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A first cluster consists of the US, UK, and Ireland.These countries combine good legal systems with an emphasis on small government, prioritize investment funds, have low pension replacement rates, high governmental expenditure on education and moderate school enrollment, and value individualism, long-term orientations, and masculinity.Reform strategies that ignore such institutional complementarities risk doing more harm than good.This challenge may explain, for example, why European imitation of policies aimed at stimulating venture capital has been unsuccessful (e.g., European Commission 2013).[i] Institutions are complementary if the presence or efficiency of one institution increases the returns from or efficiency of the other.This implies that one-size-fits-all reform strategies are likely to fail.Member countries in different clusters must instead follow various reform strategies on how best to promote entrepreneurship and economic growth.Our study, however, provides a snapshot of institutions over a limited time period.
We analyze countries’ entrepreneurial climate, and institutions relevant to this climate, based on data from 2000 onwards.It may, for example, be reasonable to use the United States as a reference point when formulating reform strategies for Ireland and the UK, but the reforms for the countries of the other groupings must be based on strategies that are tailored to them.For instance, since 2014, Danish Growth Capital, a government investment fund, has aimed to improve access to risk capital for entrepreneurs and SMEs by using pension funds (OECD 2015).[ii] This model could be a strategy for financial institutions of the other Nordic countries to follow.This group has good legal systems and large governments, prioritizes investment funds, has high governmental expenditure on education and pension replacement rates.Countries in this group have relatively little necessity-based nascent entrepreneurship and moderate levels of opportunity-entrepreneurship in new and established businesses.