Entrepreneurship linked to growth of GDP

More entrepreneurs result in a healthier economy and increased employment. This was one of the main conclusions reached at the recent conference organised by Malta-based BIA Europe in Ypres, Belgium.
Taking a firm and positive stand against the barrage of negative press reports on the viability of incubator businesses, Europe’s foremost incubators came together for the first Exchange event of the Business Incubator Association of Europe (BIA Europe) to discuss, exchange information and network.
Andreas W. Gerdes, President and founding member of BIA and CEO of the local e-mobile business builder iWORLD Group, while endorsing the findings of a recent Harvard Business Review report that placed the spirit of entrepreneurship among the key factors for success in business incubation,
also highlighted the need to surmount the general reluctance towards entrepreneurship and taking risks in order to fully maximise the advantages business incubation can offer.
In consequence, while exploring the theme “Bridging the Entrepreneurial Gap”, the conference focused on the fact that incubators reduce the risk factor for entrepreneurs, while also offering them a safety net, in case of failure. These services are strong motivators for potential entrepreneurs to take that first step into building a company, and are key elements to the future of the incubator model.
A successful business incubator can create multiple benefits for the community in which it is located, offering increased employment opportunities, the creation of wealth and the spread of knowledge and experience. The 10 founding members of BIA Europe alone have created more than 175 new companies in just 12 months, as well as hundreds of new jobs, a clear indication of the significance of this relatively new business model.
Of paramount interest to all participants was the contribution of Rudy Aernoudt, director of DG Enterprise, European Commission, who promised support and encouragement for business incubators from Brussels.
Entrepreneurship, he said, is directly linked to growth of GDP and employment in countries where the entrepreneurial culture is strong, like the US, Canada and Israel, therefore any initiative to encourage entrepreneurial activity can only be of benefit to that nation’s economic growth.
The EU, he continued, is at present examining the possibility of setting up an agency to aid and support the growth and spread of the business incubator model in Europe, and will be looking to BIA Europe for help in creating structures, guidelines and policies on the issue.
This news comes as a welcome endorsement of the embattled incubator industry in Europe, that has seen a number of recent closures and bankruptcies, as well as a spate of sceptical and negative media reports about the sustainability and profitability of business incubators.
The meeting was opened by a short address from Jean-Luc Dehaene, former Prime Minister of Belgium.
Around 100 invited participants were present, among them representatives of the leading incubators in Europe, both BIA members and aspirant members, as well as venture capitalists, entrepreneurs, politicians and journalists.