Abstract:
This paper aims to explore the relationship between entrepreneurship, the entrepreneurial ecosystem and global competitiveness, and to identify the role of innovation and business sophistication in achieving global competitiveness by fostering the entrepreneurship ecosystem. The latter is a strategic theme that has drawn the attention of various stakeholders such as business players, regulators, and related coworking organizations to promote a healthy environment for entrepreneurship. This study offers a valuable understanding of the relationship between global competitiveness and factors of the entrepreneurship ecosystem on the one hand, and innovation and business sophistication on the other. Entrepreneurship has been considered as a key driver in fostering the economic development of the countries. This study uses the 2013-14 country level data from the World Bank - WB, World Economic Forum (WEF), and the Global Entrepreneurship Monitor Consortium - GEM. The key finding of the study shows that innovation and business sophistication play prominent roles and are linked with entrepreneurship in promoting global competitiveness. These countries should think of innovation and business sophistication in designing the entrepreneurship program in order to achieve higher competitiveness.
