Entrepreneurship is a primary driver of job creation, innovation, and prosperity in any economy. Therefore, while attracting foreign direct investment is important, fostering entrepreneurship can be an even more critical source of long-term prosperity.

Although the effects of entrepreneurship on economic progress are widely recognized, there is little consensus on how best to promote it. Regions often feel the need to “do everything,” having received recommendations to improve the quality of life, attract venture networks, streamline technology transfer, form angel networks, and cut taxes, among other initiatives. Based on both research and experience, Monitor believes it is important to recognize that there are different approaches to stimulating entrepreneurship, and that each approach calls for a different mix of assets in the entrepreneurship ecosystem.

Monitor has helped develop and deploy tailored tools that support entrepreneurship initiatives in an economy. These range from a survey tool that can provide insights into key drivers and barriers for entrepreneurship to a capability-building practice that can provide entrepreneurs with skills in effective management. Monitor also develops innovative solutions that unlock the barriers to entrepreneurship. These include initiatives to address gaps in mindset, skills, and access to capital.

The key to success lies in mapping and navigating the context for entrepreneurship, which involves identifying high-priority action items for a region or nation. Unfortunately, lack of access to substantial data about the current state of the entrepreneurship environment often frustrates efforts to develop these priorities. In response, Monitor has developed a focused Entrepreneurship Benchmarking Survey and corresponding data set to address this deficit and enable comprehensive benchmarking exercises of a region or nation’s entrepreneurship environment. The insights of this benchmarking survey inform robust strategies and policy agendas that can fuel entrepreneurship and employment activity in a local or national economy.

With this offering, leaders are able to:

• Understand and overcome barriers to productivity and job creation in the local economy
• Invest strategically in enablers of entrepreneurship through concrete initiatives that drive new businesses and economic participation

Read Monitor’s report, Paths to Prosperity: Promoting Entrepreneurship in the 21st Century