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Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth

Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth

Kyla L. Tennin
Copyright: © 2022 |Pages: 31
ISBN13: 9781668447451|ISBN10: 1668447452|ISBN13 Softcover: 9781668447468|EISBN13: 9781668447475
DOI: 10.4018/978-1-6684-4745-1.ch005
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MLA

Tennin, Kyla L. "Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth." Institutions, Resilience, and Dynamic Capabilities of Entrepreneurial Ecosystems in Emerging Economies, edited by Shivani Inder, et al., IGI Global, 2022, pp. 54-84. https://doi.org/10.4018/978-1-6684-4745-1.ch005

APA

Tennin, K. L. (2022). Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth. In S. Inder, A. Singh, & S. Sharma (Eds.), Institutions, Resilience, and Dynamic Capabilities of Entrepreneurial Ecosystems in Emerging Economies (pp. 54-84). IGI Global. https://doi.org/10.4018/978-1-6684-4745-1.ch005

Chicago

Tennin, Kyla L. "Entrepreneurial Ecosystems Resilience and Institutional Voids: Solutions for Emerging Economies to Drive Economic Growth." In Institutions, Resilience, and Dynamic Capabilities of Entrepreneurial Ecosystems in Emerging Economies, edited by Shivani Inder, Amandeep Singh, and Sandhir Sharma, 54-84. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-6684-4745-1.ch005

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Abstract

During the COVID-19 pandemic, 41.3% of companies stated they closed temporarily due to the pandemic. In the United Kingdom, 32.5% of entrepreneurs reported they were still able to work during the pandemic, compared to entrepreneurs in Norway (58.5%), Bosnia and Herzegovina (81.6%), North America (55%), and France (55.9%). In a global study for the World Economic Forum, a variety of firms were surveyed, from entrepreneur startups to music festivals, manufacturing companies, and automotive enterprises. Seventy percent of startups stated they had to terminate their full-time employees since the beginning of the COVID-19 pandemic. Only 40% of new enterprises stated they have enough revenue to last for three months of operations. Resilience, financial inclusion, education, and strategic partnerships are needed during crises to protect entrepreneurial ecosystems, especially if firms operate in economies that are emerging, possess institutional voids, institutional forces, or slow economic growth issues.

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