10/12/11
10/6/11
10/5/11
Wohoo Finland, Wohoo!
Richard Florida et al. just launched new Global Creativity Index (download the report here). The Global Creativity Index ranks 82 nations on Technology, Talent, and Tolerance (the critical “3Ts” of economic development). The index is a broad composite measure based on key measures of technology (R&D investment, researchers, and patents per capita), talent (educational attainment and the creative class) and tolerance (the treatment of immigrants, racial and ethnic minorities, and gays and lesbians).
To start with, Finland is relatively prevalent (nr. 1) in the rankings based on pure R&D figures.
"Finland takes the top spot overall, ranking first in researchers, third in R&D investment, and fourth in innovation. Home to Nokia and many innovative small firms, Finland is an acknowledged leader in innovative communications technology." (p. 6)
What comes to the Talent Finland is kicking strong and is also ranked nr. 1 among the 82 nations. This is mostly because of high attendance in tetriary education in Finnish population. Finland's worst result is related to the Tolerance. Finland is ranked only 19th basically due to low acceptance of racial and ethnic minorities as well as gays and lesbians. Based on the Florida's approach this is an important proxy for creativity. Accordingly, Finland is ranked "only" third in the Global Creativity Index even if two "T"s are highly prevalent in Finland.
Importantly, the association between the Global Creativity Index based on 3T's and entrepreneurial activity is pretty high and thus, it makes sense to assess the role of 3T further.
Who's with me?
To start with, Finland is relatively prevalent (nr. 1) in the rankings based on pure R&D figures.
"Finland takes the top spot overall, ranking first in researchers, third in R&D investment, and fourth in innovation. Home to Nokia and many innovative small firms, Finland is an acknowledged leader in innovative communications technology." (p. 6)
What comes to the Talent Finland is kicking strong and is also ranked nr. 1 among the 82 nations. This is mostly because of high attendance in tetriary education in Finnish population. Finland's worst result is related to the Tolerance. Finland is ranked only 19th basically due to low acceptance of racial and ethnic minorities as well as gays and lesbians. Based on the Florida's approach this is an important proxy for creativity. Accordingly, Finland is ranked "only" third in the Global Creativity Index even if two "T"s are highly prevalent in Finland.
Importantly, the association between the Global Creativity Index based on 3T's and entrepreneurial activity is pretty high and thus, it makes sense to assess the role of 3T further.
Who's with me?
9/19/11
Research seminar on Entrepreneurship
Coming up in November @ Turku School of Economics. Stay tuned...
9/14/11
Latest Finnish GEM report
At last. Finnish GEM report for 2011 was published about two weeks ago. Here's the link.
But here you have some main findings (quick and dirty version):
1. Early-stage entrepreneurial activity is now higher than during the recession. Now 5.7 % of the adult population is involved in early-stage entrepreneurial activities. This means that every month on average roughly 16.100 Finnish adults are engaged in early-stage entrepreneurship.
2. The overall entrepreneurial activity, measuring the share of Finnish adult population involved in either early-stage entrepreneurial activity or established business ownership, is 15.1 % in 2010. That's second highest among the Nordic countries and 8th among innovation-driven economies. Awesome!
3. More and more individuals in Finnish adult population recognize business opportunities. Even if the active engagement in starting up new businesses is still low, over half of the Finnish adult population has recognized business opportunities. However, only 6 % of the adult population had actual intentions to start up a business within three years. This share is the lowest among the Nordic countries and among the lowest in innovation-driven and all GEM countries. Guys, this sucks!
4. In 2010 about 3 % of the Finnish adult population acted as a business angel by providing funds for early-stage entrepreneurial activity during the past three years. The share is low compared to the other GEM countries. What's the news here???
5. The share of highly innovative early-stage entrepreneurial activity in Finland is clearly lower than the average in innovation-driven economies. Finnish new entrepreneurs manage only rarely to introduce products and services, which are new to all customers and do not meet direct competition. No wonder that with the measures Finland is ranked as the lowest among Nordic countries, and as second lowest among innovation-driven economies. Are we happy with this???
6. Finnish rate of high-growth oriented entrepreneurs is clearly lower than in other Nordic countries. In 2002–2010 approximately 5.5 % of every early-stage entrepreneurially active individual has had high growth expectations. The low growth expectations create challenges for the development of Finnish employment. Oh yeah?
7.The entrepreneurial activity among highly educated individuals has declined under improving economic circumstances. This implies about increase in the opportunity costs of entrepreneurship when the availability of other job options improves. The novel Global Entrepreneurship and Develop Index (thank you Zoltan Acs and Laszlo Szerb) further supports this disparity: entrepreneurial attitudes and culture are already opportune in Finland, but most capable individuals are not willing to become entrepreneurs. Hey all the entrepreneurship societies... you have some work to do.
But here you have some main findings (quick and dirty version):
1. Early-stage entrepreneurial activity is now higher than during the recession. Now 5.7 % of the adult population is involved in early-stage entrepreneurial activities. This means that every month on average roughly 16.100 Finnish adults are engaged in early-stage entrepreneurship.
2. The overall entrepreneurial activity, measuring the share of Finnish adult population involved in either early-stage entrepreneurial activity or established business ownership, is 15.1 % in 2010. That's second highest among the Nordic countries and 8th among innovation-driven economies. Awesome!
3. More and more individuals in Finnish adult population recognize business opportunities. Even if the active engagement in starting up new businesses is still low, over half of the Finnish adult population has recognized business opportunities. However, only 6 % of the adult population had actual intentions to start up a business within three years. This share is the lowest among the Nordic countries and among the lowest in innovation-driven and all GEM countries. Guys, this sucks!
4. In 2010 about 3 % of the Finnish adult population acted as a business angel by providing funds for early-stage entrepreneurial activity during the past three years. The share is low compared to the other GEM countries. What's the news here???
5. The share of highly innovative early-stage entrepreneurial activity in Finland is clearly lower than the average in innovation-driven economies. Finnish new entrepreneurs manage only rarely to introduce products and services, which are new to all customers and do not meet direct competition. No wonder that with the measures Finland is ranked as the lowest among Nordic countries, and as second lowest among innovation-driven economies. Are we happy with this???
6. Finnish rate of high-growth oriented entrepreneurs is clearly lower than in other Nordic countries. In 2002–2010 approximately 5.5 % of every early-stage entrepreneurially active individual has had high growth expectations. The low growth expectations create challenges for the development of Finnish employment. Oh yeah?
7.The entrepreneurial activity among highly educated individuals has declined under improving economic circumstances. This implies about increase in the opportunity costs of entrepreneurship when the availability of other job options improves. The novel Global Entrepreneurship and Develop Index (thank you Zoltan Acs and Laszlo Szerb) further supports this disparity: entrepreneurial attitudes and culture are already opportune in Finland, but most capable individuals are not willing to become entrepreneurs. Hey all the entrepreneurship societies... you have some work to do.
8/23/11
8/20/11
Woo Hah
30 Most Memorable Fictional Entrepreneurs
1) Hank Rearden (Atlas Shrugged, steel magnate)
2) Milo Minderbinder (Catch-22, uses war for opportunity)
3) Daniel Plainview (There Will be Blood, oil tycoon)
4) Jerry Maguire (Jerry Maguire, sports agent)
5) Mildred Pierce (Mildred Pierce, book/movie - working class mother of 2)
6) Willy Wonka (Chocolate Factory, owner and tour guide)
7) Homer Simpson (The Simpsons, multifaceted dad)
8) Charles Foster Kane (Citizen Kane, wealthy media magnate)
9) Tony Stark (Iron Man, weapons dealer & superhero)
10) Harold Hooper (Sesame Street store owner)
11) Maxine Lund (Being John Malkovich, co-founder of the experience Malkovich biz)
12) Stringer Bell (The Wire, real estate developer/dealer)
13) Fred and George Weasley (Harry Potter, owners of Diagon Alley shop & owl-order business)
14) Bree Van De Kamp (Desperate Housewives, self-sufficient housewife, Caterer &
Author of Mrs. Van de Kamp Recipes)
15) Rick Blaine (Casablanca, cafe owner)
16) Lorelai Gilmore & Sookie St. James (Gilmore Girls, managers of Dragonfly Inn)
17) The Once-ler (Dr. Seuss' The Lorax, entrepreneur)
18) Seymour Levov (American Pastoral, business owner)
19) Bill Henrickson (Big Love, owner of 3 wives & 2 stores)
20) Sweeney Todd and Mrs. Lovett (barber and baker)
21) George Jefferson (The Jeffersons, owner of Jefferson Cleaners chain)
22) Calvin Palmer (Barbershop, owner)
23) Benjamin Horne (Twin Peaks, owner of Great Northern Hotel)
24) Yermolay Lopakhin (The Cherry Orchard, change agent)
25) Frenchy (Small Time Crooks, founder of Cookie business/bank robber)
26) Peter Venkman, Raymond Stantz &
Egon Spengler (Ghostbusters, founders)
27) Paul Dombey (Dombey & Son, wealthy shipping magnate)
28) Forrest Gump (Forrest Gump, founder of Bubba Gump Shrimp)
29) Julia Sugarbaker (Designing Women, interior design firm)
30) Tony Soprano (The Sopranos, mob boss extraordinaire)
(Source: Inc. Magazine)
1) Hank Rearden (Atlas Shrugged, steel magnate)
2) Milo Minderbinder (Catch-22, uses war for opportunity)
3) Daniel Plainview (There Will be Blood, oil tycoon)
4) Jerry Maguire (Jerry Maguire, sports agent)
5) Mildred Pierce (Mildred Pierce, book/movie - working class mother of 2)
6) Willy Wonka (Chocolate Factory, owner and tour guide)
7) Homer Simpson (The Simpsons, multifaceted dad)
8) Charles Foster Kane (Citizen Kane, wealthy media magnate)
9) Tony Stark (Iron Man, weapons dealer & superhero)
10) Harold Hooper (Sesame Street store owner)
11) Maxine Lund (Being John Malkovich, co-founder of the experience Malkovich biz)
12) Stringer Bell (The Wire, real estate developer/dealer)
13) Fred and George Weasley (Harry Potter, owners of Diagon Alley shop & owl-order business)
14) Bree Van De Kamp (Desperate Housewives, self-sufficient housewife, Caterer &
Author of Mrs. Van de Kamp Recipes)
15) Rick Blaine (Casablanca, cafe owner)
16) Lorelai Gilmore & Sookie St. James (Gilmore Girls, managers of Dragonfly Inn)
17) The Once-ler (Dr. Seuss' The Lorax, entrepreneur)
18) Seymour Levov (American Pastoral, business owner)
19) Bill Henrickson (Big Love, owner of 3 wives & 2 stores)
20) Sweeney Todd and Mrs. Lovett (barber and baker)
21) George Jefferson (The Jeffersons, owner of Jefferson Cleaners chain)
22) Calvin Palmer (Barbershop, owner)
23) Benjamin Horne (Twin Peaks, owner of Great Northern Hotel)
24) Yermolay Lopakhin (The Cherry Orchard, change agent)
25) Frenchy (Small Time Crooks, founder of Cookie business/bank robber)
26) Peter Venkman, Raymond Stantz &
Egon Spengler (Ghostbusters, founders)
27) Paul Dombey (Dombey & Son, wealthy shipping magnate)
28) Forrest Gump (Forrest Gump, founder of Bubba Gump Shrimp)
29) Julia Sugarbaker (Designing Women, interior design firm)
30) Tony Soprano (The Sopranos, mob boss extraordinaire)
(Source: Inc. Magazine)
6/13/11
Index of Economic Freedom tells us that...
This year's Index of Economic Freedom (by Heritage) shows that institutions support doing business here, but there are some issues that continuously hurt Finnish economy and probably the growth-orientation among entrepreneurs (oh yes it yes dependent on other issues, too). In all, Finlad is 17th among 183 nations (just behind the UK) and about in the middle of all free economies.
IPRs are looking good, too:
But what do you know... Well, even if the relationship between labor freedom and low prevalence of high-impact entrepreneurs is not direct or simple, this figure suggests that the Finnish labor market is heavily charged by high non-salary costs of employment and burdensome labor regulations.
IPRs are looking good, too:
But what do you know... Well, even if the relationship between labor freedom and low prevalence of high-impact entrepreneurs is not direct or simple, this figure suggests that the Finnish labor market is heavily charged by high non-salary costs of employment and burdensome labor regulations.
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