C9 - Unlocking entrepreneurial potential

Summary

Stronger and more sustainable economic growth is more critical than ever in today's environment. In the wake of the economic crisis many developed and developing countries have shifted their focus to domestic challenges, including unemployment. At the same time, global challenges such as environment, health and poverty have become more urgent. Entrepreneurship and innovation provide a way forward for addressing these challenges on the local and international levels.

Entrepreneurship is increasingly recognized as an important driver of economic growth, productivity, innovation and employment, and it is widely accepted as a key aspect of economic dynamism. Entrepreneurs fuel innovation in developing new or improving existing products, services or processes. As first described by Schumpeter, new technologies and their applications stimulate the growth of new firms, and improve the efficiency and productivity of existing ones.

Tariff and non-tariff trade barriers can hinder entrepreneurship by limiting opportunities for internationalization, which is important to the competitiveness of enterprises of all sizes – large firms expanding across borders, SMEs integrating into global supply chains and entrepreneurial ventures seeking high growth. Innovative firms need access to international markets not only for revenue growth but also for the development of knowledge, skills and networks necessary for long-term growth and competitiveness.

The role of entrepreneurship education

The development of entrepreneurial skills is a core component for building socially inclusive and highly participatory economies.