IFN in the news

No Todo Emprendimiento es Productivo

2020-09-01 Foro

Magnus Henrekson, IFN, is interviewed by Foro on entrepreneurship. One of the questions is how one can tell if there is high-quality entrepreneurship in a country, to which Henrekson replies:

"In most cases, a high-income level tells there is high-quality entrepreneurship. Of course, there are other ways of having a high-income level, but poor countries don't usually have highly-productive entrepreneurship. They may have many entrepreneurs,but they have very little opportunity to grow, and their success is therefore very limited. Most of the wealthiest countries in the world are entrepreneurial, although there are some that are not so, such as Germany and Japan, who rather have very large companies. But there is something called intrapreneurship, which refers to the act of employees behaving like entrepreneurs within a company. Companies like BMW or Toyota would not have been as successful as they are if they did not promote entrepreneurship inside the company among employees. In countries where wealth has been built on natural resources, you don't really have the need to be entrepreneurial. They make money too easily. So they don't have to be innovative. If, for example, you find a huge amount of oil like Norway did in the late 1960s, then you become a very different country. Norway is today not as entrepreneurial as it used to be. /.../"

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