亞開行-創(chuàng)業(yè)是數(shù)字時代創(chuàng)新的驅動力-來自17個亞洲開發(fā)銀行區(qū)域成員的數(shù)據(jù)分析（英）

ENTREPRENEURSHIP

ASADRIVEROFINNOVATION

INTHEDIGITALAGE

ANALYSISOFDATAFROM17ADBREGIONALMEMBERS

ErkkoAutioandDonghyunPark

NO.721

ADBECONOMICS

April2024

WORKINGPAPERSERIES

ASIANDEVELOPMENTBANK

ADBEconomicsWorkingPaperSeries

EntrepreneurshipasaDriverofInnovationintheDigitalAge:AnalysisofDatafrom17ADBRegionalMembers

ErkkoAutioandDonghyunPark

No.721|April2024

TheADBEconomicsWorkingPaperSeries

presentsresearchinprogresstoelicitcommentsandencouragedebateondevelopmentissuesinAsiaandthePacific.Theviewsexpressed

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itsBoardofGovernorsorthegovernmentstheyrepresent.

ErkkoAutio(erkko.autio@imperial.ac.uk)isaprofessor

andChairinTechnologyVenturingatImperialCollege

BusinessSchool.DonghyunPark(dpark@)

isaneconomicadvisorattheEconomicResearch

andDevelopmentImpactDepartment,Asian

DevelopmentBank.

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DOI:

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ABSTRACT

Thispaperexploreseconomy-andregional-leveldeterminantsoftheproductivitypotentialofnewentrepreneurialfirmsusingdatafromAsianDevelopmentBankregionalmembers.Resultsshowthatnewentrepreneurialfirmsconstituteahighlyheterogeneousgroupintermsoftheirproductivitypotentialandthatthispotentialisshapedbytheeconomy’snationalsystemofentrepreneurship.Thissystemconsistsofbotheconomy-levelinstitutionalconditions,aswellastheresourceandknowledgedynamicsthatoperateatthelevelofregionalentrepreneurialecosystems.Economy-levelinstitutionalconditionsshapetheproductivitypotentialoftheeconomy’spopulationofnewentrepreneurialfirmsthroughtheireffectonwhochoosestobecomeanentrepreneurandwhatstrategicgoalstheresultingnewfirmsdecideandareabletopursue.Theregional-

levelentrepreneurialdynamicsconditiontheextenttowhichnewentrepreneurialventures

areabletorealizethispotentialthroughbusinessmodelinnovation.Thisrecognitionisimportantbecauseitsuggeststhattobeeffective,aneconomy’sentrepreneurshippolicyframeworkneedstoaddressbotheconomy-levelinstitutionalconditionsaswellasregional-levelentrepreneurialecosystemdynamics.Thetworequiredifferentpolicy

approachesandposedistinctivechallenges.

Keywords:digitalentrepreneurship,productivity,entrepreneurialpolicy,newfirms

JELcodes:O30,O38,L26,M13

1Introduction

Publicmediaoftenassumesapositiveassociationbetweenentrepreneurship,innovation,andeconomicdevelopment.Inreality,thisassociationismorecomplexthanoftenthought.Thereisplentyofevidencethat:(i)most“entrepreneurs”arenotinnovative,most“entrepreneurs”donotcreatenewjobsinanysignificantnumber,andmost“entrepreneurs”lackthemeanstobeproductive.Thesefactshavebeensowidelyestablishedbytheworld’slargestcomparativedatacollectioneffortonindividual-levelentrepreneurialactivity,theGlobalEntrepreneurshipMonitor(Reynolds,Bosma,and

Autio2005),thattheycanbesafelyregardedas“stylized”(Levieetal.2014).

Thisdoesnotmean,however,thatthereisnolinkbetweenentrepreneurship,

innovation,andeconomicdevelopment,onlythattheassociationsarecomplex.Anequallywidebodyofevidencehighlightsanother“stylizedfact”regardingentrepreneurship:“entrepreneurs”areahighlyheterogeneousgroupofindividualsandteams,asarethenewbusinessestheycreate.DavidBirchdiscoveredthatofallnewfirms,onlyasmallminority—whathesubsequentlytermed“gazelles”—wereresponsibleforadisproportionateshareofemploymentgenerationinanycohortofnewfirms(Birch,Haggerty,andParsons1997).Thisfindinghasbeenindependentlyconfirmedbyothersandhasalsobeenfoundnottobesector-specific(Autio2011;AutioandHoeltzl2008).Thisobservationisconsideredtodayasarguablythemostrobustandmostgenerally(althoughnotuniversally)applicable“l(fā)aw”describingregularitiesingrowthpatternsinfirmpopulations(Coadetal.2014;Deckeretal.2015;HenreksonandJohansson2010;Coad

andH?lzl2009;AutioandHoeltzl2008;MasonandBrown2013).

1

IntheEuropeanUnion

1Note,however,thatrecentevidenceclaimsthatthecontributionofhigh-growthfirmstojobcreationseemstohaveattenuatedintheUnitedStates(US)since2000(Deckeretal.2015).

2

(EU),thispatternwasconfirmedintheemploymentdynamicofEuropeansmallandmedium-sizedenterprises(SMEs)afterthe2008financialdownturn,as11%ofEuropeanSMEscreatedoverhalfofthenewjobsbySMEsinEU28from2008to2012(Mulleret

al.2015).

Theseobservationsunderlineakeyinsight:inentrepreneurship,qualitymatters.Notallnewfirmsarebornequal.Whilesomeinnovate,mostdonot.Whilesomeusenewtechnologies,mostdonot.Whilesomegrow,mostdonot.Whilesomeoffersignificantpotentialtocontributetototalfactorproductivity,mostdonot.Toillustratethesepoints,ourdatasetofentrepreneurialstart-upsfromasetofregionalmembersoftheAsianDevelopmentBank(ADB)showsthatalthoughonly0.4%oftheentrepreneurialnewbusinesseshadreachedthesizeof250+employeesbytheageof42months,theseaccountedfor44%ofnewjobscreatedbythisgroup.Incontrast,newbusinessesthatemployeduptotwopeoplerepresented54%ofallnewbusinesses,yetcreatedonly9%oftotaljobs

(Table2).

Thisraisesobviousquestionsonwhatdrivesthisheterogeneityandwhetheritispossibletodesignpolicymeasuressuchthattheybetterfacilitatetheproductivitypotentialofnewentrepreneurialfirms—andthusbetterharnessthispotential

foreconomicdevelopment.

2

Inthispaper,weaddressthisquestionfromseveralperspectives.First,wehighlighttheheterogeneityofnewfirmpopulationsintermsoftheirproductivitypotentialanddiscusstypesofnewandentrepreneurialfirmsagainstthislens.Second,weillustrate

empiricallythehighlyskeweddistributionofthisproductivitypotentialinnewfirm

2Wearenotimplyingthatsmallmicrofirmsarenotimportant.Althoughtheirjobcreationimpactislimited,theyneverthelesssupportanimportantnumberofjobsandlivelihoods,particularlyinsituationswheretheremightbefewalternativestotheindividual.

3

populationsusingempiricaldatafromADBmembers,asforeshadowedabove.Third,weexplorereasonsforthisskeweddistributionintheeconomiesandtheregion.Wedevelop

aframeworkthatidentifiestwomajorregulatorsofentrepreneurs’productivitypotential:

institutionalconditions(includingentryregulations)withintheeconomiesandregionalresourceandknowledgedynamicsthatoperateinregionalentrepreneurialecosystems.Weexploreandillustratetheoperationoftheeconomy-leveldynamicusingprimaryinterviewdatafrom17ADBregionalmembers.WeillustratetheoperationoftheregionalentrepreneurialecosystemdynamicusingprimarydatafromtworegionalentrepreneurialecosystemsinThailand:BangkokandChiangMai.Finally,wediscussimplicationsoftheaboveforentrepreneurshippolicyinADBregionalmembers.Specifically,weaddresstheregionalentrepreneurialecosystemaspectofthe“nationalsystemofentrepreneurship”andrevealitsintimateconnectivitywithaglobaltransformativetrend—thatofdigitalization.Drawingonthis,wepresentrecommendationsforentrepreneurshippolicy

designinthedigitalage.

4

2NewEntrepreneurialFirms:AHeterogeneousPhenomenon

Entrepreneurialnewfirmsarenewfirmsstartedandowner-managedbyindividualsorgroupsofindividuals.Suchfirmsareahighlyheterogeneousgroupthatengageinabroadrangeofdifferentactivities.Theseactivitiesdifferintermsoftheirsubstantivecontent(i.e.,whatthebusinessdoes),thelocation-specificityofthefirm’sactivitiesanditscustomerdemand,thedominantformofspecialization,andthedominantformofinnovation(ifany).Combined,thesecharacteristicssetuptheproductivitypotentialofthenewbusiness—i.e.,itsabilitytocontributetoeconomicdevelopment.Tounderstandtheentrepreneurialnewfirmsector,itisimportanttorecognizethemajorformsofthis

heterogeneity.

Firm-levelproductivityrepresentstheefficiencywithwhichitconvertsinputs(e.g.,capital,labor)intovalueadded(Gal2013).Byfirm-levelproductivitypotentialwerefertothepotentialefficiencythatisrealisticallyachievablebyagivenfirm.Whethertheentrepreneurialfirmrealizesthispotentialwilldependon,e.g.,resourceavailabilityandmarketenvironment.Firmsefficientinconvertinginputsintovalueaddedwillbemoreefficientinusingtheirinputresources,andtheywillalsobemoreprofitablerelativetotheindustryaverage.Highaggregatefirm-levelproductivitywillcontributetoamoreeffectiveeconomy-levelutilizationofcapitalandlabor,therebycontributingtohighertotalfactor

productivity(TFP)andeconomicdevelopmentattheeconomylevel.

Newentrepreneurialfirmscanvaryconsiderablyintermsoftheirproductivitypotential,andevensomecategorizationispossibleonthisbasis.Generallyspeaking,byfar,thebiggestgroupofnewbusinessesiscomposedofself-employedsmallbusinesses

thatprovideemploymentfortheowner(s)andpossiblyoneortwoemployees.Suchfirms

5

typicallyspecializeinlow-techservicessuchasfoodvendors,smallshops,smallrestaurants,smallrepairsandhandymanjobs,maintenance,personaltransportation,andsoon.Suchbusinessesprovideanimportantoccupationaloutletforlow-skilledlaborintheabsenceofalternativeoccupationalopportunities.Anothergroupinthiscategoryiscomposedofprofessionalself-employed,suchasfreelancers,lawyers,consultants,dentists,whoprovideknowledge-intensiveservices.Forsuchbusinesses,thepotentialproductivityimpactisgreater,andsomesuccessfulonesmaywellenterarapidgrowthpathiftheydiscoverascalableconceptthatcanbescaled,e.g.,throughfranchising.Low-techservicebusinessestypicallycompeteonthebasisofpersonalandbusinessreputationandrelationships,drawingonlocalassets(e.g.,businesspremises)toestablishtheirpresenceinthelocalmarketandservicelocaldemand.Whilesuchbusinessescanbeanimportantsourceofjobsinthelocaleconomy,theirproductivity

potentialisusuallyquitelow.

Anotherprevalenttypeofentrepreneurialbusinesses(excludingagriculturalones)iscomposedoflow-tomedium-technologymanufacturingSMEs.Thesetypicallyinhabitindustryclusterswheretheyspecializeinnichesfoundinlocalsupplychains.Characteristicofthiskindofactivityislocalizedco-specializationinthesupplychain,asthebusinessesexploitco-locationbenefitstooptimizetheirproductiveinteractions(MalmbergandMaskell2002;Maskell2001).Astheseinteractionstakeplacebetweensuppliersandusers,thisactivityencouragesverticalnetworking(betweenfirmsinsuccessivestagesofthesupplychain)amonghorizontallycompetingbusinesses–firmsinthesamestageofthesupplychainbeingpotentialsubstitutestooneanother(Autio,

Nambisan,etal.2018).Thisnetworkingpatternmeansthattheopportunitiestendtobe

6

nicheswithinthelocalsupplychain,withonlythesupplychainoutputspotentially

exportedoutsidetheregion.

High-technologynewventuresdifferfromlow-tomedium-technologySMEsbythepatternsofinnovativeactivitytheyexhibit.Whereasthedominantformofinnovationinlow-tomedium-technologySMEsisprocessinnovation(i.e.,optimizationofproductiveinteractionsbetweensupplychainbusinesses)combinedwithlimitedproductinnovation,thedominantformofinnovationinhigh-technologynewventuresistechnology-push

productinnovation.High-technologynewventuresaremostlyfoundinregionalhigh-

technologyclusterswheretheytranslateadvancesinbasicandappliedresearchintoinnovativehigh-technologyproducts.Ashigh-technologynewventurescreatevaluethroughtechnology-basedinnovation,theirproductivitypotentialtendstobehigherthan

thatoflow-tomedium-techSMEs.

Itisusefultodistinguishonecategoryofhigh-technologybusinessesthatexhibitsdistinctiveproperties:thatofdigitalnewventures.High-technologynewventuresaretechnologydevelopers:theydevelopandcommercializetechnologicaladvancesinatechnology-pushmodebyinvestingintechnology-push(researchanddevelopment)R&D.Asopposedtobeingtechnologydevelopers,digitalnewventuresexcelinexploitingaffordancesopenedupbyadvancesindigitaltechnologiesandinfrastructures(Autio,Szerb,etal.2018).Theydothisintwoways:(i)bycreatingsoftwareproductsandapplicationsandsoftware-basedservicesdeliveredthroughtheInternet(i.e.,softwareasaservice,orSaaS)and(ii)throughnewventuresthatleveragetheInternetanddigitalresourcesobtainablethereintoinnovatenewwaysofcreating,deliveringandcapturing

customervalue.Thefirsttypereliesondigitalsoftwarecompetencestocodeandoffers

7

variousalgorithmically-basedfunctionalities(e.g.,accountingsoftware,gamingsoftware).Thesecondtypeleveragesdigitalcapabilitiesanddigitalinfrastructuretore-organizeandre-inventmoreconventionalservices(e.g.,digitalmarketplaces;digitallyorganizedpersonaltransportservicessuchastheGrabservice;ordigitallyorganizedaccommodationservicessuchasAirbnb).Althoughbothtypesrelyondigitalcapabilities,theserepresentthecorecompetenceforthefirsttypeandonlyasupportingcompetenceforthesecondtype.Whileforthefirsttype,thedominantpatternissoftwareinnovation(aformoftechnology-pushinnovation),forthesecondtypethedominantformofinnovationisbusinessmodelinnovationi.e.,theinnovativere-organizationandcoordinationofactivitiesforthecreation,delivery,andcaptureofcustomervalue(Autio,Nambisan,etal.2018).Thisactivityrepresentsaformofcombinedprocessinnovation(intheformofreorganizedandreconfiguredservicecreationanddelivery)andserviceinnovation(intheformofnewtypesofservicessuchasmobilityasaservice[MaaS]

applications).

ThedifferenttypesofentrepreneurialandnewbusinessesaresummarizedinTable1.Ascanbeseen,newandentrepreneurialbusinessesvaryconsiderablyintermsoftheirdominantactivity,theirpatternsofinnovativeactivity,thelocationspecificityoftheiractivities,resources,anddemand,aswellasintermsoftheirresultingproductivitypotentialandabilitytocontributetoeconomicdevelopment.Asisclearfromthetable,the

differentcategoriesalsodifferintermsoftheirclusteringpatternsandthetypesofpolicy

initiativesrequiredfortheirfacilitation.Wewillreturntopolicyimplicationslaterinthis

paper.

8

Table1:CategorizationofNewandEntrepreneurialBusinessesontheBasisofTheirProductivityPotential

Typeof

Business

DescriptionoftheBusiness

SpecializationandInnovationDrivers

Location

Specificityof

Activities

Location

Specificityof

Demand

ProductivityPotential

Localservicebusinesses

Low-technology

serviceproviders

suchaspersonal

services,cafesandrestaurants,

transportservices,constructionand

maintenance

services

Reputationbasedon

servicequalityor

price,location

specificity,businesspremises,personalrelationships,

branding

Highlylocalized

withlocalsourcingofresourcesandsupplies

Highlylocalized

Low

Low-to

medium-

technology

SMEs

Low-tomedium-

technology

manufacturing

businesses

operatinginsupplychainnichesor

manufacturing

specificproducts

(e.g.,partsand

component

suppliers,furnituremanufacturers,

similar

Mainlythrough

processinnovationintheformof

specialized

manufacturingassetsandco-specialized

investmentinuser-

supplierinteractions;alsothroughproductinnovationand

branding

Mainlylocalized

supplychain

relationships

Localized(for

supplychain

interactions),

regional,

national,and

even

internationalforspecificproducts

Lowto

medium

High-

technology

newventures

High-technology

businessesthat

commercialize

technology-basedproducts

Mainlyproduct

innovationby

translatingadvancesinbasicandapplied

researchand

developmentinto

new,innovative

products

Typicallydependonlocalizedspill-overofknowledgefromresearch-

intensiveactivitiesandlocal

specialized

resourcessuchasspecializedhumancapital

Typically

nationaland

international,

sometimesevenglobal

High

Software

businesses

Software

development

businesseswho

codeuseful

functionalitiesin

algorithmicform

(e.g.,accounting

software,

smartphone

applications)

Productinnovationin

theformof

codificationofusefulfunctionalitiesin

softwarepackages

Increasingly

tappingnon-

localizedspilloverofknowledgeandideasdistributed

throughdigital

platforms.In

addition,relyon

regional

specialized

resourcessuchashumancapitalandfunding

National,

international,

andglobal,

especiallyifthesoftwareis

offeredthroughapplication

software

platformssuchasGooglePlay

High

Continuedonthenextpage

9

Typeof

Business

DescriptionoftheBusiness

SpecializationandInnovationDrivers

Location

Specificityof

Activities

Location

Specificityof

Demand

ProductivityPotential

Digitally

enhanced

service

businesses

Businessesthatrelyondigital

technologiesand

infrastructureforthedeliveryand

coordinationof

digitalandnondigitalservices(e.g.,

personal

transportationanddeliverywebsites,bookkeeping

services)

Businessmodel

innovationinthe

formofdigitally

enhancedorganized,andcoordinated

services

Tappingintopartlylocalizedinsightsregardingwhat

worksindigitallyenhanced

businessmodel

innovationderivedfrombusiness

model

experiments.In

addition,relyon

regional

specialized

resourcessuchashumancapital,

funding,new

venture

accelerators

National,

international,

andglobal,

dependingon

thetypeof

service(typicallyneedtoconnectwithlocalized

resourcessuchascabdrivers,physical

accommodationproviders,

similar)

Mediumto

high,

dependingonabilityto

establish

platform

leadership

Source:Authors.

10

3Firm-LevelProductivityPotentialinADBRegionalMembers:Illustrative

Evidence

Manyformulationsexistformeasuringfirm-levelproductivity(Holl2011;BailyandSolow2001).Inpractice,mostmeasuresrequirefirm-leveldatathatmaynotbewidelyenoughavailabletoenablecomprehensivecross-economycomparisons(Gal2013),makingitnecessarytouseappropriateproxies.Inthefollowing,weapproximatefirm-level

productivitypotentialbyfocusingonitsemploymentgrowthexpectationsandinnovative

activity.Employmentgrowthexpectationsshouldreflectthefirm’sexperienceregardingitsabilitytogeneratereturnsfromitslabor,andinnovativeactivityshouldreflectitsability

togeneratevalueaddedfromitsresourceinputs.

WeusedatafromtheGlobalEntrepreneurshipMonitor(GEM)toillustrateheterogeneityinfirm-levelproductivityinasetofADBregionalmembers.Ourdatasetcovers200,335interviewsfrom17ADBregionalmembersfrom2006to2016.

3

Theinterviewswereconductedamongrepresentativerandomsamplesof16-to64-year-oldindividualsinthe17regionalmembersandweightedtoberepresentativeoftheworking-

agepopulationintheirrespectiveeconomies.

Intotal,oursampleincludes14,753(populationweighted)entrepreneurialbusinesses,ownedandmanagedbyindividualsandteamsofindividualsthathadnotpaidsalariesorwagestoanyoneforlongerthan42months.Thesewecall“baby

businesses”tobeconsistentwiththeGEMterminology.Inaddition,oursampleincludes

3OurdatasetcoversallADBregionalmembersforwhichGEMdataisavailable:Bangladesh;Georgia;HongKong,China;India;Indonesia;Kazakhstan;Malaysia;Pakistan;thePhilippines;thePeople’sRepublicofChina;Singapore;theRepublicofKorea;Taipei,China;Thailand;Tonga;Vanuatu;andVietNam.

11

21,570(populationweighted)establishedentrepreneurialbusinessesthathadbeen

operation(i.e.,paidsalariesorwages)forlongerthan42months.

Table2

showstheemploymentsizeofbothbabybusinessesandestablishedbusinessesatthetimeoftheinterview.Wecanseethatmicrobusinessesinthesmallestsizecategorydominatebothsamples(i.e.,babybusinessesandestablishedbusinesses):ofthebabybusinesses,53.7%qualifiedasmicrobusinessesthatemployedatmosttwoemployeesincludingtheowner-manager(s).Oftheestablishedbusinesses,thecorrespondingsharewas53.8%ofthesampletotal.Incontrast,entrepreneurialbusinesseswith250ormoreemployeesrepresentedonly0.4%ofbothbabybusinesses

andestablishedbusinessesinthesample.However,thecontributionsofthesetwo

categoriestototalemploymentgeneratedbybabyandestablishedbusinessesinthesampleweredramaticallydifferent.Whereasmicrobusinesseshadgenerated8.8%ofthetotalemploymentbybabybusinessesand8.7%byestablishedbusinesses,babybusinesseshadgenerated44.1%andestablishedbusinesseswithover250employees

43.1%ofthetotalemploymentbythesample.

4

Table2:CurrentEmploymentinBabyBusinessesandEstablishedBusinessesin17ADBRegionalMembers

BabyBusinesses

(upto42monthsold)

EstablishedBusinesses

(olderthan42months)

Size

n

%of

Total

%of

n

%of

Total

%of

(Employees)

n

Employees

Employees

n

Employees

Employees

0–2

7,922

53.7

11,139

8.8

11,615

53.8

15,722

8.7

3–29

5,486

37.2

23,984

19.0

7,956

36.9

35,288

19.5

10–49

1,108

7.5

19,348

15.3

1,661

7.7

29,251

16.1

50–249

183

1.2

16,313

12.9

254

1.2

22,927

12.6

250+

54

0.4

55,743

44.1

84

0.4

78,209

43.1

Total

14,753

100.0

126,527

100.0

21,570

100.0

181,398

100.0

ADB=AsianDevelopmentBank.

Source:GlobalEntrepreneurshipMonitor.

4Notethatthedatawerewinsorizedwithamaximumof2,000employeesperbusiness.

12

Thesameskewnessapplieswhenwelookattheexpectedemploymentgeneration—i.e.,theself-reportednumberofexpectedemployeeswithin5years’time.Theseareshownin

Table3.Ascanbeseen,thesamepatternholdsasabove:based

onemploymentgenerationexpectations,thegroupofmicrobusinessesconstitutesthelargestgroupofbothbabybusinesses(44.3%ofthesampletotal)andestablishedbusinesses(46.8%).Babybusinessesrepresented0.9%andestablishedbusinesses

expectingtoemploy250ormorepeoplewere0.6%oftheirrespectivesampletotals.

Thesetotalsaremirroredbytheexpectedemploymentimpact,withmicrobusinessesexpectingtogenerate3.4%ofthetotalemploymentbybabybusinessesand5.5%byestablishedbusinesses.Businesseswith250ormoreexpectedemployeesareresponsiblefor56.9%oftotalemploymentbybabybusinessesand46.7%oftotalemploymentbyestablishedbusinesses.Forexpectedemploymentgeneration,thedistributionofbabybusinessesismoreskewedtowardthelargerfirmcategorythanforestablishedbusinesses,perhapsreflectingthegreateroptimismbythese,oralternatively,

thegreaterrealismofestablishedbusinesses.

Table3:ExpectedNumberofEmployeesin5Years

byaSampleofBabyBusinessesandEstablishedBusinesses

in17ADBRegionalMembers

BabyBusinesses

(upto42monthsold)

EstablishedBusinesses

(olderthan42months)

Size

n

%of

Total

%of

n

%of

Total

%of

(Employees)

n

Employees

Employees

n

Employees

Employees

0–2

6,542

44.3

8,663

3.4

10,091

46.8

13,681

8.7

3–29

5,687

38.5

25,963

10.2

8,548

39.6

39,240

19.5

10–49

1,939

13.1

33,279

13.1

2,382

11.0

41,382

16.1

50–249

451

3.1

41,908

16.4

427

2.0

39,189

12.6

250+

135

0.9

145,150

56.9

122

0.6

116,831

43.1

Total

14,753

100.0

254,961

100.0

21,570

100.0

250,324

100.0

ADB=AsianDevelopmentBank.

Source:GlobalEntrepreneurshipMonitor.

13

Similarskewnessisalsovisibleintheuseofnewtechnologiesbythesamplefirms.Therespondentswererequiredtoindicatewhetherthetechnologiesrequiredbythe