How Global Entrepreneurship Monitor Is Driving Entrepreneurial Growth Across Borders
Are you an entrepreneur looking to expand your business in international markets? Are you wondering what resources are available to support your venture? Look no further than the Global Entrepreneurship Monitor (GEM).
GEM is a global consortium of academics, business leaders, and policymakers who study and promote entrepreneurship. This initiative began in 1997 with researchers from the London Business School and Babson College. Since then, it has expanded to over 100 countries, making it the largest study of entrepreneurship in the world.
Understanding the GEM approach to measuring entrepreneurship
The GEM approach is unique because it measures entrepreneurial activity, attitudes, and aspirations using a common methodology across all participating countries. This allows for cross-country comparisons and benchmarking of entrepreneurial ecosystems.
GEM uses a three-stage model to measure entrepreneurship:
1. The entrepreneurial potential of a country, which includes assessing the country’s infrastructure, culture, and support systems for entrepreneurship.
2. The actual rate of entrepreneurship, including both early-stage and established entrepreneurship.
3. The impact of entrepreneurship on the economy, such as job creation, innovation, and economic growth.
Gaining insights into global entrepreneurial trends
By participating in the GEM study, entrepreneurs gain insights into the global entrepreneurial landscape. They can identify opportunities, challenges, and best practices in other countries.
For example, the 2020 GEM report found that the COVID-19 pandemic has had a major impact on entrepreneurship worldwide. Many entrepreneurs have had to pivot their business models to adapt to changing market conditions. In some countries, government support has been critical to helping entrepreneurs weather the crisis.
Accessing resources to support your entrepreneurial venture
GEM provides a wealth of resources to support entrepreneurs. These include:
1. Reports that analyze the state of entrepreneurship in different countries and regions.
2. Educational materials, including online courses, that provide guidance on starting and growing a business.
3. Networking opportunities with other entrepreneurs, investors, and policymakers.
4. Access to funding sources, such as venture capital firms and angel investors.
Case study: How GEM helped a startup expand internationally
One example of how GEM has supported entrepreneurship is the case of a startup called XYZ, which developed a mobile app to help people track their fitness goals. The company had initially launched in the United States but wanted to expand internationally.
Through its participation in GEM, XYZ was able to identify countries with high levels of entrepreneurial activity and favorable business environments. The company used this information to prioritize its international expansion efforts.
Additionally, XYZ was able to access GEM’s network of investors and government officials in target markets. This helped the company secure funding and navigate local regulations.
Conclusion: Leveraging GEM for entrepreneurial success
In conclusion, entrepreneurs looking to expand their businesses across borders should leverage the resources provided by GEM. By participating in this global initiative, entrepreneurs can gain insights into the global entrepreneurial landscape, access resources to support their ventures, and make strategic decisions based on data and analysis.
