Belize joins the Global Entrepreneurship Monitor (GEM), through the execution of a Compete Caribbean project in Belize to strengthen the Economic Development Council (EDC) [BL-CC2037] and improve the business climate and entrepreneurship; Belize, for the first time, has joined the Global Entrepreneurship Monitor (GEM). Three members of Belize’s National GEM team are attending the annual meeting of GEM national teams in Santiago, Chile.
Other team members for Belize are representatives from the Ministry of Economic Development, the Directorate of Foreign Trade, and the Belize Agro-productive Sector (BAS Group). This national team will be the coordinating body for the two entrepreneurship measurement tools, the Adult Population Survey (APS) and the National Expert Survey (NES).
Notably, GEM is the largest single study of entrepreneurial activity in the globe, which is an academic research consortium that measures and monitors entrepreneurial development, and activities around the world. As the New Year slowly ages, Belize has seized another remarkable opportunity to network with 80 economies, including the other Caribbean countries, such as Barbados, Jamaica, OECS, Suriname, and Trinidad and Tobago.
A country like Belize can benefit significantly from this membership. As these two distinctively designed surveys dissects a nation’s various economic, social, and well-being indicators, which can paint a clear picture or diagnosis of data relating to the three key types of entrepreneurship: force drive, efficiency driven and innovation driven. From this diagnosis, Belize can analyze entrepreneurship bottlenecks, economic development opportunities; but most importantly design and execute more impactful policies and initiatives for enterprise development.
The annual surveys are structured in such a fashion that it blends well with Belize’s economy. In doing so, it analyzes entrepreneurial attitudes, capabilities, perceptions, intentions, challenges, and aspirations; which will provide periodic insights in the local entrepreneurial environment. From attending this GEM Belize has a golden opportunity to use these regular and reliable reports to make sound decision in a progressive economic climate.
Government of Belize is the predicted primary beneficiary of these GEM reports and surveys instruments, as this can be used as a ruler to measure the economic stability of Belize. The national team has pledged to apply the knowledge acquired into the context of Belize whilst; networking with the various participants who attended GEM Annual Meeting in Chile.
Belize National GEM team strongly believes that examining national entrepreneurship evolution opens clear channels for addressing bottlenecks on export promotion and diversification, firm competitiveness and productivity, innovation, and the spread of entrepreneurial spirit via the implementation of the “right kind” of policies, mechanisms and tools. In the end, GEM is one of the fundamental tools that can be used to improve Belize’s business and economic climate!