Entrepreneurship and Development

Entrepreneurship and Innovation as Engines of Growth

Ruslan Stefanov
Presentation by
Mr. Ruslan Stefanov is the Coordinator of Economic Program at the Center for the Study of Democracy (CSD) in Sofia, Bulgaria. He joined CSD in 2002 and has since worked on various projects in two major …

Entrepreneurship is the capacity of individuals and companies to undertake risk in pursuit of innovative ventures. Throughout history, individual efforts of entrepreneurs have been the driving force of modern market economy. But entrepreneurial drive in and of itself is not enough to deliver sustained economic growth and development in a modern economy. Institutions that support entrepreneurship, such as those that guarantee freedom of information or freedom and ease of establishing and growing a business, are necessary to translate innovative ideas into larger economic and social benefits. Free markets, protection of property rights, and the rule of law are at the core of the framework needed to make entrepreneurship work.

 

Transcript available in English and Russian