&

FOUNDATION FOR ECONOMIC & INDUSTRIAL RESEARCH

11, 117 42 , T.: 210 92 11 200-10, Fax: 210 92 33 977, www.iobe.gr
11 Tsami Karatassou, 117 42 Athens, Greece, Tel.: +30 210-9211 200-10, Fax: +30210-9233 977

2015-16:

2016

 , ,
.

.

Copyright 2016 & -

ISSN 1790-1731
ISBN 978-960-7536-69-3

, .
(IOBE)
11, 117 42
T.: 210 9211 200-10, Fax: 210 9233 977, http://www.iobe.gr

(Global Entrepreneurship Monitor -GEM)

GEM

, ,
, ,
,
,
,

, ,
.

 ,

2003.


, Global
Entrepreneurship Monitor (GEM), ,
, 2015-2016. GEM

1999,
. GEM
,
. ,
GEM
2003,
,

GEM,
, .

,

,
.

,

. , .
, Aegean Airlines S.A.,
.

:
. 2003.

,
,

 . ,
, ,
.
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, . ,

,
,
.
, , ,
,
.

,
.
, ,
,
.

............................................................................................................ 1
1 :
2015 ....................................................................................................... 11
1.1 ...............................................................................................................11
1.2 ..............................................................................12
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5

...................................................................12
.........................................................................16
............................................................17
: ........................19

.........................................................................................................22
1.2.6 .........................25
1.3 ................................................................27
1.3.1
1.3.2
1.3.3
1.3.4
1.3.5
1.3.6

................................................................................................................27
.....................................................................30
.......................................30
.........31
....................................32
,
......................................................................................................33
1.3.7 ...................34
1.4 ..................................35
1.4.1
1.4.2
1.4.3
1.4.4

................................................................................................................35
......................................................................................................................36
.......................................................................................................................38
...............................................................................................39

1.5 .........................40
1.5.1
1.5.2
1.5.3
1.5.4
1.5.5
1.5.6

................................................................................................................40
...............................................................................................41
..........................................................................................43
................................................................45
............................................................................................48
........................................................50

2 : :
........................................................................................................... 53

2.1 ..........................................................................................................................53
2.1.1 ................................53
2.2 .................................................................56
2.2.1
2.2.2
2.2.3
2.2.4
2.2.5
2.2.6
2.2.7
2.2.8

...................................................................................................56
.......................................................................................57
(Business accelerators) ............................................58
(Venture capital) .................................58
(Business Angels) .....................................................................59
(Microfinancing) ................................................................60
(Peer to peer lending) .....................................................60
(Crowdfunding ) ...........................................................................61

2.3 .................................................................................................62
2.3.1
2.3.2
2.3.3
2.3.4

...........................................................................62
...............................................................................66
........................................................68
..................70

3 :
............................................................................................... 73
4 :
......................................................................................... 89
4.1 ..........................................................................................................................89
4.2 ..................................90
4.3 ...............................................92
4.3.1
4.3.2
4.3.3
4.3.4

.................................................................................................95
...................................................................96
..................................97
.................................98

4.4 ............................................................................................100
4.5 ...............................................................................................104
4.6 ...............................................................................................................107
5 ......................................................................................................... 111
6 ....................................................................................................... 117
6.1 (GEM) ..............................118
6.2 GEM.................................................................................119

6.3 : GEM ...122

6.4 GEM ()
; ...............................................................................................................127
6.5 GEM ...........................................128
6.6 GEM ............................................................................................129
6.7 ......................................................130
6.8 ..............................................................................................................133

 2015 - 2016

, Global
Entrepreneurship Monitor (GEM), ,
2015-2016. GEM
,

. 2015
:

18-64 2015
(
) 6,7% ( 450 ) 7,8%
( 520 ) 2014.
,
(2003-2015).
(8,5%) GEM
.

( ),
( ).

,

()
().

, 3,5 ,
2015 13% ( 12,8% 2014),
20% 18-64 ( 1,33 . )
, , .

.
1

 2015 - 2016

2015 3,0%
( 200 ),
2014 (2,8%), (1,8%).

.
(
),

.
, .
,
,
start ups ,
, shut downs

22,3% ( 124 )
34,4% ( 155 )
.
(52,2%),
(18,9%).
,

.
2015
2008 .

6% ( 210
) 5,8% 2014, 7,5% (
250 ) 9,9% 2014.
, 44%
, ,
.
,
, .
,
(21% 24%).

,
2

 2015 - 2016
,
.

2015 35 . 29,4% 45-54 , 10%
(8,4% ). ( )

34 35 ,
. ,
.
,


.

(48,6%)
, 9%
. 37% ,
2014.

18-64

3,5%, ( 234 ),
2014, (4,3%).
85%

.

. ,
,
.

2015
, (12%),
3

 2015 - 2016
.
(21,7%),
(19,4%).


, (consumer
oriented activities). 2015 46,7%
(48,1%).
.
,
,
,
,
.
,
2011 ,
,
. - -,


,
.

61% ()
/
51,5% .
. 25,5% ,
14%
(16% ).

60%

/ / ,
. 12,3%
/ /
.

, ,
4

 2015 - 2016
. , 62%
1 5 , .

(micro firms),
.

79% - -

, ( 83% )
.
,
, .
,
,
.

54,3% 2014 -
,
.
,
.

(niche markets). 2,3%
.

2015

, 39,4% . 23%
,
(20,2%).

,
.
2012
, 2015 33,9%.
25% 22%.
(
5

 2015 - 2016
) ( ),
.

2015 14,2% ( 20% 2014)

.
,

2015.

, 46,8% (
45,6% 2014), ,
.
, 80%
,
.

61%
, (58,6% 2014) 67,8% ( 66%)
,
.

,
38% ( 46% 2014), .

,
. 2005 64,2% (
70% 2014),
.
( ),

( ).

80%, /
,
.
6

 2015 - 2016


,

. ,
,
, .
(,
, ),
,
, peer-to -peer , crowdfunding, ,
.
GEM 2015
30.000,
(16.400),
(24.000). ,

(25.500 21.000
). ,
, .
, .
2015 , 44%
/
, 24% .
, 35% ( 24%
).

(, , )
(71%) .
:

( ),
.

:
35

 2015 - 2016
,
, .

( 66.000),
, (32.000)

2015 7,6%
,
(6,5% ).

GEM ,
,
. 2015,

.
,
, ,
.
,
/ ,
,
.


.
, ,

.

/
, ,
2015 .



,
.
8

 2015 - 2016

,
. ,

--
--
(2009-2015), - (20032008).


. ,

,

. ,

, .
,

- . ,
,

. ,

,
.

 2015 - 2016

10

 2015 - 2016

:
2015

1.1
(Global
Entrepreneurship Monitor: GEM) 1999 10 .
2003,
, 2015 60
. GEM
90% 75% .

,
.

, ,
, .
-
,
.
, , ,
-, (.. ,
, , ),
(
), (..
, , ).
: )

)
,
, .
:
- ,
,
11

 2015 - 2016
2015,
/ ,
GEM (. ).

, ,
.

, 36
. ,


, .

1.2
1.2.1
GEM
- (total early-stage entrepreneurial
activity: TEA)
18-64 ,
.
GEM :
) (nascent) ,
/

) ,
42 .1
GEM ,
,
,
World Economic Forum Global Competitiveness Report.
, ( )

, GEM .
1

12

 2015 - 2016
,
,
. ( ) ,

. , ( ) ,
,
.
(
) .
1.1
GEM 2015.
, ,

,
2.

2 ( ) : , , ,
, , , , , , . (
) : , , , , , ,
, , , , , , , , , ,
, , , , , , , , , ,
, . ( ) : , ,
, , , , , , , , ,
, , , ,, ...

13

 2015 - 2016
1-1: 18-64
(2015)

25%
21,4%
20%

15%

10%

5%

14,7%
13,1%
9,6%
10,2%

9,5%

9,3%
8,5%

7,2%
7,2%
6,9% 6,7% 6,6% 6,2%

5,9%

5,7%
4,9% 4,7%

0%

: , : ,
:
: , GEM

,
2015
.
, ,
,

.
,
.
18-64
2015 6,7%
7,8% 2014. 450
, 520 2014.
2015 ,
,
14

 2015 - 2016
,
. , 2015
, .
,
.
.
1-2: %
,
10%

9,5%

9%
8,0%

8%
6,8%

7%
6%

6,3%

6,4%

7,8%

7,5%

7,5%

6,7%

6,4%
5,4%

5,5%

5,2%

5%
4%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

: , GEM

,
(. 1.2),
(2003-2015). ,
18-64 6,7%,
(2003-2015: 8,5%).

, , 41%
, 2014 (43%).
( 185 . )

3 ( 42 ).
,
.
,
15

 2015 - 2016

()
().

1.2.2
GEM ( 18-64 )
( 3,5 )
.

, .
-
. 1.1, 2015
1 ,
,
13,1% 12,8% 2014, ( 6,8% 2015).

( ) 2015 12,5%,
.
.

,
.
20% 18-64 , 1,33 .
2014 - , ,
.

16

 2015 - 2016
1-1: (%
18-64 , 2015)

8,74

4,70

13,14

7,74

20,88

3,94
4,30
4,04

2,80
3,01
2,75

6,75
7,21
6,59

13,09
9,87
10,21

19,84
17,08
16,80

5,62

4,01

9,49

7,00

16,49

6,49

3,39

9,64

5,69

15,33

6,50

2,98

9,33

5,60

14,92

7,10

3,20

10,18

3,28

13,46

2,13

3,62

5,70

7,70

13,40

4,79

2,62

7,16

5,20

12,37

4,03

2,92

6,93

5,26

12,20

3,22

2,79

5,91

4,21

10,12

4,53

1,96

6,24

3,75

10,00

2,84

1,93

4,70

4,82

9,52

3,19

1,68

4,87

4,51

9,38

12,92

9,17

21,38

12,53

33,92

8,50

6,59

14,73

8,47

23,20

5,26

3,35

8,46

6,77

15,23

: , : ,
:
: , GEM

1.2.3
18-64
2015 3,0% (
200 ), 2014 (2,8%)
(1,8%) ( 1.2).
(
),
. ,
.
,
,
start ups ,
, shut downs.

17

 2015 - 2016
,
( 0,4%),
,
1%.
.
1-2: (% 18-64 ,
2015)

-

(% )
3,5%
3,0%
2,9%
2,3%
2,1%
1,9%
1,7%
1,5%
1,5%
1,4%
1,4%
1,3%
1,1%
1,1%
0,9%

(% )
1,9%
0,4%
1,2%
0,9%
1,0%
0,7%
0,4%
0,8%
1,2%
0,5%
0,6%
0,6%
0,6%
0,5%
0,9%

5,7%
2,4%

3,3%
1,4%

1,8%
1,0%
: , : ,
:
: , GEM

2015
70%,
(13%), (11%)
(4,4%) ( 1.3).
2014,
,
.

18

 2015 - 2016
1-3: (2015)
%
4,4%

1,5%

0,0%

11,0%

13,0%

70,0%

: , GEM 2015

1.2.4 :

GEM

. :
) ,


,
) ,
,

19

 2015 - 2016
,
, .3,4
1.3
. 2015 27,5%
( 124 )
34,4%

155

(52,2%),
(23,4%).
,
( . ),

.

GEM. ,
.
,

. GEM,
.
,
, .
4
,

3

20

 2015 - 2016
1-3: (2015)
%

/
(%
)
65,3%
64,2%
63,0%
57,0%
52,6%
52,2%
51,3%
51,2%
44,9%
44,5%
44,3%
38,5%
35,9%
34,4%
30,0%

(%
)
14,7%
17,1%
15,0%
13,7%
9,2%
9,3%
31,1%
23,9%
23,7%
24,8%
27,5%
19,3%
24,5%
22,3%
18,7%

42,6%
29,1%

47,5%
28,3%

52,2%
18,9%
: , : ,
:
: , GEM

2015

2015. 1.4. 2015

2008 .
2014
(30,5%). 2015 .

21

 2015 - 2016
1-4:
56,5%

60%
50%

48,3%

47,2%
39,3%

40%

36,8%
32,1%

30,9%

30%
20%

38,6%

26,2%

27,8%

34,4%
30,5%34,8%

29,9%
25,4%

20,7%

10%

35,8%

23,5%

22,3%

9,6%

0%
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

(% )
(% )

: , GEM

1.2.5 O
A

GEM (informal
investors).
,
, ,
.
.

,
.
,
.
, ,
,
,
,
. 1.4

22

 2015 - 2016

2015 .
1-4: 18-64
(2014 2015)

( % )
2015
2014
8,5%
8,6%
7,0%
6,1%
6,8%
6,8%
6,3%
5,6%
4,0%
3,4%
3,9%
3,8%
3,8%
3,1%
3,8%
3,3%
3,6%
4,7%
3,2%
3,5%
3,3%
3,7%
2,8%
3,2%
2,2%
2,1%
2,2%
2,2%
1,9%
2,8%

9,1%
11,5%

6,1%
5,2%

4,3%
4,3%
: , : ,
:
: , GEM

2015 18-64

3,2%, ( 234 ),
2014, (4,3%).

,
5. ,

,
.

, -
.
5

23

 2015 - 2016
1.5
.
1-5:
%
;

(,
(

, ,

)
)

2007
32,8%
10,3%
27,6%
25,9%
2008
32,4%
10,8%
32,4%
5,4%
2009
65,9%
14,6%
19,5%
0,0%
2010
53,1%
19,4%
5,1%
21,4%
1,0%
2011
58,6%
11,4%
8,6%
18,6%
2,9%
2012
61,7%
10,0%
1,7%
23,3%
3,3%
2013
62,7%
23,5%
9,8%
3,9%
2014
45,2%
12,2%
15,2%
25,2%
0,7%
2015
69,0%
15,5%
2,8%
9,9%
2,8%
: , GEM

, 2014
2015
.

: 69,0%
15,5% .
85%
,

.

,
.

.

24

 2015 - 2016

1.2.6

GEM
.
,
: ) ,
, , ) ,
) (2) ) /
. 1.6 2015

.
1-6:
(2015)
%

2,6%
7,9%
3,9%
4,9%
3,1%
4,9%
12,1%
8,8%
9,6%
5,4%
3,2%
1,8%
9,2%
7,3%
4,4%

18,9%
16,2%
16,5%
14,5%
18,7%
17,9%
21,7%
11,7%
26,3%
18,1%
15,5%
20,5%
20,5%
29,6%
26,8%

18,5%
21,5%
26,9%
29,5%
28,8%
30,4%
19,5%
33,0%
20,3%
34,0%
39,0%
35,5%
31,7%
27,5%
34,4%

60,0%
54,4%
52,7%
51,1%
49,4%
46,8%
46,7%
46,4%
43,9%
42,5%
42,3%
42,1%
38,6%
35,6%
34,4%

18,0%
22,4%
5,8%
53,7%

6,6%
24,0%
11,5%
58,0%

5,2%
19,4%
27,3%
48,1%
: , : ,
:
: , GEM

2015 ,

(12%). ,
25

 2015 - 2016
( ) .
2 (19,5%),
,
.
, 21,7%,
(19,4%).


,
.
46,7%
(48,1%)6.

,
, .
,
, ,

,
, .

( 1.5)
2009,
. 2011
,
, . -
-,

,
. 2015

,

:
catering, delicatessen, 12% (, ).
6

26

 2015 - 2016
(, )
.
1-5:
(% )
80%
69,6%

70%
60%

63,6%
58,6%

56,1% 56,8%

51,3%

46,6% 46,2%

50%
40%
30%

0%

52,2% 53,0% 53,8%

46,7%

36,4%

33,3%
26,1%

20%
10%

49,4%

24,8% 23,1%
22,3% 22,4%
23,0%

14,4%
8,3%

13,1%

27,2%
23,6%28,3%

28,7%

27,0%
19,8%24,4%
20,9% 16,6%

15,1% 15,3%

8,0%

21,7%
19,5%
14,4%
12,1%

3,2% 1,7% 1,9% 2,5% 3,5% 3,4% 3,1%

0,0% 0,9% 0,9%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2,3%

2,7%

: , GEM

1.3
1.3.1
GEM

. ,
(, , )
(, , ),
.
(behavioral)
. GEM
:
) ,
.
27

 2015 - 2016

: )
( )
, )
, )
)
.
) ,
. ,
: )
,
)
.
( 1.7)
2015 7.

6 .
,
.
,
,
. ,
.

, .
,
, 80%
.
/
,
.
,
.

,
.
.
7

28

 2015 - 2016

1-7: (% 18-64 , 2015)

/
6

&
/

70,2%
36,7%
41,6%
52,7%

51,4%
44,0%
47,1%
53,4%

48,6%
37,4%
40,2%
33,2%

48,4%
40,6%
38,2%
79,2%

48,2%
44,0%
47,6%
44,1%

41,6%
43,6%
37,2%
57,9%

40,3%
31,9%
50,2%
54,2%

39,4%
45,0%
40,8%
52,6%

38,3%
36,2%
46,8%
50,8%

28,1%
48,9%
44,9%
63,4%

26,4%
52,4%
41,4%
50,8%

26,0%
45,3%
43,1%
53,2%

25,7%
30,5%
61,9%
60,9%

20,5%
48,6%
40,1%
53,7%

14,2%
46,8%
64,2%
60,9%
* (
16,5%
82,2%
54,4%
60,3%
)

53,8%
65,8%
33,1%
65,7%

41,1%
53,0%
38,1%
66,2%

39,7%
41,9%
43,1%
52,9%
: , : , :
*
: , GEM

/
69,8%
62,6%
84,9%
64,6%
68,8%
79,2%
54,5%
80,3%
75,7%
62,9%
64,2%
48,4%
69,0%
70,0%
67,8%
66,1%

/
61,3%
49,1%
68,2%
57,7%
44,1%
61,1%
54,7%
67,4%
49,8%
71,6%
54,0%
46,9%
48,5%
60,3%
38,0%
40,9%

74,4%
66,1%
67,1%

67,6%
61,4%
58,8%

29

 2015 - 2016

1.3.2

. 2015,
14,2% 20% 2014 ( 1.6).
2009, 2011

, . 2014
,
, , .
,
2015 - -
(19,5%),
.
, 2011-2013.
1-6: (% )
35%
29,4%

31,9%

30%

29,6%
27,8%

25%
20%

24,6%

23,8%

19,9%

19,0%
16,3%

15%

10,8%

10%

12,9% 13,5%

14,2%

5%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
.

: , GEM

1.3.3


2015 ( 1.7).
2008,
30

 2015 - 2016
. , 2015 61,0%
,
2014 58,6%.

.
1-7: : (% )
80%
75,4%

75%
70%
65%
60%

67,0%

66,4%
61,5%

63,5%

68,3%
64,0%

65,0%

64,4%
61,0%

60,1%

60,9%
58,4%

55%
50%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
.

: , GEM

1.3.4

.
2015 66,4%
67,8%
( 1.8). - -
,
.
-
. 2013 -
.

31

 2015 - 2016
1-8:
(% )
80%

77,7%

75%
69,9%
70%

65%

70,7%

69,4%
67,8%
67,3%

67,2%

65,3%

68,7%

69,1%

68,3%
65,1%

66,4%

60%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

.

: , GEM

1.3.5


. 2014 ,
38% (
46% 2014).
, ,
.
,
,
start up,
.

32

 2015 - 2016
1-9: (% )
60%
55,4%

55%
50%
46,8%

45%
40%
35%

45,8%

43,3%
39,5%

40,6%
38,0%

37,2%

34,3% 35,2%

32,5% 33,1% 32,4%

30%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
.

: , GEM

1.3.6 ,

,
,
,
( 1.10).
,
2015 46,8% 45,6% 2014,
5 . ,
-
.


.

33

 2015 - 2016
1-10: ,
(% )
70%
65%
60%

63,4%

65,4%

59,9%
56,4%

55%

54,3% 55,0%

56,6%
53,0%

50%

49,7% 50,0%
46,8%

45%

46,0%

45,6%

40%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
.
,

: , GEM

1.3.7

,
( 1.11). ,
GEM,

. 2009

2015 (65,3%),
.

( ),
(
).

34

 2015 - 2016
1-11: (% )
73,7%

75%
68,8%

70%

70,1%

71,6%

65,3%
65%

62,4%

60%
55%

56,9%
54,7%

56,5%
54,6%

51,4%

52,9%

51,7%

50%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
.

: , GEM

. ,
(second
chance entrepreneurship).

,
.

1.4

1.4.1

-.
, .
,
.

,
35

 2015 - 2016
,

.

1.4.2
, : )

, )
( 1.8 ).
2015 45-54 (
10%) 8,4%
. 34
35 , .
, ,
, 2015.
1.8,
2015 35 , 30%
45-54 .
1-8:
(2015)
%
18-24
25-34
35-44
45-54
55-64

14,7%
21,5%
17,1%
7,3%
4,6%

12,1%
12,7%
12,8%
7,3%
3,5%

9,0%
12,1%
11,4%
10,0%
7,2%

9,0%
8,4%
9,1%
12,5%
7,6%

7,5%
12,2%
11,4%
9,0%
6,0%

7,3%
9,7%
7,8%
7,2%
4,2%

5,9%
6,8%
5,1%
3,9%
3,4%

5,6%
9,3%
7,3%
7,0%
6,0%

5,2%
8,6%
9,7%
5,2%
4,4%

4,6%
6,3%
5,0%
5,4%
2,0%
.
3,9%
7,3%
8,9%
7,9%
5,4%

3,4%
9,9%
9,0%
5,0%
2,9%

3,4%
7,1%
8,4%
5,0%
2,2%

2,9%
7,3%
6,9%
9,9%
5,7%

2,8%
11,4%
6,8%
5,0%
2,0%

16,7%
25,6%
23,9%
21,4%
16,5%

12,9%
18,3%
17,2%
13,6%
9,3%

6,9%
10,6%
10,2%
8,4%
5,4%
: , : ,
:
: , GEM

36

 2015 - 2016
1-8:
(2015)
%

18-24
16,6%
14,1%
14,0%
13,9%
12,6%
12,0%
11,8%
11,5%
11,2%
9,6%
8,6%

25-34
30,6%
38,0%
26,4%
26,0%
25,4%
23,9%
28,1%
26,8%
27,1%
27,6%
22,7%

35-44
29,5%
28,9%
21,9%
25,7%
23,3%
23,7%
22,1%
26,3%
29,1%
28,8%
28,9%

45-54
16,1%
11,8%
26,0%
20,4%
30,1%
27,2%
21,4%
23,3%
17,5%
21,4%
25,2%

55-64
7,3%
7,2%
11,7%
14,0%
8,7%
13,3%
16,7%
12,2%
15,1%
12,5%
14,7%

7,5%
6,9%
5,7%
5,5%
22,0%
16,8%
11,2%

33,2%
26,4%
26,8%
42,0%
34,1%
33,0%
27,7%

31,1%
22,8%
39,8%
25,9%
22,8%
26,6%
26,9%

19,0%
29,4%
20,7%
19,2%
14,3%
16,5%
22,6%

9,3%
14,5%
7,1%
7,4%
6,8%
7,0%
12,1%

: , : , :

: , GEM

,
.
,

. ,
, ,

.
,
,
. 56%
50%
34 ( 2015) , ( ),
.
.

- ,
. ,
37

 2015 - 2016
,
,
.

1.4.3

18-64 )
.
(
1.12).

. 2015, ,

: ,
.
6% ( 210 )
5,8% 2014 7,5% ( 250 )
9,9% 2014. 2015
, 2009.
1-12: (%
)
12%
10%

9,6%

8%

8,7%

2%

5,6%
4,7%

4,0%
2,9%

9,9%
8,6%

7,6%

6%
4%

10,1%

9,7%

3,4%

6,0% 6,0%
5,8%
4,0%
3,5%

7,8%

6,9%

5,8% 6,0%

5,8%
3,7%

7,5%

4,4%
3,2%

0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
()
()

: , GEM

38

 2015 - 2016

2015,
, 44% ,
. 3
, .
, 2013-2015,
, .

(21% 24%).

,
( , 2014),

.
.
1-13: ,
2003-2015
100%

80%

60%

70,6% 75,0% 73,8% 70,3% 69,3%

61,1% 65,9% 65,1% 63,5%

66,2% 70,9% 63,1%

29,4% 25,0% 26,2% 29,7% 30,7%

38,9% 34,1% 34,9% 36,5%

33,8% 29,1% 36,9%

2003

2008

55,9%

40%

20%

44,1%

0%
2004

2005

2006

2007

2009

2010

2011

2012

2013

2014

2015

: , GEM

1.4.4
1.14
: ) ()
39

 2015 - 2016
, ) , )
( , , ) ) (,
) ) .
1.14
, 2015
(48,6%)
, 9% .
37% ( 1 3) ,
2014.
1-14: -

2014
11,9%

2015

4,5%

9,0%
38,8%

13,6%

31,1%



(MSc. PhD)

2,2%

12,4%

39,6%

36,8%

(MSc. PhD)

: , GEM

1.5

1.5.1

2015.
,
40

 2015 - 2016
.
, ,
,
.
,
.
(Audretsch et al, 2006)

.
,


.


. 4

.
2015 .

1.5.2
GEM
:
/ ()
, , ) , ) )
.

,
,
, .
,
,
()
/ . 2015, 61% ,
51,5% .
41

 2015 - 2016
14% -
16% ( 1.9).
1-9:
%

29.5%
36.7%
33.8%

24.0%
32.1%
44.0%

20.7%
21.1%
58.2%

20.5%
27.2%
52.4%

19.8%
34.5%
45.7%

16.9%
36.0%
47.1%

15.6%
39.8%
44.6%

15.1%
27.2%
57.7%

13.8%
25.5%
60.6%

13.5%
34.2%
52.3%

13.3%
39.5%
47.1%

13.2%
35.7%
51.1%

13.0%
52.2%
34.9%

10.6%
23.8%
65.6%

9.2%
35.9%
54.9%

5.2%
29.2%
65.6%

11.1%
25.3%
63.6%

15.5%
29.0%
55.5%

16.0%
32.5%
51.5%
: , : ,
:
: , GEM

1.15
, 2015
/
39,3%,
(42.7%), 2014 (37,4%).
,

,
.

42

 2015 - 2016
1-15:

%
100%

80%
65,8%

63,5%

49,2%

47,4%

25,9%

13,1%

54,7%

57,2%

13,2%

15,1%

15,4%

32,1%

27,7%

24,6%

2010

2011

2012

60,0%

51,8%

62,7%

60,6%

13,3%

13,8%

24,1%

25,5%

2014

2015

60%

40%
11,4%

13,0%

20%

39,4%
22,8%

23,5%

24,9%

2006

2007

2008

17,3%

30,9%

0%
2009

2013

: , GEM

1.5.3
GEM
,
,
. ,
/ /
. .
( ): )
) )
8.

.

.

GEM, /
.
,
, .
8

43

 2015 - 2016
1-16:

%
100%

34,8%

7,9%

22,7%

14,0%

80%

10,2%

34,9%

32,3%

40%

20%

10,0%

24,5%

35,4%

25,2%

21,2%

12,3%

16,7%

27,6%

62,2%

60,1%

2014

2015

31,8%
18,0%

60%

17,0%

23,4%

10,4%

78,1%
59,3%

58,0%

54,7%

58,5%

54,6%

51,4%

2008

2009

2010

2011

2012

2013

32,9%

0%
2006

2007

: , GEM

( 1.16)
. ,
. 2015 60%
-
/, .
, 12,3% -
.
,
, 2013 51%.

,
.

( 1.10).
2015

(), .

44

 2015 - 2016
1-10:
/ (2015)
%

3,9%
8,2%
7,4%
10,3%
7,8%
11,9%
8,8%
13,5%
13,6%
14,6%
15,6%
12,3%
16,6%
21,3%
29,0%

16,1%
18,0%
19,3%
17,0%
19,9%
17,8%
21,4%
22,8%
23,3%
24,3%
23,6%
27,6%
26,6%
26,0%
27,5%

80,0%
73,8%
73,2%
72,7%
72,3%
70,2%
69,8%
63,7%
63,1%
61,1%
60,8%
60,1%
56,8%
52,7%
43,5%

15,6%
22,9%
61,5%

22,2%
22,6%
55,3%

11,8%
20,6%
67,7%
: , : ,
:
: , GEM

1.5.4

.
()
, .

45

 2015 - 2016
1-17: , 2006-2015
%
100%

10,2%
2,0%

0,0%
10,0%

2,1%

0,0%

12,6%

15,2%

1,4%
10,8%

0,0%
13,5%

0,0%
5,1%

1,0%
6,7%

0,7%
4,5%

61,9%

62,4%

30,5%

32,5%

2014

2015

15,3%

80%

60%

7,1%

53,3%

53,2%

38,9%

48,6%

63,3%
69,6%

71,6%

58,2%

40%

20%

36,7%

46,3%

24,5%

15,2%

16,2%

19,4%

2009

2010

2011

37,8%

41,8%

2012

2013

0%
2006

2007

2008

1-5

6-19

20+

: , GEM

( 1.17) 2015
, ,
. , 62% 1 5 ,
.
,
(micro)
.


.
4
,
. ,
, ,
1 5 , 6 19, 20 ,
(0) . 1.18
2003 2015 .

46

 2015 - 2016
1-18:

%
100%
80%

12,3%

47,4%

9,8%

0,0%
7,8%

14,1%

37,0%

81,9%

4,9%

4,6%

6,0%

13,4%

13,8%

15,7%

50,8%
69,5%

50,6%

6,3%
7,8%

13,1%

3,7%
9,3%

70,3%

59,8%

66,4%

22,4%

20,6%

2014

2015

4,7%

64,4%

20%
0%

19,7%

16,4%

60%
40%

2,6%

30,3%

39,1%

6,8%
2006

2007

2008

30,8%
10,3%

12,2%

2009

2010

1-5

2011

27,7%
2012

6-19

15,6%
2013
20+

: , GEM

, 90% 2009 72% 2012. 2013
, 85%.
2015 , 79%

78% 2014. (66%)
.


,
. (
) 10 , 4,1%
.
15%.
,

, .
,

47

 2015 - 2016

.

1.5.5

,
,
(Aghion & Griffith, 2008; Aghion et al 2005). ,
(niche market),

,
,
.
GEM,
, ,
/ .
, ,
,
.
( 1.19 1.11),

. 2015 54,3%
2014 - .
,
.

. 2,3%
,
, 2015
.

48

 2015 - 2016
1-19:

%
100%
80%

2,5%

5,3%

21,5%

26,3%
45,9%

60%
40%

10,8%

75,9%

7,4%

10,3%

6,3%

37,5%

33,6%

38,4%

3,8%
36,2%

7,3%

9,5%

40,0%

41,1%

49,4%
68,4%
43,3%

20%

55,1%

56,1%

55,3%

60,0%

2009

2010

2011

2012

2,3%
43,4%

54,3%

52,7%

0%
2006

2007

2008

2013

2014

2015

: , GEM

1-11:
(2015)
%

24.5%
47.4%
47.4%
37.9%
55.8%
44.5%
57.8%
42.3%
49.4%
48.7%
43.8%
65.1%
66.4%
54.3%
62.2%
58.3%
56.9%
51.2%

51.2%
39.8%
39.8%
51.4%
34.3%
46.8%
33.6%
49.3%
42.5%
43.3%
48.7%
28.7%
30.2%
43.4%
37.3%
33.5%
34.8%
39.1%

24.3%
12.8%
12.7%
10.7%
9.9%
8.7%
8.6%
8.3%
8.1%
8.0%
7.5%
6.2%
3.4%
2.3%
0.5%
8.3%
8.3%
9.7%

: , : , :

: , GEM

49

 2015 - 2016

1.5.6

GEM .

.
,

,
,
.
, /
/,

.
.

, ,
,
, ,
. ,

.
GEM,
.
( 1.12) 2015
, (
)
( ). 34% ( ),

, 39,4% . 23%
,
( ) (20,2%).

, .

50

 2015 - 2016

( ), .
1-12: (% ), 2015
%

79,1%
51,3%
46,3%
43,6%
38,5%
38,3%
37,8%
36,9%
34,8%
33,9%
21,6%
18,5%
18,4%
17,6%
15,3%

<25%

14,6%
32,4%
34,0%
31,2%
54,3%
41,7%
44,4%
45,0%
31,5%
43,5%
50,9%
58,7%
55,9%
42,4%
63,9%

75,8%
62,1%
39,4%

18,5%
25,0%
40,4%

26-75%

4,2%
11,9%
11,6%
14,3%
4,0%
9,8%
9,6%
14,9%
16,6%
14,7%
21,9%
14,4%
20,0%
24,6%
14,8%

76-100%

2,1%
4,4%
8,1%
10,8%
3,2%
10,2%
8,2%
3,3%
17,0%
7,9%
5,6%
8,5%
5,7%
15,4%
6,0%

3,9%
9,4%
13,0%

1,8%
3,5%
7,2%

Weighted data

: , : ,
:
*
: , GEM

51

 2015 - 2016
1-20:
(% )
100%

80%

60%

40%

40,4%

42,1%

41,1%

1,4%
8,6%

6,5%

49,1%

44,7%

51,3%

44,0%

71,2%
9,2%
9,2%

41,1%

1,0%
6,7%

47,9%

33,9%

7,9%
8,3%

4,7%
5,7%

6,7%
9,3%

8,5%

7,3%
6,4%

44,0%

40,6%

39,3%

21,2%

11,0%
6,5%
40,6%

12,0%
20%

41,9%

14,7%
43,5%

42,2%
28,2%

0%
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

25%

25% 75%

75%

: , GEM

( 1.20,)
2012
, 2015
33,9%.
25% 22%.
,
.

52

 2015 - 2016

: :

2.1

,
GEM.
/

.

9 -
( )
(. 10),
World Economic Forum11.
,

.

2.1.1

,
()
, , ,
,
:

. ( GEM
): , , , , , ,
, , , , , , , , , ,
, , , .
10 : , , , , ,
, , , , , , , , , ,
, , , , , ..
11 World Economic Forum
, ,
.
9

53

 2015 - 2016
, ,

,
.
, ,
, ,
,
.
,
, ,
. ,

, peer-to -peer ,
crowdfunding, ,
. ,
.
,
, ,
,
.
,
.
,
. ,
, .
(Internet of Things)
,
,
.
,
.
,
/
,
, .
,
54

 2015 - 2016
,
,
.
,
,
.
- -

.
,
.

millennials,
. Millennials

. ,
13%,
, 12.
, ILO, 2014 2019,
8% ,
. 50% 2015,
25,1%. / ,
,
.
, 60+
,
,
.
. ,
- ,
. ,
,
.

12

ILO World Employment and Social Outlook (WESO) Report 2015

55

 2015 - 2016
,

. ,
,
,
.
, - -, ,
,
.
, .. ,
, ,

.

2.2

,
.
, ,
, .
, (Venture Capital)

,
. , ,

(business

angels),

(microfinance), (accelerators),
10
. ,
crowdfunding (),
.

2.2.1
GEM ,
,
- .
56

 2015 - 2016
, ,

Venture Capital .
,
,
,
. ,
,


13.
, , (
), . , ,
,
, online crowdfunding. ,
, ,
crowdfunding, ,
(. ).

2.2.2



, .

, /,
.
, .., ,
, ,
.
. ,
( )
. , ,

13

Gregson, 2014

57

 2015 - 2016

14. 10

,
,
. 20
15,
,
initial public offerings (IPOs),
,
.

2.2.3 (BUSINESS ACCELERATORS)

.
,
,
( ) ,

. ,
,
/ .


. ,
( 6% 10%)16.

2.2.4 (VENTURE CAPITAL)

(Venture Capital)
-
, . ,
Venture Capital

Bussgang, 2014
Brander, Du, Hellman (2014)
16 Brookings, 2016
14
15

58

 2015 - 2016
,
,
.
. Venture
Capital
, ,
. Venture Capital
,
Venture Capital ,
. Venture Capitals
(seed capital)
.
VCs , ,
17.
VCs , $250.000 $100
., 10 ,
18.
. ,
, Venture Capital 20 30 % (
)

19

2.2.5 (BUSINESS ANGELS)

,
, .

, ,
. , ,

. ,
,

, 0,16%
VC (Gregson, 2014). ,
(Small Business Association, 2013), start-up
VC.
18 Gregson, 2014
19 Bussgang, 2014
17

59

 2015 - 2016
.. .

(Venture Capital), ,

.


, Venture Capital.
,
,

(Venture Capital) . ,
angels (BAN)
.

2.2.6 (MICROFINANCING)

, ,
, .
,
(collateral)
20.


,
.

2.2.7 (PEER TO PEER LENDING)

Peer-to-peer (P2P)
.

Grammen Bank .Yunus

1983, Grammen Foundation 1997
40 .
Bill & Melinda Gates.
20

60

 2015 - 2016
.
P2P
,
-.
,
.
,
,
21. P2P
.

2.2.8 (CROWDFUNDING)
Crowdfunding ( )
, - -
P2P . ,
,
.

,

. ,
. , (
), ,
.
( , ),
, . ,

22.
:
.

21
22

Xusheng, 2014
Wash Solomon, 2014

61

 2015 - 2016

2.3
GEM
,

.
,
(
).

2.3.1

,
.23
() $13.000.

$33.307 ( 30.000),
, $17.910,
$26.000.
29% (
2.1). ,
55 $
($54.351). , $567.
,
$88.500
$11.000 ( .1 I.2 ).

(Median),
.
23

62

 2015 - 2016
2-1: %

80
78
76

US $

35.000

$ 33.307

30.000

75,5%
$ 25.918

74

70,8%

72

25.000

71,2%
$ 17.910

% 70

20.000
15.000

68
66

10.000

64

5.000

62
60

( )

: Global Entrepreneurship Monitor - IOBE 2015

;
2.2
. 94%
,
24. ,
, ,
(75,5%).
,
(71%). 2015
30.000,

.

24

6%
.

63

 2015 - 2016
2-2: , 2015
%
100

94

94

93

80
60

44
35

40

30
19

20

19

29

25

12 12

9 9

29
15

29

24

21
6

9 9

14
6

Venture Capital

Crowdfunding

: Global Entrepreneurship Monitor - IOBE 2015

, 2015 - , 44%
, 24%
21% .
( ).

,
30% .

, 35% ,
24% . ,
crowd funding,

.
( ),
, ,

.

, ,
64

 2015 - 2016
,
,
. ,
/
( ),
.
,
.25
,

35 ,
. ,
35 44
$52.000,
$23.000 $30.500, .
55 . ,

.
40
25 .

, 26. , 45 54 ,
$52.736,
$20.224 $26.545, .
, 55 64 ,
$77.000, $24.000
$28.000, . , 34 ,
( 2-3).

Verheul, I. & Thurik, R. (2001), Brindley, C. (2005), Welter, F., (2004) and Minniti, M. & Naud, W. (2010)
,
.
25
26

65

 2015 - 2016
2-3:

US $
90.000
80.000
70.000
60.000
50.000
40.000
30.000
20.000
10.000
18
24

25
34

35
44

45
54

5564

: Global Entrepreneurship Monitor - IOBE 2015

2.3.2
, 2015 3,2%
,
. ,
55% , ,
27 28% ( 2.1) ).


.
2-1:
3,2
55,5
7,6

3,1
27,7
7,6

19.429

18.898

13.086

22.205

32.676

24.831

16.653

17.592

11.607

%
%
%

( )
(US $)
( )
(US $)
( )
(US $)
: Global Entrepreneurship Monitor - IOBE 2015

3,0
26,8
6,6

66

 2015 - 2016
, 7,6%
2015,
(6,5% ).
, $19.500 ()
.

, ($13.000). ,
,
.
,
,
(36% 37%),
.
, 25%
, ( 6%).
,
,
.
, 30%
/ ( 24% ),
10% ( 2%
), 27.
( 2-4).

,
.
, .
27

67

 2015 - 2016
2-4: (% )
60
50

36 37

40

49

30

29 29

25

24

20
10

12

12 10

6
2

9
0

: Global Entrepreneurship Monitor - IOBE 2015

2.3.3

,
.
, GEM,
:
,
(improvement driven opportunity IDO).

, ,

,
,

28.

28

68

 2015 - 2016
.
,
$27.500 , $15.638,
$23.215.
$33.307,
$18.305 $26.158, . ,
IDO , $55.511
,
$21.000 $30.000, ( 2-5).
,
,
25.000 .
(entry
barriers) ,
. ,
,
,
.
2-5:

US $
60.000

55.511

50.000
40.000
30.000
20.000

33.307

27.756

29.686

26.158

23.215
18.305

15.638

20.868

10.000
0

IDO

: Global Entrepreneurship Monitor - IOBE 2015

69

 2015 - 2016

2.3.4

, -
.
6 .
, 5
,
($30.531, $14.964 $17.643
). , ,
6 ,
, 76 . .
,
($55.511, $52.000 , 2-6).
2-6:

US $
100.000
76.976

80.000
55.511

60.000
40.000
20.000

51.958

30.531
17.643

14.964

0
0-5

>6

: Global Entrepreneurship Monitor - IOBE 2015

,
,

. ,
. ,
$50.000,
$23.275 $36.704,
70

 2015 - 2016
.
$30.531,
$17.129 $24.925, ( 2-7).
2-7:

US $
60.000
49.960
50.000
40.000

36.704
30.531

30.000

24.925

23.275

17.129

20.000
10.000
0

: Global Entrepreneurship Monitor - IOBE 2015

,
, ,

.
, ,

.
, ,
( )
, .
GEM
25%,
: 25 %
.
,
25%
.
71

 2015 - 2016
,
$27.756,
$16.536 $23.550, .
25%
, ($72.165) $48.826
$34.249 , ( 2-8).
2-8:

US $
80.000

72.165

70.000
60.000
48.826

50.000
40.000
30.000
20.000

34.249

27.756
23.550
16.536

10.000
0
<25 %

>25 %

: Global Entrepreneurship Monitor - IOBE 2015

,
29% ,
, (, ).
, ,
.
, ,
. 7,6%
2015,
(6,5% ). ,
,
,
. ,
,
, .
72

 2015 - 2016

,
GEM
(national entrepreneurship experts) ,

. ,
, , , ..
36 , 9
29.
1.
2.
3.
4.
5.
6.
7. (openness) /
8.
9.

GEM
,

.

/ (item statement), Likert ( 1:
9: ),
. 5 ,
, .
,
.

.
.
29

73

 2015 - 2016
,
, ( 3,0),

30.
( /
),
5,7. ,
,
( ).
3-1:
( 1: 9: )

7
6
5

5,7

5,4

5,4

5,3

5,3

4,7

4,7

4,3

4,3

4
3

4,3

4,2

4,2

4,1

4,0

4,0
3,0

2
1
0

: , GEM

,

31.

: )
(, ) , )

, ) (venture
capital)
31 : )
, )

.
30

74

 2015 - 2016
3-2:
( 1: 9: )

7
6
5

6,5
5,7

5,4

5,4

5,3

5,0

4,9

4,6

4
3

4,3

4,0

4,0

4,0

3,7

3,7

3,1

2,9

2
1
0

: , GEM

.
2,3, 32.
5 ,

.

: )
, )
, )
,
.
32

75

 2015 - 2016
3-3:
( 1: 9: )

7
6
5

5,8

5,8

5,8

5,6
4,9

4,8

4,4

4,3

4
3

3,9

3,9

3,8

3,4

3,2

3,1
2,4

2,3

2
1
0

: , GEM

.. ,

( 2,8).
33.

4 .

: )
, )
, )

.
33

76

 2015 - 2016
3-4:
( 1: 9: )

7
6

6,0 5,9 5,9 5,8

5,6

4,8 4,8 4,7 4,6

4,6 4,5 4,5 4,4

4
3

3,7

3,3

2,8

2
1
0

: , GEM

, ,
,
34.

,
.

5.

: )
, )
, , )

.
34

77

 2015 - 2016
3-5: ( )
( 1: 9: )

6
5
4

5,6
4,9

4,9
4,1

4,0

3,9

3,8

3,6

3,5

3,5

3,4

3,1

3,0

2,8

2,7

2,7

2
1
0

: , GEM

, ,

.

(4,6)35. ,

2000 ,
.

35 : )

, )
, )
, ,
.

78

 2015 - 2016
3-6: ()
( 1: 9: )

7
6
5

6,2

5,6

5,4

5,4

5,0

4,9

4,7

4,6

4,3

4,2

4,2

4,2

4,1

4,1

3,9

3,9

3
2
1
0

: , GEM

/
36. , 3,8
, (6,2).

: )
, )
, )
,
.
36

79

 2015 - 2016
3-7: &
( 1: 9: )

7
6

6,2
5,4

5,3

5,1

4,6

4,6

4,2

4,2

4,0

4,0

3,9

3,9

3,9

3,8

3,8

3,2

3
2
1
0

: , GEM

.

2015 .

.

80

 2015 - 2016
3-8: (2015)
( 1: 9: )

5,0
4,0

3,0

2,0
1,0
0,0

:
: , GEM

,
(consulting, ,
, , ).

37.
,
4,5 .

37 : )

, , )
,
)
( , , ).

81

 2015 - 2016
3-9:
( 1: 9: )

7
6

6,3

6,2

6,1

6,0

5,9

5,9

5,7

5,5

5,5

5,1

5,0

4,7

4,6

4,5

4,4

4,3

4
3
2
1
0

: , GEM

,
/
,
,
38. ,
5,0 1
5,7.

: ) (business to business)
, )
.
38

82

 2015 - 2016
3-10: ( )
( 1: 9: )

6
5

5,7

5,4

5,4

5,3

5,2

5,0

5,0

5,0

4,8

4,5

4,5

4,4

4,3

4,1

3,9

3,8

3
2
1
0

: , GEM

,
,
3,139.

, .

: )
, )
, )
.
39

83

 2015 - 2016
3-11: ( )
( 1: 9: )

7
6
5

6,0

5,7

5,5

5,2

5,2

5,1

5,0

4,7

4,6

4,5

4,3

4,2

4,2

4,2

3,8
3,1

3
2
1
0

: , GEM

, ,
, 6,140.
.

: ) (, .)
, )
(, ) , )
(, ,
, ).
40

84

 2015 - 2016
3-12:
( 1: 9: )

9
8
7

7,9

7,6

7,5

7,4

7,0

6,8

6
5

6,8

6,8

6,4

6,4

6,4

6,1

5,9
5,1

5,1

3,5

3
2
1
0

: , GEM

(3,6)
41.
, , .
.

: ) ,
, ) (risk
taking), ) .
41

85

 2015 - 2016
3-13:
( 1: 9: )

7
6

5,8

5,7

5,4

5,3

5,2

5,0

4,7

4,5

4,4

4,2

4,1

4,1

3,6

3,5

3,5

3,4

3
2
1
0

: , GEM

.
, ,

.
,
/
,
. ,

,
.

86

 2015 - 2016
3-14: (2015)
( 1: 9: )

:
: , GEM

/
,

.

.

, ,
.

201642,

:

,
..

42

GEM.

87

 2015 - 2016

,
, venture capital

(20,8%
) .
( )
(/ ,
, , ) .

88

 2015 - 2016

4.1
GEM,
,
,
. , ,
, /
, . ,

,
.
GEM , 2003,
.
TEA. ,
,
, .
, ,
,
( 75% )
, . ,


(.. Dimelis et al. 2016, ECB 2013).


, .
.
,
( )
, .
.

,
89

 2015 - 2016
,
.
,
, ,


,

.

(individual level),
.
GEM. ,
2003-2015 1779
, .
(probit logit) 2009-2015,
, 2003-2008, ,
.

4.2

(Wennekers et al. 2005, Van Stel et
al. 2005, Audretsch 2007).
,
(Birch 1979), (Agarwal Gort, 1996),
(Baumol 2010),
(Audretsch Keilbach 2004).
,
(Klapper
Love 2011). ,

(OECD 2012, ECB 2012), ,
,
90

 2015 - 2016
,
(OECD 2009).

, ,

(Audretsch et al. 2006).
,
,
--
,
.
Shane (2009)

. ,


,
.
, o Shane (2009) ,

. ,
,
(ambitious entrepreneurship)
,
(Fritsch
Schroeter 2009, 2010, Autio Acs 2010, Henrekson Johansson 2010).
,
,
.
(case study)
,
.


. ,

91

 2015 - 2016

.
,
,
,

, .
To : 4.3
. 4.4
, ,
. 4.5 .
, 4.6
.

4.3

(high-growth firms) ,
, ,

.
(Stam et al. 2009, Stam et al. 2011, Hermans et al. 2015),

(..

Valliere

Peterson

2009),

(Delmar Wiklund 2008),

(Wong et al. 2005), (Acs
2010) (Levie Autio 2011).

,
.
Hermans et al. (2015),
, ,

(high-quality entrepreneurship)
(ambitious entrepreneurship)
.

92

 2015 - 2016
Gundry Welsch (2001)
,


,
. Stam et al.
(2012)
,
(Hermans et al.
2015).

--planned behavior-- (Ajzen 1991)

, .
,
. ,
, ,
,
(Ajzen 1991, p. 179).
,


,
(Estrin et al. 2013, Wiklund Shepherd 2003).
, Guzmn Santos (2001)

.

(motivational

dichotomy),

. ,

.
, Davidsson (1991)
,
,
. ,

93

 2015 - 2016
(Bellu Sherman 1995, Kolvereid Bullvag 1996,
Wiklund Shepherd 2003).

.

( ),
a priori
,
(Stam et al. 2009).
,

(Stam et al. 2009, Bosma Schutjens 2009). ,

,

(Bosma Schutjens 2009).

.

,
(Bosma et al. 2009, Stam et al. 2009, Stam et al.
2011, Wong et al. 2005). ,

(Bellu Sherman 1995, Kolvereid Bullvg 1996, Wiklund Shepherd
2003). , Gundry Welsch (2001)


.
,


,
, . ,

. ,

94

 2015 - 2016
,
- .

,
.


, ,

.

4.3.1


(Davis Shaver 2012, Gupta et al. 2009, Kolvereid 1996).

, ,
.
, ,

(Brush 1992, Rosa Hamilton 1994, Welter et al.
2006, Gupta et al. 2009).



(Cliff 1998). ,

(.. Jianakoplos Bernasek 1998, Eckel Grossman
2008, Davis Shaver 2012).

.
,
, ,

(Alsos et al. 2006, Marlow Patton,
95

 2015 - 2016
2005).

,
,
(Stefani Vacca 2013, Pines et al. 2010, Riding Swift 1990, Orhan
2001, Coleman 2000, Calcagnini et al. 2015, De Bruin et al. 2006).

,

,

(Paul Sarma 2013, Pines et al. 2010).
, ,
,

(Pines et al. 2010).
, ,

,
(Paul Sarma 2013, Allen et al. 2008, Arenious Minniti 2005).
,
, . ,
:
H1:
.

4.3.2

.
Guzmn Santos (2001)
,

.
,

96

 2015 - 2016
, , ,
(Sapienza Grimm 1997).

(Autio Acs 2007, Autio Acs 2010, Verheul Van Mil 2011). , Wiklund
Shepherd (2003) , ,
.


(Shane
Venkataraman 2000). ,
,

(Amit et al.
1995, Bhide 2000).
,

, ,
, .
:
H2:
.

4.3.3



.
(Reynolds et al. 2002, Acs 2006),
(pull or push entrepreneurship) .

(Van Gelderen et al. 2005).
,
, , ,
(Shane et al. 1991,
Kolvereid 1996, Carter et al. 2003, Van Gelderen Jansen 2006).
97

 2015 - 2016

. Verheul
Van Mil (2011)

.
,
2008 -
(Thurik et al. 2008).
, , ,

(Arrighetti et al. 2016).

, , (Kontolaimou et al.
2016),
(Hessels et al. 2008). ,
(Reynolds et al. 2002),

(Hessels et al. 2008). ,
, ,
,

. :
3:
.

4.3.4

(.. Bhave 1994, Shane Venkataraman 2000).
,
(Ardichvili et al. 2003,
Kirzner 1973).
, ,
,
.
98

 2015 - 2016
H
.

(Stam et al. 2009).
Hermans et al. (2012)
,
. ,

.
Stam et al. (2011)


.

,
(Leibenstein
1968). ,
.

.

(Wiklund Shepherd 2003). ,
,
.
Leibenstein (1968) GEM,
Levie Autio (2008)
, .
,
. , ,

, . ,
,


,
. :

99

 2015 - 2016
H4:
.

4.4

- GEM
2003-2015. 2 -,
- , 2003-2008
, 2009-2015.
1779
GEM.

,
. , o

. --
--
.
(0 , 1 5 , 6 19 20 ).
Stam et al. (2011) ,
,
1
5
0 5
. , :


.
4.1
, .

100

 2015 - 2016
4-1:
0-5

(: 0)

(: 0)

(: 1)

(: 1)

2003

102

81.60%

23

18.40%

2004

120

93.75%

6.25%

2005

119

87.50%

17

12.50%

2006

127

85.23%

22

14.77%

2007

91

84.26%

17

15.74%

2008

167

87.89%

23

12.11%

2009

140

93.33%

10

6.67%

2010

96

88.07%

13

11.93%

2011

134

84.28%

25

15.72%

2012

111

86.72%

17

13.28%

2013

98

94.23%

5.77%

2014

136

87.74%

19

12.26%

2015

124

89.86%

14

10.14%

839

88.97%

104

11.03%

726

86.84%

110

13.16%

,
( .. ),

.
,

,
,
. ,
, ,
.
4.2.

101

 2015 - 2016
4-2.

.
(1 , 2 ).

/.

5 0 4 (0
, 1 , 2 , 3
, 4 ).

.
(1-, 0-)

(1 , 0 )

(1-, 0-)

(1-, 0-)

.
(1-, 0-)

.

.
.

, 4.3 (correlation
matrix)
.

.

102

 2015 - 2016
4-3:
(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(1)

1.000

(2)

0.039

1.000

(3)

0.040

-0.088

1.000

(4)

0.021

-0.083

0.081

1.000

(5)

0.156

0.028

-0.051

-0.176

1.000

(6)

-0.061

-0.010

0.046

0.086

-0.204

1.000

(7)

-0.026

0.019

0.087

0.071

-0.018

0.111

1.000

(8)

0.111

0.077

-0.126

-0.084

0.140

-0.119

-0.011

1.000

Growthi,t 1Genderi,t 2 Educationi,t 3 NecMoti,t 4OpportPerc

i ,t 5 Zi ,t ui ,t
, Growth i , t
i, t.
, ,
i,
t Gender i ,t , Education i , t , NecMot

i ,t
OpportPerc i , t . Z i ,t
.

ui,t

.
.
(2009-2015) (2003-2008).
,
probit logit

.
.

103

 2015 - 2016

4.5

- 4.4 4.5, .
(marginal effects)

1,
, 5
.
4-4.
(2009-2015)

Probit

Logit

-0.06125***

-0.06093***

(0.02282)

(0.02254)

0.01491

0.01470

(0.01233)

(0.01197)

0.04547*

0.04233*

(0.02361)

(0.02222)

-0.05211**

-0.05181**

(0.02484)

(0.02492)

0.00242

0.00223

(0.02198)

(0.02115)

-0.01309

-0.01185

(0.02876)

(0.02801)

0.01303

0.01505

(0.02176)

(0.02106)

0.07729**

0.07805**

(0.03517)

(0.03426)

-293.77853

-293.61291

22.77***

23.10***

861

861

Log
LR
(2)

: marginal effects (at means) probit

logit . * 10%. **
5%. *** 1%.
.

104

 2015 - 2016

4-5.
(2003-2008)

Probit

Logit

0.02862

0.03213

(0.03000)

(0.02884)

0.03047**

0.03004**

(0.01553)

(0.01456)

0.02332

0.02516

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(0.02775)

-0.00224

-0.00059

(0.03017)

(0.02954)

-0.01276

-0.01491

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(0.03346)

0.05423

0.05039

(0.04491)

(0.04569)

0.04120**

0.03804**

(0.01773)

(0.01638)

0.04492

0.0496

(0.04476)

(0.04522)

Log

-269.45417

-269.23418

LR
(2)

18.46**

18.90**

669

669

: marginal effects (at means)

probit logit . * 10%. **
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.

: ,


,
.

(Brush
1992, Rosa Hamilton 1994, Cliff 1998). 1 .
105

 2015 - 2016


(Pines et al. 2010)
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(Autio Acs 2010, Verheul Van Mil
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,

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,


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 2015 - 2016
(Leibenstein 1968, Levie Autio 2008, Wiklund Shepherd
2003).

.
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4.6

(),
.
,
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.


.

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.

( )
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.
, , ,
.
, ,
,

. ,
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) GEM
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.




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,

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,

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,
.
,


. , ,
,
.
,

. ,
,
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.

,

, .
,
(.
, crowd-sourcing, ),
techno-starters,
mentoring/coaching .


(,
.) start-ups .

109

 2015 - 2016

110

 2015 - 2016

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115

 2015 - 2016

116

 2015 - 2016

1. (GEM)
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133

 2015 - 2016

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98,0
94,0
97,0
92,0
92,0
100,0
97,0
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97,0
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90,0
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18,7
30,2
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18,4
4,6
28,7
25,5
47,0
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27,1
29,7
21,1
29,4

20,7
16,2
12,4
7,0
17,5
8,0
16,0
4,6
8,3
6,6
7,2
7,1
11,6
7,8
9,3
8,1
6,2
1,5
9,4
12,1
4,3
3,6
7,6
12,9
3,6
9,2

3,2
11,1
10,1
8,3
6,6
6,6
6,1
18,7
8,9
6,6
12,6
11,1
11,6
14,6
9,4
7,8
8,5
3,7
4,7
4,8
14,2
13,4
10,7
9,3
3,4
9,0

16,9
31,7
27,8
17,3
40,6
21,3
39,1
28,6
26,6
41,4
47,6
26,8
30,4
35,9
38,0
38,7
21,1
13,0
23,1
32,5
18,6
25,6
30,3
28,6
16,9
28,7

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9,2
8,4
8,6
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13,4
13,5
16,8
15,0
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12,6
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10,7
19,0
14,3
5,9
18,9
16,1
11,7
13,9

6,5
37,0
40,0
33,9
20,0
11,0
20,2
43,4
27,2
24,2
30,9
20,1
44,1
40,0
24,8
29,9
9,8
13,7
16,6
33,3
14,5
12,1
19,7
17,0
16,0
24,2

0,0
6,9
7,9
6,0
3,8
2,6
1,8
2,9
5,0
8,7
12,7
0,0
18,7
0,0
0,0
8,4
7,0
0,0
2,4
10,2
8,0
2,4
8,7
7,0
7,7
5,6

97,0

19,7

6,7

6,2

24,1

17,2

13,3

5,5

79,0

35,5

8,8

9,9

30,3

10,7

9,9

2,8

134

 2015 - 2016

100,0

38,2

8,8

6,8

44,9

12,2

20,2

3,8

100,0

14,2

19,2

8,0

12,2

11,7

4,5

0,0

94,0

23,0

10,9

11,2

34,9

19,4

31,9

13,4

..

93,0

24,4

14,9

15,8

32,0

23,9

21,6

14,5

93,0

24,9

8,6

9,3

29,4

15,1

21,3

6,5

135