Entrepreneurs speak out

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1 Growing Beyond Entrepreneurs speak out A call to action for G20 governments The Nice Côte d Azur 2011 Entrepreneurship Barometer Produced for the G20 Young Entrepreneur Summit, October 2011 Country digest Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Korea Turkey United Kingdom United States European Union

2 The perception barometer This study focuses on the entrepreneurship environment of G20 countries through the lens of five fundamental enablers: entrepreneurship culture; education and training; access to funding; regulation and taxation; and coordinated support. Through these enablers, we explore the climate for entrepreneurs in the G20 countries and the likely direction things will take. Our original approach is based on: Quantitative economic indicators The opinions of entrepreneurs on the progress and impact of specific enablers Our perception barometer sums up progress as evaluated by more than 1,000 entrepreneurs during the last five years, using four score ranges. Weighted score: lower quartile Deteriorated Tendency + ++ Improved Weighted score: higher quartile The analysis of these indicators and opinions also highlights how entrepreneurs perceptions may differ from the latest economic figures; a divergence that may be due to cultural bias, derivative ideas or lack of information. Red tape can also present challenges when it comes to accessing sources of funding. These gaps in perception raise a call to action for governments to tackle these specific issues. Viewpoint Marcel Golding Executive Chairman, Hosken Consolidated Investments Ltd., Marcel Golding founded Hosken Consolidated Investments Ltd with his long-time business partner, John Copelyn, in The investment holding company has assets in some of the leading sectors of the n economy, including hotels and casinos, media, public transport and resources. The investments have also expanded into Africa. In terms of entrepreneurship, there are things that South Africa can improve on, but the overall environment is pretty good. The fundamental issue for me is making sure that there s a balance between the individual gaining from their creativity and wealth being shared by all those who create it. That makes for a system in which success can thrive. Practically speaking, there are government funds available for entrepreneurs the Government-owned Industrial Development Corporation (IDC) plays a very constructive role, as it has a huge balance sheet and invests directly. However, it can take a long time to receive government funds, and I would like to see this process sped up. There is also a lack of VC, so the Government could encourage more of that sort of activity. I would like to see the G20 countries stop protectionism so that developing countries can compete fairly. It s all very well promoting development, but aid is often self-interested and packaged as empowerment, when it is anything but. As an entrepreneur, I try not to forget that I m standing on the shoulders of people who have consented to be led by me.

3 The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young Business culture and education face many challenges A sophisticated financial sector and some high-quality business acumen have not been sufficient to support business creation in through the economic downturn. As a result, new business density has been declining and remains lower than the G20 average for rapid-growth countries. After the market declined, there were fewer new business registrations among the population aged This negative trend reflects the wider n business setting. The country is struggling to break a cycle of low savings and investment rates, low employment and slow productivity growth. Once these issues begin to be resolved, the n economy will be able to fulfill much more of its high potential for dynamism, with very positive knock-on effects for entrepreneurs. The governing alliance led by the African National Congress (ANC) is seeking to balance state participation in the economy with private sector initiatives. There continues to be debate about the overall direction and tone of state involvement in, and regulation of, the real economy, with many members of the alliance inclined to endorse what are perceived as the merits of so-called state capitalism. There is some degree of uncertainty over the pace of regulatory change, and this somewhat clouds the outlook for entrepreneurs. New business density (new registrations per 1,000 people aged 15-64) General and specific factors influencing the entrepreneurship environment Strengths Geographic position as the gateway to Africa Strong cadre of high-level technocrats within government Weaknesses Substantial skill shortages in several sectors Rigidity of the labor market Uncertainties around long-term investor confidence as reflected in concerns about crime, corruption and general policy uncertainties Opportunities Significant gains can be made by investing in improving the skill sets of would-be entrepreneurs The sophisticated financial sector has the potential to improve access to credit rapidly when global uncertainty subsides Threats The n rand is heavily overvalued, restricting export opportunities Labor and production costs are on a rising trend G20 average Rapid-growth market average Source: World Bank. Data not available for US, China and Saudi Arabia. Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 1

4 Entrepreneurship culture Raising research and development Do you think that the culture of your country encourages entrepreneurship? Disagree 26% encourages entrepreneurship, according to 74% of our respondents. This is apparently supported by a trend in dynamic innovation, which seems to be on the rise. 74% feel n culture encourages entrepreneurship Agree 74% Mature markets: 72% Rapid-growth markets: 80% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. The number of scientific and technical journal articles published, as well as the proportion of researchers in R&D, have both increased. They were up by 17% and 9.2%, respectively, over the period. Looking at different factors impacting on the culture of entrepreneurship, most South African respondents think a positive image of entrepreneurs in the media has a high impact. More generally, achieving a good flow of information between entrepreneurs is seen as key. This is illustrated by the success of Bizjam, a business networking portal for young entrepreneurs, where they can find potential buyers, sellers and clients for their products. In addition, the identification of potential target markets and sources of capital is also possible through Bizjam, and business plans and ideas can be discussed with other entrepreneurs. It facilitates various forums of interaction, such as road shows and meetings, and has a particular relevance for young entrepreneurs given that the National Youth Development Agency (NYDA) of is its official sponsor. How do you think business failure is perceived in your country by business environment? It has no impact on future business projects It s a lack of appropriate skills It s a career failure 60% 50% 40% 30% 20% 10% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. 0% It s a barrier for future business projects Innovative environment 2007 Change It s a learning opportunity Rapid-growth markets G20 average 2007 Change R&D expenditure (% of GDP) p.p. Scientific and technical journal articles (number of publications) 2, % 31, % Researchers in R&D (per million of population) % 2, % In terms of the perception of business failure, 56% thought the business environment views business failure as resulting from a lack of appropriate skills a higher proportion holding this view than of any other G20 country. This view is probably reflective of the wider skills shortage affecting several sectors of the n economy. Looking ahead, a large majority of South African entrepreneurs thought improving communication around entrepreneurs success stories, promoting the career opportunities offered by entrepreneurship, and publicizing the role of entrepreneurs in creating new jobs, would have a high impact on the entrepreneurship culture. With regard to promotion of success stories, lessons may be learned from Future 100, a motivational program to acknowledge and promote young entrepreneurs in South Africa. Entrepreneurs between the ages of 18 and 35 who have inspiring stories of success in business can enter a competition with substantial prize money. p.p.: percentage points 1. G20 average based on the 17 countries for which data is available for G20 average based on the 13 countries for which data is available for Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

5 Education and training Dedicated training the best incentive Do you think that students need to follow specific training to become entrepreneurs? Can t say 2% No 30% Yes 68% Entrepreneurs are convinced that dedicated training dramatically improves student perceptions of a career as an entrepreneur. of respondents favor dedicated 90% training to become entrepreneurs 5.4% Mature markets: 59% Rapid-growth markets: 80% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. of GDP is spent on education Unsurprisingly, 68% believe specific programs are the best path to entrepreneurship and, according to most n respondents, dedicated entrepreneurs programs have developed well. The majority emphasize the development of conferences and seminars, while half pointed to specific college courses and business schools. Despite these generally positive perceptions about education and training opportunities for entrepreneurs, this needs to be placed in the context of substantial skills shortages in several sectors in. Looking ahead, appears to be on a positive trend toward addressing these shortages as regards entrepreneurship, but it will be important to maintain current momentum. Furthermore, recent improvements can be built upon creatively. For example, the Young Entrepreneur Program (YEP) gives an opportunity to 25 young n graduates, or business owners with strong business plans, to travel to the US and work with US mentors for six weeks, to acquire the skills to set up their own venture. The one-time fee of R860 is paid by the organizers, and the NYDA is a prime sponsor for the program. G20 average Public spending on education, total (% of GDP) School enrollment, secondary (% gross) Change Change p.p p.p. School enrollment, tertiary (% gross) n.a. n.a p.p. Tertiary-type A and advanced research programs (number of graduates) 3 n.a. n.a. n.a. 8% n.a.: data not available p.p.: percentage points 3. Based on 11 countries for which data is available. Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 3

6 Access to funding A major challenge for young entrepreneurs The major challenge for n entrepreneurs is to secure finance. Eighty percent of respondents mentioned difficulties in accessing funding, which stands much higher than the average 59% G20 rate. 80% of respondents find access to funding difficult 80% increase since 2005 on the SME stock market, with 79 listed companies in 2010 Alongside this complex environment, financial markets benefit from a high level of liquidity. Furthermore, the country s outlook for financial stability was recently boosted by a credit rating upgrade. A widespread perception of deterioration in the prospect of accessing funding is felt by the n entrepreneurs we talked to, specifically in relation to bank lending, which 72% reported as having worsened between 2005 and On the other hand, most bankers argue there are not enough bankable projects coming forward. This can largely be attributed to s economic conditions over the period: the country has for a long time failed to reach its growth potential, and therefore is less prepared than it could be to withstand global financial and economic deterioration, as during the financial crisis. Nonetheless, the total SME loan value amounts to 10.7% of GDP, which is around the average level for the G20 countries that are rapid-growth markets. However, other types of funding instruments that entrepreneurs rely on at different stages of enterprise development have seen less of a clear trend in perceptions of whether they have improved or deteriorated in recent years. For example, 40% of respondents told us access to funding from private equity (PE) had improved yet 36% thought it had deteriorated. The total deal value of PE actually declined by 75% over the period. Perceptions of the stock market were split quite evenly three ways between entrepreneurs who thought it had improved, deteriorated, and neither improved nor deteriorated. If we take account of the data on stock market activity, the number of listed companies of the SMEs split on the Johannesburg Stock Exchange (JSE) Africa Board increased from 44 to 79 from 2005 to 2010, representing an 80% increase. While 28% said access to funding from venture capital (VC) had improved, 34% felt it had deteriorated looking at the aggregate data on volumes of VC invested, this view seems to be borne out. VC equity invested in 2005 amounted to US$22 million, and by 2010, that figure was just US$23 million. However, this represents a significant decline since the pre-crisis 2007 peak, in which US$46 million was invested. Public aid seems to have fared best among the funding instruments over the period, as around half of the survey respondents thought it had improved, while just one quarter thought it had deteriorated. The entrepreneurs we spoke to certainly approve of this funding avenue, with 84% saying that the Government should facilitate access to funding for entrepreneurs. Looking ahead, bank lending is the funding instrument that the greatest proportion rated as likely to have a high impact over the next three years. This highlights how important the health of the n financial sector is for young entrepreneurs there Change Perception barometer G20 average 2010 Change Business angels (number of networks) 4 n.a. n.a. + n.a. +48% + Perception barometer Venture capital (US$m) % - n.a. +17% + SME bank loans (% of GDP) % n.a % n.a. + Private equity (US$m) % - n.a. -22% + SME stock markets (number of listed companies) 79 80% + n.a. +22% + IPOs in main stock market (number of deals) 4 n.a. - n.a. +12% + IPOs in SMEs stock market (number of deals) 1-95% n.a. -33% n.a.: data not available 4. G20 average of the seven countries for which data is available through the European Trade of Association for Business Angels (EBAN). 5. G20 average of the 14 countries for which the indicator is available. 4 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

7 Regulation and taxation Tax incentives have improved The regulation and taxation framework for business creates many concerns among entrepreneurs. Although there have been notable improvements in tax incentives and time spent on tax issues, which went down by 150 hours during the last five years, entrepreneurs perceptions remain rather pessimistic. 82% thought improved labor market flexibility will impact positively on business conditions Half of the respondents to our survey say regulatory conditions have deteriorated over the period and two-thirds pointed to the deterioration of labor market conditions. This result scores as the highest in the G20, against an average 28% seeing deterioration. Large corporations as well as SMEs have been affected by the government objective to transform the racial ownership and management structure of the corporate sector through the implementation, beginning in 2007, of the Black Economic Empowerment (BEE) program. 6 There is also a perception gap regarding starting a business. Ease of starting a business was viewed by 48% as having deteriorated, while 32% thought this had improved. However, the evidence suggests that starting a business is easier today than it was in It takes 3 fewer procedures, 13 fewer days and start-up costs are lower as a percentage of per capita income by 2.6 p.p. South G20 Africa Perception barometer 2010 Change G20 average 2010 Change Innovation incentives + + Tax subsidy rate for US$1 of R&D, SMEs n.a n.a. Tax incentives + + Start-up incentives (% of GDP) n.a. n.a. n.a. n.a. Ease of starting a business Intellectual property (IP) protection - + Number of procedures to start a business Time to start a business (days) Cost to start a business (% income per capita) p.p p.p. - + Number of patents , % 126, % Business regulation Time spent on tax issues (hours per year) Labor market rigidity Cost of hiring 0.70 n.a. 0.3 n.a. Notice period 4 n.a. 5 n.a. n.a.: data not available p.p.: percentage points Severance costs 5.3 n.a n.a. 6. Launched in 2007, the Black Economic Empowerment (BEE) program aims to help previously disadvantaged groups access employment, equities and skills development, among other things services that historically have not been available to them, mainly as a result of apartheid. 7. G20 average based on 12 countries and European Patent Office for which data is available in 2005 and Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 5

8 Coordinated support Tailored to young entrepreneurs The collaboration between the Government, associations and the education system is seen as poorly coordinated by 68% of the entrepreneurs we interviewed, significantly higher than the other rapid-growth markets in the G20. But the quality of support provided to entrepreneurs in is clearly improving. 68% of the entrepreneurs interviewed find the public and private entrepreneurs support poorly organized 64% percent described a tailored help to young entrepreneurs Mentoring programs are an area of relative strength: these were reported to have improved by 56% of the n entrepreneurs we surveyed. One good example is Khula Enterprise Finance Ltd, which helps micro, small and medium enterprises (MSMEs) to obtain loans from banks. It also provides mentorship to entrepreneurs, helping them to manage their businesses successfully. The mentorship program includes the transfer of skills on a face-to-face basis, the development of viable business plans, and pre- and post-loan services. Looking ahead, over half thought that mentoring programs would have a high impact on entrepreneurship over the next three years. How would you evaluate the coordination between Governments, associations and education systems in your country? Can't say 4% Mature markets: 41% Rapid-growth markets: 51% Well coordinated 28% Poorly coordinated 68% Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. Coordinated support entrepreneurs perception of progress and future impact 80.0 Mentoring program Impact of next three years Entrepreneurs clubs and associations Government agencies Incubators Chambers of commerce Progress of last five years Source: The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. 6 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

9 Selection of government leading practices Advanced training program Department of Economic Development and Tourism Launch date Main application area The advanced training program comprises marketing, finance, HR and business management sessions. It equips an entrepreneur with the skills to grow their business. These training sessions have been designed to introduce tourism entrepreneurs to sophisticated business management concepts and leading practices. Bizjam (connecting young entrepreneurs) n.a. Entrepreneurial culture A business networking portal for young entrepreneurs, where they can find potential buyers, sellers and clients for their products. Identifying potential target markets and sources of capital is also possible through this network. Business plans and ideas can be discussed with other entrepreneurs. Bizjam facilitates various forums of interaction, such as road shows, meetings and Bizjam Fridays. The National Youth Development Agency (NYDA) of is its official sponsor Entrepreneurial culture Female Farmer Entrepreneur Awards Department of Agriculture, Forestry and Fisheries (DAFF) The Female Farmer of the Year Awards was founded by the former Department of Agriculture in 1999 to encourage and increase the participation of women in agricultural activities. The event itself rewarded the efforts and contributions of women in matters of food security. Over the years, it became an empowerment platform that recognized the entrepreneurial skills of women in the sector. This annual event commences at provincial level and culminates with the national Female Farmer of the Year Awards taking place at the end of Women s Month Entrepreneurial culture Future 100 This is a motivational program to acknowledge and promote young entrepreneurs in. The South African Youth Chamber of Commerce (SAYCC) and the NYDA are the sponsor bodies for this program and decide on the selection criteria. This national program targets young entrepreneurs between the ages of who have inspiring stories of success in business. The overall winner of this competition receives R100, Entrepreneurial culture National Youth Development Agency (NYDA) NYDA aims to create and promote coordination in youth development matters. As the primary custodians of youth development in the country, the NYDA s mandate is to: Advance youth development through guidance and support with initiatives across sectors of society and spheres of government Embark on initiatives that seek to advance the economic development of young people Develop and coordinate the implementation of the Integrated Youth Development Plan and Strategy for the country Small Enterprise Development Agency (SEDA) June 2009 Coordinated support, entrepreneurial culture SEDA provides business development and support services for small enterprises through its national network. Various delivery points are the interface with the target market, and are responsible for the provision of the products and services that SEDA offers its clients. These delivery points currently take the form of SEDA branches and enterprise information centers (EICs), as well as SEDA Technology supported business incubators Coordinated support, entrepreneurial culture Technology for Women in Business (TWIB) TWIB is an initiative aimed at enhancing the accessibility of science and technology to women in business, and in particular in micro, small and medium enterprises (MSMEs). It is a national program under the auspices of the DTI. The objectives of TWIB are: Facilitating focused action by women entrepreneurs at all levels Creating successful role models Unlocking solutions to progressive approaches to doing business in a global economy Exploiting partnerships with government, corporates and woman-focused organizations 1998 Coordinated support, entrepreneurial culture Young entrepreneurship program (YEP) This program gives an opportunity to 25 n youth graduates, or business owners with strong business plans, to travel to the US, work with US mentors for six weeks and acquire the skills to set up their own venture. The one-time fee of R860 is paid by the organizers, and NYDA is a prime sponsor for the program. The program provides a cross-cultural learning experience with both classroom and practical training Entrepreneurial culture, education and training Youth Entrepreneurship Campaign (YEC) 2010 This program is a joint initiative of the Umsobomvu Youth Fund, South Youth Chamber of Commerce and National African Federated Chamber of Commerce (NAFCOC) Youth. It aims to increase s total entrepreneurship activity (TEA) and improve its entrepreneurial ranking. The program has three pillars to guide its operational strategy: entrepreneurship awareness, education, skills training; access to finance and business support, legislation and policy. The program has developed various flagship categories such as Y-Info, Future 100, Y-Start up and Y-Finance Entrepreneurial culture Y-Start up This is a business plan competition for aspirant and young entrepreneurs that seeks to encourage and develop promising business ideas. The prize money for this competition is the amount required for funding the winning business idea Access to funding, entrepreneurial culture Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest 7

10 Methodology Further details can be found in the methodology section of The Nice Côte d Azur 2011 Entrepreneurship Barometer by Ernst & Young. For this first edition of the Entrepreneurship Barometer, our analysis of the G20 country environment is articulated around the five enablers (access to funding, regulation and taxation, education and training, entrepreneurship culture, coordinated support) defined by the G20 Young Entrepreneurs Alliance (YEA) in Toronto, Canada (20 22 June 2010). Our analysis is based on four building blocks: macroeconomic indicators, a perception survey conducted across the G20 countries, qualitative interviews of emblematic entrepreneurs and an analysis of G20 governments leading practices. Throughout this report, we have used the following definitions: Young entrepreneurs are young women and men aged between 18 and 40 The split of country groupings between mature markets (MMs) and rapid-growth markets (RGMs) is based on the definition provided by the International Monetary Fund (IMF) As no single definition is shared across all the G20 countries for small and medium enterprises (SMEs), we have adopted each country s respective definition We conducted a perception survey with an international panel of 1,001 entrepreneurs across the G20 countries (50 interviews per country). The field research was conducted by CSA Institute between 27 May and 7 July The perception barometer was calculated using a weighted average of country performance scores. Our quantitative analysis is based on the following economic indicators: Access to Funding Business angels Number of business angel networks [EBAN] Venture capital (VC) fund-raising Equity invested (US$m) [TO] SME lending Loan value (% of GDP) [WB] Private equity (PE) Deal value (US$m) [DL] Entrepreneurship culture SME stock markets Value of shares trading (US$m) [WFE] Number of listed companies [WFE] Broad public stock market Value of shares trading (US$m) [WFE] Number of listed companies [WFE] Initial public offering (IPO) broad and junior market activity IPO number of deals [DL] IPO capital raised [DL] Innovative environment Research and development expenditure (% of GDP) [WB] Scientific and technical journal articles (per million of population) [WB] Researchers in R&D (per million of population) [WB] Regulation and Taxation Tax subsidy rate for US$1 of R&D SMEs [OECD] Start-up incentives (% of GDP) [OECD] Starting a business Number of procedures [WB] Time (days) [WB] Cost (% income per capital) [WB] Minimum capital (% income per capital) [WB] Number of patents [WIPO] Time spent on tax issues (hours/year) [WB] Cost of hiring, severance cost and notice period [WB] Education and Training Public spending on education, total (% of GDP) [WB] School enrollment, secondary (% growth) [WB] School enrollment, tertiary (% growth) [WB] Tertiary-type A and advanced research program (number of graduates) [OECD] Sources: Dealogic (DL), World Bank (WB), European Business Angel Association (EBAN), World Federation of Exchanges (WFE), World Intellectual Property Organization (WIPO), Capital IQ data (CIQ), Organization for Economic Cooperation and Development (OECD), ThomsonOne (TO). 8 Entrepreneurs speak out The Nice Côte d Azur 2011 Entrepreneurship Barometer digest

11 Entrepreneurs speak out A call to action for G20 governments Through five key enablers, the Entrepreneurship Barometer analyzes 1 entrepreneurs perception as well as government leading practices in order to provide key recommendations to governments and entrepreneurs. The country profiles explore the national specificities of entrepreneurship 2 environment to provide a better understanding to entrepreneurs considering international expansion. Highlighting the main conclusions of the report, the Barometer website 3 provides further government leading practices and entrepreneurs success stories.

12 Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 152,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit EYGM Limited. All Rights Reserved. EYG No. CY0202 In line with Ernst & Young s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. The opinions of third parties set out in this publication are not necessarily the opinions of the global Ernst & Young organization or its member firms. Moreover, they should be seen in the context of the time they were expressed. Contact Zanele Xaba Strategic Growth Markets Leader Tel: zanele.xaba@za.ey.com Nicole Sykes Entrepreneur Of The Year Program Director Tel: nicole.sykes@za.ey.com This report has been produced in collaboration with Oxford Analytica ( an independent consultancy that has for over 35 years provided authoritative analysis of the macro environment. Growing Beyond In these challenging economic times, opportunities still exist for growth. In Growing Beyond, we re exploring how companies can best exploit these opportunities by expanding into new markets, finding new ways to innovate and taking new approaches to talent. You ll gain practical insights into what you need to do to grow. Join the debate at

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