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Entrepreneurs worldwide are calling on G20 governments to recognise the role they play in job creation and innovation, according to a new report.

The Entrepreneurs speak out: a call for action to G20 Governments report, released by Ernst & Young, develops the case for government to play a role in incentivising entrepreneurs for their part in strengthening the economy. The report has been released ahead of the G20 Young Entrepreneurs Summit held in France later in the month, and outlines the policies and actions which can advance a global economic recovery.

Based on a survey of 1000 entrepreneurs in G20 countries, Ernst & Young reports the following findings:

  • 80 per cent of entrepreneurs surveyed want government to facilitate access to funding for young entrepreneurs.
  • 62 per cent of entrepreneurs say that focusing on innovation should be a number one priority.
  • Banks are becoming less important as a means of funding, while business angels, venture capitalists and private equity is becoming increasingly important.
  • 70 per cent of respondents believe students need to follow specific training to become entrepreneurs.

“The key to a global economic recovery is to support entrepreneurs,” says Maria Pinelli, global vice chair for Ernst & Young’s strategic growth markets. “Entrepreneurs create jobs, build economies and support communities. There is a clear opportunity to support youth through entrepreneurship in both developed and developing nations. Entrepreneurship can lift the lives of the young, alleviate poverty and can have a significantly positive impact on society.”

In the report, five key pillars are identified which help governments to build successful enterprise environments. These include:

  1. Entrepreneurship culture
  2. Education and training
  3. Access to funding
  4. Regulation and taxation
  5. Coordinated support between government and other agencies for change, such as universities.

“Although they should not choose winners and losers, governments should create the right platform for growth and continue to have an important role to play in facilitating access to funding for young entrepreneurs,” says Jean-Pierre Letarte, country managing partner Ernst & Young France. “In almost all G20 countries, entrepreneurs themselves point to the key role that government has to play, and this must be a top regulatory policy priority.”

Pinelli adds, “It is amazing to me that entrepreneurs and in particular, young entrepreneurs are not supported and acknowledged enough for the critical role they play in job creation and generating innovation. They clearly need more support and attention in fiscal and government policy.”

If you’re looking to work on your business rather than being stuck in it, book in for a complimentary business assessment today with Switzer Business Coaching.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Thursday, October 20, 2011

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