The Global Entrepreneurship Monitor has the answer. The study, measuring the level of entrepreneurship in 70 countries across the globe, explains the situation of entrepreneurships in early stages in Panama– that is, new or nascent businesses- in its 2017 report.  Data was obtained through a series of querys given to experts and surveying adult population throughout the country.

The report highlights that Panama has a culture of business creation, since 60% of the populations considers entrepreneurship a good career option. In fact, entrepreneurship rates have increased, according to data from AMPYME (Panama’s Authority for the Micro, Small and Medium-Sized Businesses). However, it is well below most of the region’s other nations.

The report also touches on the different obstacles the country’s entrepreneurs are facing, the main one being financial support.  To overcome it, experts say it is important to implement policies that improve access to financing for new business ideas.

 Another obstacle is the challenge to consolidate these businesses so that they can endure; for this, entrepreneurs must strengthen their skills, innovate and maintain continuous improvement.

 Lastly, the study recommends continuing to invigorate a business ecosystem in which various actors, activities and programs can articulate in order to promote and support entrepreneurs at the different stages of their journey.

Support for entrepreneurship in Panama

 The entrepreneurship ecosystem has been growing strong since 2016 with the signing of the National Pact for Entrepreneurship (Pacto Nacional de Empredimiento), a voluntary agreement that coordinated efforts form different organizations and institutions in order to keep entrepreneurship a part of the national agenda.

Moreover, there are programs focused on promoting and strengthening entrepeneurships, such as AMPYME’s Capital Semilla, IESA’s trainings and the City of Knowledge’s Innovation Center programs.

Click here to read the complete report.

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