Enabling Enterprise in Ascending Markets: Profile #3 Advancing Development by Supporting Successful Entrepreneurs
17 Pages Posted: 18 Feb 2014
Date Written: August 1, 2010
Whether in rich countries or poor, economic growth is sustainable only when it is based on the growth of productive business. Rapidly expanding firms offer jobs, provide needed services, and introduce innovations that are the source of economic vibrancy locally, nationally, and globally.
Persistently poor places do not lack for entrepreneurs, but they do lack high-growth companies. In low-income countries, the contributions to economic output and employment made by formally registered small and medium-sized enterprises (SMEs) are less than one-third those made by their counterparts in high-income countries. This disparity is evidence of impediments that exist in poor places to the development of high growth enterprises.
A variety of NGOs, foundations, and corporations have developed successful models for providing business owners in persistently poor places the support they need to turn their proven ventures into rapidly growing drivers of development.
Keywords: entrepreneurship, development, talent, growth, finance, institutions
JEL Classification: L36, O10, O43
Suggested Citation: Suggested Citation