This chapter contributes to the public policy discussion about the key factors related with dynamic SMEs in Colombia. Authors analyze the case of Colombia through a quantitative approach with a binomial logistic model to estimate the level of association between selected independent variables and dynamic SMEs in the country using GEM data 2017. One of the most important outcomes was that the export activity as well as the level of education of entrepreneurs and previous business experience increase the propensity of Dynamic SMEs in the country. In contrast, variables such as seed capital at the beginning of business and business training did not show a significant relationship with Dynamic SMEs for this case. Notwithstanding the prosperity entrepreneurship ecosystem in Colombia, only 3% of entrepreneurs and their companies are classified as dynamic by authors' model, and there are still great challenges to changes in public policy toward knowledge-intensive entrepreneurship.
TopLiterary Review
There is a wide theory regarding entrepreneurship in general and innovative entrepreneurship in particular (Audretsch, Kuratko & Link, 2016; Rothaermel, F. T., Agung, S. D., & Jiang, L., 2007). The relationship between entrepreneurship and economic dynamics has been studied since the beginning of economic science and it does not remain many doubts. For Schumpeter (1934), the economic development was related to the strengthening of businesses and these in turn supplied the innovations needed in the production process to generate feedback and development of the economic system. In the other hand, for Kizner (1997) and Mises (1961), the role of entrepreneur in the society determines the extent of utilization of the factors of production. That means, the entrepreneurship would be the agent that regulates the production cycle according to the most urgent desires of consumers using the most optimal way.
Among the most complete studies, Rothaermel, Agung and Jiang (2007) perform a theoretical review that systematize the study of university entrepreneurship subject in United States and Europe through the analysis of 173 articles published in academic journals. They identity four research streams: entrepreneurial research university, productivity of technology transfers offices, new firm creation and environment context, to construct a framework describing de dynamic process of entrepreneurship. In the side of empirical studies, it noteworthy the Global Entrepreneurship Monitor Project (GEM), which in the last decade has collected information from more than one hundred countries worldwide characterizing the entrepreneurial activities of adult population (Amorós, Ciravegna, Mandakovic, V., & Stenholm, 2017; Bruns, Bosma, Sanders & Schramm, 2017). In Latin America (LA) the first studies in this matter begin in 2000 with the research of Kantis, Ishida y Komori (2002a) about Dynamic SMES, and their study about the contrast between Latin America and East of Asia in dynamic companies (Kantis, Postigo, Federico and Tamborini, 2002b).