Does Entrepreneurship Ecosystem have a Long-Term Relationship with Economic Growth in Selected Economies? A Statistical Investigation

Abstract

The present study creates the entrepreneurship creative development index (ECDI) for 34 selected developed and developing economies during 2007-17. It includes ECDI as an integrated index of 12 different indicators (i.e. financing for entrepreneurs, governmental support and policies, taxes and bureaucracy, governmental programs, basic school entrepreneurial education and training, post school entrepreneurial education and training, R&D transfer, commercial and professional infrastructure, internal market dynamics, internal market openness, physical and services infrastructure, and cultural and social norms) of entrepreneurship activities which are considered by Global Entrepreneurship Monitor survey. For aforesaid investigation, Composite Z-score technique used to create ECDI for selected economies. It also assessed the association of estimated ECDI with socio-economic variables and science & technological (S&T) related factors using correlation coefficient techniques. Estimated value of ECDI show that India has 12th position in estimated ECDI in selected 34 economies. For aforementioned investigation, it considered per capita GDP as proxy for economic growth. Descriptive results of this study claimed that per capita GDP is significantly associated with ECDI, socio-economic factors, S&T and IPRs related indicators. Thus, it brings several viable and practical policy implications to create effective entrepreneurship ecosystem and to sustain economic growth, economic development and social development in India.