Entrepreneurship in Ireland Returns to Pre-Recession Levels

Entrepreneurship in Ireland Returns to Pre-Recession Levels Entrepreneurship in Ireland Returns to Pre-Recession Levels Image Source: PixabayNew Global Entrepreneurship Monitor (GEM) Survey has shown that one in every 23 people in Ireland (aged 18-64 years) is a new business owner.The findings of a new Global Entrepreneurship Monitor have shown that one in every 23 people in Ireland is a new business owner. The Monitor, which was published today, also show that Entrepreneurship in Ireland is now back at pre-recession levels. The report also finds that, with 35,000 new business owners in 2016, Ireland ranks 6th highest in Europe for new business owners.The number of female entrepreneurs in 2016 is the highest noted since GEM research started in 2000The report was published by Enterprise Ireland and supported by the Department of Jobs, Enterprise and Innovation.The Global Entrepreneurship Monitor is considered to be the world’s leading academic study in the field of entrepreneurship.The Monitors aims to understand why some countries are more ‘entrepreneurial’ than others. GEM began in 1999 as a jo int project between Babson College (USA) and London Business School (UK).This Irish gem study was co-authored by Paula Fitzsimons of Fitzsimons Consulting and Dr Colm O’Gorman, Professor of Entrepreneurship, DCU Business School.GEM is now recognised as the authority on entrepreneurship on the island of Ireland.Speaking after the launch of the report last week An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said: “I am particularly heartened that the rate of early stage entrepreneurship in Ireland has now returned to the levels observed pre-recession and that many Irish entrepreneurs have growth ambitions and expect to be employers”.The Minister also commented on the fact that findings show almost two thirds of entrepreneurs are male saying: “At 1 in every 14 women in Ireland, the number of female entrepreneurs in 2016 is the highest noted since GEM research started in 2000. Initiatives to encourage female entrepreneurship, like Enterp rise Ireland’s dedicated female entrepreneurship unit, are helping to further reduce the gender gap.”Niall O’Donnellan, Head of Strategy, People and Regions, Enterprise Ireland noted that Ireland is one of seven countries that scores above the European average for both the rate of entrepreneurship (new business owners) and rate of intrapreneurship (employees engaged in entrepreneurship for their employer).Speaking after the launch Donnellan said: “The latest GEM survey shows strong global ambition amongst nascent entrepreneurs and new business owners with almost four in five expecting revenues from international customers. In 2007, more than 40% of entrepreneurs were focused exclusively on the Irish market”.“This figure had dropped back to just 20% by last year demonstrating Irish companies increased willingness and ability to do business and operate internationally. Enterprise Ireland is committed to supporting entrepreneurs and start-ups to grow and expand their reach in overseas markets, helping them to compete on a global scale”, he added.The GEM model is primarily based on an adult population survey (APS). Professional survey research firms in each country administer the adult population survey, which are based on a random sample of approximately 2,000 adults.The main questions in the APS are identical in each country. For the purposes of the research, GEM uses a very comprehensive definition of entrepreneurship, which encompasses any type of entrepreneurial initiative, including self-employment.The full GEM report can be found here.