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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 Professor Georgios I. Doukidis Athens University of Economics and Business TANEO (New Economy Development Fund) December 17 2003, Cyprus
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
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
GR:Greece Necessity-Based Entrepreneurial Activity - 2003 ALL Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
new markets • new jobs • exports oriented High Potential Entrepreneurship CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
- 2001 Entrepreneurs’ Expectations for Job Creation by Educational Attainment (2001) CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
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
Government Policies: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
Education and Training: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
Cultural and Social Norms: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
Financial Support: United States vs. Other GEM Countries CyEC 2003, 17-12-2003 Prof. G. I. Doukidis
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
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
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
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
“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
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