Starting today, 175 nations are celebrating Global Entrepreneurship Week (GEW). As key influencers across entrepreneurship ecosystems, we would like to express our appreciation for all the heavy-lifting our Startup Nations members are doing from within public offices to help entrepreneurs bring value, employment and strength to the economy.
There are many reasons why we are celebrating entrepreneurship policy this GEW. There has been great dynamism in new program design, policy iterations and implementation adjustments over the past year, and even since last month's policy roundup.
Startup Nations member Pakiza Abdulrahman from the Economic Development Board (EDB) of the Kingdom of Bahrain recently announced a fast-track setup process for entrepreneurs to access the broader Middle East and North Africa (MENA) markets with Bahrain as their launchpad. The fast-track setup process is a free service offered through a dedicated concierge, and covers residency, visa requirements, business registration, access to financial support, and guidance from Bahrain’s incubators and accelerators.
The disruption accelerator idea which Mikk Vainik took to the Startup Nations Policy Hack last November is now fully underway. This new program has created a system to accelerate innovative public policy ideas that can unleash high-risk entrepreneurial disruption. You can view details in the Atlas of Policies, as well via our interview with Estonia's Deputy Secretary General for Economic Development Viljar Lubi.
India’s Ministry of Human Resource Development has recently released a new framework for Higher Education Institutions (HEIs). The goal of these new guidelines is to enable HEIs to actively engage students, faculty and staff in innovation and entrepreneurship-related activities. This framework will also facilitate India’s efforts to bring uniformity across HEIs in terms of Intellectual Property ownership management, technology licensing and institutional startup policy.
As part of a series of measures to attract investment to the heart of India and to align with the national-level Startup India initiative, the state government of Madhya Pradesh announced new efforts to offer funding and assistance to startups, primarily via ‘plug-and-play’ type of centers, wherein startups can begin operations without incurring huge infrastructure costs. Two state-of-the-art, 200-seater startup incubators have been announced. The government also plans to set up 60 incubator partner networks. These new measures of the Madhya Pradesh Startup Policy will be implemented starting April 2020. According to the statistics from Startup India, 24 Indian states have introduced a startup policy.
Malaysia's Global Innovation & Creativity Centre (MaGIC) addresses mentorship barriers
In a recent interview, MaGIC CEO Dzuleira Abu Bakar said the institution is addressing an ecosystem gap in mentorship. “Malaysian entrepreneurs find it difficult to connect with mentors who best understand their scope of business or industry especially in an industry that is relatively new to a nation,” she said. To address this, MaGIC provides a mentorship service to fast track an entrepreneurs’ journey by facilitating access to mentors, advisors and skilled entrepreneurs. MaGIC carries a renewed mandate thanks to the launch of Malaysia's National Entrepreneurship Policy (NEP) in July which aims to transform Malaysia into an entrepreneurial nation by 2030.
The British government has recently announced that it is supporting four pilot projects across different cities that are home to refugees. Working directly with refugees and established local businesses, the four pilots will deliver tailored start-up programs that will take refugees from the idea stage to the launch of their business. The programs will be overseen by one of our knowledge partners, the Centre for Entrepreneurs (CFE).
After two years of Congressional exchanges with the ecosystem and debate, a new law enables crowdfunding platforms to operate and establishes the option for startups to register as simplified joint stock companies. The “Entrepreneurs Law” introduces four main changes: 1) It defines crowdfunding platforms as trading markets for public offering securities open to the direct participation of investors in small amount issues; 2) It defines the incorporation rules, capital and shares, organization, and dissolution of simplified joint stock companies, and simplifies the procedures to set up this type of business; 3) It applies taxation rules of private companies to the simplified joint stock companies; and 4) It explains the transitional tax provisions for the conversion of sole proprietorships into simplified joint stock companies relating to VAT and property tax.
Each month, Startup Nations, a global network of public sector officials and policy advisors focused on stimulating new firm formation, brings you a summary of recent policy developments.
For more policy news, please check the latest entries to the Startup Nations Atlas of Policies.
Would you like to share policy updates from your city or country with our global community, or join the Startup Nations policy network? Contact us via firstname.lastname@example.org.