GEM (Global Entrepreneurship Monitor), a researcher from the University of Deusto, the University of the Basque Country and Mondragon University, has presented data on entrepreneurship in the Autonomous Community of the Basque Country. These data help the public in charge of the public policies needed to strengthen economic and business activities. The research also shows an updated picture of entrepreneurship in our territory.

The general entrepreneurial activity in the Basque Country or the initial phase has fallen during the 2018-19 year period. In this way, from 5.8% in 2017 has now reached 5.1%. Future entrepreneurship potential has improved by half. Business consolidation rates have also improved. On the other hand, the rate of canceled companies was lower this year.

 

In the Basque Country's entrepreneur profile, we can see that it is a man (55.1%), an average of 43 years, 3 years older than last year, and a high level of education and income. The main reason for doing is to identify opportunities.

 

The capital increase required to carry out the BAC is 21,740 euros, a very similar figure from the previous year. In Spain, 20,000 euros are required. With regard to investment, newer projects of less than 10,000 euros have increased and the largest investments have been maintained. Contribution of the group promoter is the main source of financing (58%), with great advantage. The following sources of financing were made by banks (21.1%), Public Assistance (5.2%) and Specialized Investors (2.8%).

 

Over the last three years, entrepreneurship initiatives related to knowledge have grown, ranging from 17.9% in 2015 to 21.9% in 2018. As a consequence, business as a result of entrepreneurial activity in the Basque Country is, as usual, small and medium-sized businesses. With regard to innovation, fewer initiatives use innovative technologies and more initiatives believe that they have few competitors. The internationalization of new companies, as in recent years, is quite stable.

 

Basque citizens believe that they have enough knowledge, skills and experience to undertake. This data improved compared to the previous year. But fewer citizens believe that there are good business opportunities. On the other hand, in the BAC, one of the drawbacks of fear of failure is less in Spain than in the European Union. This trend is stable in public opinion, since the data is similar to the previous year. And this year it is also seen that Basque citizens are missing out on entrepreneurs' reference models. With regard to the impact of Basque culture on entrepreneurship, it is important to recognize that entrepreneurship is considered to be one of the professional options of Basque society (51.6%), social and economic entrepreneurship recognition (48.0%), and the media in entrepreneurial promotion and dissemination In their role (54.2%).

 

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