through the prism of international research 45 5. Access to fi nancing 48 5.1. Banks 50 5.2. Microfi nance and credit unions 57 5.3. Venture capital funds 60 5.4. Business angels 63 5.5. Government incentive programs and subsidised credit lines 64 6. Education for entrepreneurship 73 7. Access to information and advisory services 79 8. Croatia as a member of the European Union 89 Conclusion 98 Literature 102 Small and Medium Enterprises Report − Croatia 2015 3 List of tables Table 1 Croatia – basic macroeconomic indicators in the period from 2010 to 2014 Table 2 Real growth rate of GDP, unemployment and the share of exports in total exports of the EU in selected European Union Member States in 2013 and 2014 Table 3 Criteria of classifi cation of small business entities Table 4 Enterprise structure with regard to size from 2010 to 2014 Table 5 Enterprise size and total income, employment and exports in 2013 and 2014 Table 6 Average number of employees and productivity in small enterprises from 2010 to 2014 Table 7 Average number of employees and productivity in medium enterprises from 2010 to 2014 Table 8 Entrepreneurial activity in Croatia, measured by the TEA index Table 9 Users of grants for self-employment of the Croatian Employment Service from 2011 to 2014 Table 10 Growing enterprises in Croatia, according to the new product development criterion from 2010 to 2014 Table 11 Results of the Global Innovation Index for 2014 and 2015 – Croatia and reference countries Table 12 Gross domestic expenditure on research and development – Croatia, 2011 – 2014 (in thousand HRK) Table 13 Financial effi ciency of enterprises in 2013 and 2014 Table 14 Number of established enterprises in 2013 and 2014 Table 15 Reasons for cessation of business activity – comparison between the European Union and Croatia, 2014 – % of cessation Table 16 Regional diff erences in business venture start-up activity from 2010 to 2014 Table 17 Comparison of regional diff erences in attitudes towards entrepreneurship in 2013 and 2014, as a percentage (%) of surveyed population – GEM Table 18 Number of active cra s and employees in cra s in Croatia, state in December 2010 – 2014 Table 19 Cooperatives, cooperative members, employees and income of cooperatives in Croatia, 2011 – 2014 Table 20 Diff erence in business venture start-up activity by women and men in Croatia from 2010 to 2014, measured by the TEA index Table 21 Strategic objectives and measures of implementation of the Strategy of Women Entrepreneurship Development in the Republic of Croatia 2014 – 2020 Table 22 Grants awarded to women entrepreneurs through Entrepreneurial Impulse, 2010 – 2014 Table 23 Loans approved under the HBOR’s program “Women Entrepreneurs” , 2011 – 2014 Table 24 Evaluation of government policies in 2013 and 2014 Table 25 Overview of selected indicators of quality of the regulatory environment according to the Doing Business 2016 study for 2015 Small and Medium Enterprises Report − Croatia 2015 5 Table 26 Taxes in Croatia Table 27 Results of the Global Competitiveness Report 2015 – 2016 – Croatia and reference countries Table 28 Perception of availability of non-traditional sources of fi nancing in 2013 and 2014 Table 29 Indicators of quality of the regulatory environment related to the loan market for 2015 – from the Doing Business 2016 report Table 30 Loan off er for small and medium enterprises – Privredna banka Zagreb d.d., Erste&Steiermärkische Bank d.d. and Zagrebačka banka d.d. Table 31 Loans granted by credit unions – members of the Croatian Association of Credit Unions in 2013 and 2014 (HRK) Table 32 CRANE Croatian Business Angels Network – investments from 2008 to 2015 Table 33 Grants approved from the Entrepreneurial Impulse 2014 program, Ministry of Entrepreneurship and Cra s Table 34 Overview of loans granted to small and medium enterprises by HBOR in 2013 and 2014, by loan groups Table 35 Guarantees granted and issued by HAMAG-BICRO in 2013 and 2014, by programs Table 36 Projects funded by HAMAG-BICRO programs in 2014 Table 37 Perception of quality of education for entrepreneurial activity in 2013 and 2014 (ratings ranging from 1 to 5) Table 38 List of universities in Croatia with entrepreneurship programs at undergraduate, graduate and/or postgraduate levels of study in 2015 Table 39 List of polytechnics in Croatia with entrepreneurship programs at undergraduate and/or graduate levels of study in 2015 Table 40 List of colleges in Croatia with entrepreneurship programs at undergraduate and/ or graduate levels of study in 2015 Table 41 Perception of quality of commercial and professional infrastructure for support of the development of the small and medium enterprise sector in 2013 and 2014 – ratings from 1 to 5 Table 42 Financial overview of IPA and structural funds 2007 – 2013 for the Republic of Croatia Table 43 Allocations for Croatia from the ESI funds for the period 2014 – 2020 Table 44 Overview of open and announced tenders for small and medium enterprises under the Operational Programme Competitiveness and Cohesion List of fi gures Figure 1 Total income by enterprise size in 2014 Figure 2 Employment by enterprise size in 2014 Figure 3 Exports by enterprise size in 2014 Figure 4 Growing companies in Croatia according to the new product development criterion in 2014 Figure 5 Regions in Croatia according to business venture start-up activity in 2014 6 CEPOR - SMEs and Entrepreneurship Policy Center Introduction Micro, small and medium enterprises are an important generator of new employment and creation of added value of each national economy. In 2014, 104,116 micro, small and medium enterprises (99.7% of the total number of registered enterprises) operated in Croatia, which achieved a share of 53% of total revenues, 68.4% of employment and 48.5% of Croatian exports1. The results of international research (Global Entrepreneurship Monitor, Doing Business, Global Competitiveness Report, Corruption Perceptions Index) also in 2014 as the key development problems of the small and medium enterprise sector in Croatia point out insuffi cient level of new business venture start- up activity, small share of growing enterprises, administrative obstacles to the implementation of entrepreneurial activity, insuffi cient development of the fi nancial market, and lack of education focused on the development of entrepreneurial knowledge and skills. The annual Small and Medium Enterprises Report − Croatia 2015 provides an overview of the situation of the small and medium enterprise sector through the following aspects: dynamism, sector’s signifi cance for the economy and regional development, access to fi nancing, availability of educational programs and professional services, gender balance in entrepreneurial activity, and possibilities for fi nancing development through European Structural and Investment (ESI) Funds. The report presents data and analyses of the situation in the small and medium enterprise sector based on the fi nancial statements from 2014 and their comparison with indicators from previous years. Reference years used as the basis for comparison in relation to 2014 were selected depending on the availability of data and intensity of changes during the observed periods. In addition to the fi nancial performance indicators of the sector, the Report presents activities carried out in 2014 and 2015 by institutions2 in charge of strengthening the quality of the environment in which small and medium enterprises in Croatia operate. The publication is published by CEPOR3 – SMEs and Entrepreneurship Policy Center – the fi rst policy think tank, which, since its establishment in 2001, deals with the issues of entrepreneurship and the small and medium enterprise sector in Croatia.
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