Global Entrepreneurship Monitor Launches the 2011 Caribbean Regional Report

Findings show a high level of enthusiasm for entrepreneurship, while highlighting a gap in support services for entrepreneurs

TORONTO, Nov. 6, 2012 /CNW/ - The Global Entrepreneurship Monitor Caribbean team, with the support of Canada's International Development Research Centre (IDRC), is pleased to announce the launch of the Global Entrepreneurship Monitor 2011 Caribbean Regional Report at Ryerson University on November 8, 2012.

"With the release of this report we're pleased to fill in the blanks we've identified when it comes to the lack of rigorous data on entpreneurship in the Caribbean," says Rodrigo Varela, GEM Caribbean's project coordinator. "Now, with IDRC's support, the Caribbean is part of GEM, the largest ongoing entrepreneurship project worldwide, which is focused on analyzing the relationship that exists between entrepreneurship and national economic development."

The Global Entrepreneurship Monitor focuses on three main objectives:

• Measuring the differences that exist in entrepreneurial activity levels between participating countries;
• Discovering the principal causes and variables that affect such activity;
• Identifying policies that may foster the quality and quantity of entrepreneurial pursuits.

The Caribbean Report reflects findings from a holistic study examining the attitudes, aspirations, and intentions regarding entrepreneurial activity among active and potential Colombia-, Jamaica-, Barbados-, and Trinidad & Tobago-based entrepreneurs, as well as national experts who evaluate the entrepreneurial framework conditions. The report also ties-in secondary source socioeconomic data from global research organizations.

While the results outlined in the report reflect a very high level of positive response in all the variables related to potentiality and willingness to become entrepreneurs, issues related to a lack of structural support were also unveiled. Findings indicate a shortage of external funding resources; poor government support policies at a national and local level; inadequate education and training components; and poor support services for female entrepreneurs.

In addition to outlining key findings, the report also includes policy recommendations formulated to improve the support mechanisms for entrepreneurship development in the Caribbean.

"This is the only comparable global data source rich enough to provide policymakers with a strong empirical foundation on which to build and monitor progress in the promotion of entrepreneurship and job creation in the Caribbean," says Varela. "We believe that strong entrepreneurial development is one of the building blocks to increased socioeconomic advancement in these regions, and we're pleased to be able to bring expert recommendations, backed by solid research, to the forefront with this report."

The report will be available at http://www.gemcaribbean.org as of November 10.

About the Global Entrepreneurship Monitor:

The Global Entrepreneurship Monitor (GEM) is a research project that has been conducted since 1999 seeking to increase the knowledge about entrepreneurship worldwide. For the 2011 research cycle, 54 economies were actively involved interviewing over 140,000 adults (18-64 years of age).

About IDRC:

A key part of Canada's aid program, the International Development Research Centre supports research in developing countries to promote growth and development. IDRC also encourages sharing this knowledge with policymakers, other researchers, and communities around the world. The result is innovative, lasting local solutions that aim to bring change to those who need it most.

SOURCE: The Global Entrepreneurship Monitor