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CyEC 2003 Conference

CyEC 2003 Conference. Professor Georgios I. Doukidis Athens University of Economics and Business TANEO (New Economy Development Fund). Factors that encourage and support Entrepreneurial Activity recently. Technological Factors / Technological Progress

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CyEC 2003 Conference

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  1. CyEC 2003 Conference Professor Georgios I. Doukidis Athens University of Economics and Business TANEO (New Economy Development Fund) December 17 2003, Cyprus

  2. Factors that encourage and support Entrepreneurial Activity recently • Technological Factors / Technological Progress • Cause new products, enterprises and sectors • Economic Factors / Increase of consumers’ demand • Increase of income, living standards, available financing • Demographic Factors / Development of New Service Companies • Ageing of population, families with double incomes etc. • Psychological Factors and Culture • Alternative model to large enterprises, social norms that support self-sufficiency (i.e USA) • Survival Factors • In less developed economies (i.e Uganda) CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  3. US:U.S.A. GR:Greece Total Entrepreneurial Activity (TEA) 2003 by Global Entrepreneurship Monitor (GEM) ALL Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  4. GR:Greece Necessity-Based Entrepreneurial Activity - 2003 ALL Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  5. new markets • new jobs • exports oriented High Potential Entrepreneurship CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  6. - 2001 Entrepreneurs’ Expectations for Job Creation by Educational Attainment (2001) CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  7. Conditions that play an important role in promoting entrepreneurial activity in an economy • Government Policies • High priority in supporting new firms; quick acquisition of permits & licenses; amount of taxes; predictable way of new regulations • Education and Training • Encourages creativity, self-sufficiency & personal initiative; adequate attention to entrepreneurship and new-firm creation; special courses and programs; hybrid focus • Cultural and Social Norms • High value on self-sufficiency, autonomy, individualism and personal initiative; do not rely heavily on government; expectation to change many jobs; prefer to work for new firms • Financial Support • Sufficient equity and debt funding; government subsidies; private individuals, Venture Capitalists and IPOs are important financial sources CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  8. Government Policies: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  9. Education and Training: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  10. Cultural and Social Norms: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  11. Financial Support: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  12. ΤΑΝΕΟ (New Economy Development Fund) • TANEO is a Fund of Funds investing in new Venture Capital Funds that focus in innovative businesses • As it is set out in Article 28 of Greek Law 2843/2000, which provides for the creation of TANEO, “The purpose of the company is the minority participation in venture capital organisations”. • The EC has decided (Sept. 2002) that the aid scheme involved is compatible with the EC treaty • Selection of VCs is based on commercial criteria • Financing • €45 mil. from the Hellenic Republic • €105 mil.Private/Institutional through a Notes issue (guarantee provided by the Hellenic Republic) CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  13. ΤΑΝΕΟ (New Economy Development Fund) • What is NOT ΤΑΝΕΟ • It is NOT aventure capital fund • Therefore, it does NOT invest directly in small-medium innovative companies • What is ΤΑΝΕΟ • It invests ONLY in venture capital funds • It undertakes up to 50% of their capital • which invest in Greek, innovative, small and small-medium companies • So • TANEO does NOT INTERFERE with the investment decisions made by the VC Funds • It sits in investment committees WITHOUT the right to vote but with Veto power if decisions to invest are in breach of TANEO’s investment guidelines CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  14. The Upgraded Role of Universities • Social Institution • The provision of general education, the growth of personality and the transmission of knowledge with the right wisdom • Developmental Institution • Contribution in the configuration of responsible people, with the ability of scientific, social, cultural and political comprehension • Utilitarian Institution • Full education for a scientific and professional career after graduation Creation of New Leaders CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  15. Entrepreneurship at Undergraduate Level Full Semester - AUEB • Practical Training of students for one semester in real working environments • Every Friday they return to University for two courses (and practical assignments) • Business Plan and business strategy • Entrepreneurship and Innovation • Participation in enterprising competitions, workshops with managers and entrepreneurs, business games, etc. Difficult project with many challenges 150 students, 100 companies, 10 professors F.T. CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  16. “Entrepreneurship and Development of New Enterprises” Graduate Program • Introduction to Entrepreneurship • Legal and Financial Aspects of Entrepreneurial Ventures • Innovation and Creativity • Strategic Business Partnerships • Developing a Successful Business Plan • Managing a Family Owned Business • Doing Business in the Balkans Region • Leadership • Managing of Change • Knowledge Management Dec. Sciences MSc of the Athens University of Economics and Business CyEC 2003, 17-12-2003 Prof. G. I. Doukidis

  17. CyEC 2003 Conference Professor Georgios I. Doukidis (gjd@aueb.gr) Athens University of Economics and Business TANEO (New Economy Development Fund) December 17 2003, Cyprus

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