Slovakia

Region: Europe and North America
 

Classification of economies by geographic region is based on that of the United Nations Statistics Division.

High Income
 

Based on the income levels set out by the World Economic Forum (WEF) in its Global Competitiveness Report. However, the groupings are slightly different due to the numbers of economies covered. For GEM, the low income group contains both those classified as low income and lower middle by WEF, and the middle income group has those that WEF groups as upper middle. High income is the same for both GEM and WEF.

Population: 5 million (2018)
 

Population data is from the World Bank, except Palestinian Territories World Population Review and Taiwan Worldometers

GDP Growth: 3.2% (2017)
 

GDP growth data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

GDP Per Capita: $17,627 (2017)
 

GDP per capita data is from the World Economic Outlook Database, except Palestinian Territories Worldometers

Entrepreneurial Behaviour and Attitudes

Most recent data: 2018
  • Slovakia 2018
  • Slovakia 2017
  • Global Average
  • Regional Average
  • Income Level Average

Self-Perceptions

  • 1
     
    Perceived Opportunities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who see good opportunities to start a firm in the area where they live
  • 2
     
    Perceived Capabilities Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who believe they have the required skills and knowledge to start a business
  • 3
     
    Fear of Failure Rate*:Percentage of the 18–64 population who agree that they see good opportunities but would not start a business for fear it might fail. NOTE: this is a percentage of those seeing good opportunities, and not the total adult population
  • 4
     
    Entrepreneurial Intentions Rate:Percentage of 18-64 population (individuals involved in any stage of entrepreneurial activity excluded) who are latent entrepreneurs and who intend to start a business within three years
  • 1. Perceived Opportunities Rate
  • 2. Perceived Capabilities Rate
  • 3. Fear of Failure Rate*
  • 4. Entrepreneurial Intentations Rate:

Activity

  • 1
     
    Total early-stage Entrepreneurial Activity (TEA):Percentage of 18-64 population who are either a nascent entrepreneur or owner-manager of a new business
  • 2
     
    Established Business Ownership Rate:Percentage of 18-64 population who are currently an owner-manager of an established business, i.e., owning and managing a running business that has paid salaries, wages, or any other payments to the owners for more than 42 months
  • 3
     
    Entrepreneurial Employee Activity Rate:Rate of involvement of employees in entrepreneurial activities, such as developing or launching new goods or services, or setting up a new business unit, a new establishment or subsidiary
  • 1. Total early-stage Entrepreneurial Activity (TEA)
  • 2. Established Business Ownership Rate
  • 3. Entrepreneurial Employee Activity Rate

Motivations

  • 1
     
    Motivational Index:Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated
  • 1. Motivational Index

Gender Equity

  • 1
     
    Female/Male TEA Ratio:Percentage of female 18-64 population who are either a nascent entrepreneur or owner-manager of a 'new business', divided by the equivalent percentage for their male counterparts
  • 2
     
    Female/Male Opportunity-Driven TEA Ratio:Percentage of those females involved in TEA who (i) claim to be driven by opportunity as opposed to finding no other option for work; and (ii) who indicate the main driver for being involved in this opportunity is being independent or increasing their income, rather than just maintaining their income, divided by the equivalent percentage for their male counterparts
  • 1. Female/Male TEA Ratio
  • 2. Female/Male Opportunity-Driven TEA Ratio

Impact

  • 1
     
    High Job Creation Expectation Rate:Percentage of those involved in TEA who expect to create 6 or more jobs in 5 years
  • 2
     
    Innovation Rate:Percentage of those involved in TEA who indicate that their product or service is new to at least some customers AND that few/no businesses offer the same product
  • 3
     
    Business Services Sector Rate:Percentage of those involved in TEA in the 'Business Services' sector - Information and Communication, Financial Intermediation and Real Estate, Professional Services or Administrative Services, as defined by the ISIC 4.0 Business Type Codebook
  • 1. High Job Creation Expectation Rate
  • 2. Innovation Rate
  • 3. Business Services Sector Rate

Societal Values

  • 1
     
    High Status to Successful Entrepreneurs Rate:Percentage of 18-64 population who agree with the statement that in their country, successful entrepreneurs receive high status
  • 2
     
    Entrepreneurship as a Good Career Choice Rate:Percentage of 18-64 population who agree with the statement that in their country, most people consider starting a business as a desirable career choice
  • 1. High Status to Successful Entrepreneurs Rate
  • 2. Entrepreneurship as a Good Career Choice Rate

Entrepreneurial Framework Conditions

Most recent data: 2018

Expert Ratings: 1 = highly insufficient, 5 = highly sufficient

  • Slovakia 2018
  • Slovakia 2017
  • Regional Average
  • Income Level Average
  • Global Average
  • Slovakia 2018
  • Slovakia 2017
  • Regional Average
  • Income Level Average
  • Global Average

Help for Start-Ups


 

Entrepreneurial Ecosystem

 

Slovakia outperforms most other EU members in terms of the percentage of adults involved in starting a new business (9.6%). In addition, there has been a recent increase in those businesses started out of opportunity (68.4%) while almost a quarter of adults perceive good opportunities to start a business. 

 

Another positive is that the rate of entrepreneurial intentions among those not currently running a business has increased to 15.7%, after a three-year decline with a low of 10.6% in 2013. Since attitudes toward entrepreneurship have remained generally stable, one could attribute this reversal to increasingly positive views of the prevailing entrepreneurial ecosystem conditions. 

However, Slovakia’s entrepreneurship ecosystem still faces a number of challenges – including inadequate transfer of research and development (R&D) and a lack of entrepreneurship skills development in the education system. A 2013 report also revealed that more SMEs in Slovakia struggle to access finance than those in other EU countries. 

 

Start-Up Sharks 

 

The Slovak Business Agency offers specialised support to start-ups through a programme called Start-up Sharks launched in 2015. The initiative helps entrepreneurs that have been running a small business for less than three years to develop innovative and competitive business ideas. It also helps back IT businesses that are in their first year of start-up. 

 

The programme also offers support through Start-up Pool which provides specific information and practical help, including training courses and webinars on starting a business. The agency provides individual counselling and support by professional experts, mentors and lecturers and helps entrepreneurs to take part in international start-up events (by covering transportation, accommodation, and entrance to business events for a start-up and up to three of their representatives). 

Start-ups can also apply for international internships (3 weeks up to 3 months) in one of the world’s leading start-up centres. This programme gives an opportunity to learn how business works abroad as well as to build a useful network of contacts. 

In 2015 the agency ran a Start-up Sharks roadshow with lectures from international speakers which reached nearly 1,000 students and offered personal consulting for start-ups. 

The initiative is one of a number started by the government and private sector in the last five to seven years to assist the growing number of Slovak start-ups, many of them developing apps or providing hardware, equipment and e-commerce, according to KPMG’s Start-up Survey 2014. The Slovak government also plans to support innovative entrepreneurs to the tune of 18 million euros between 2016 and 2018. This includes new funds to assist fast growing companies with risk capital.

Slovakia Reports

Name
Report information
pdf
  • Year of publication: 2018
  • Category: National Reports
  • Language: Slovak
  • Upload date: 2018-04-11

  • Slovakia had a relatively high early-stage entrepreneurial activity (TEA) in 2016. However, this high early-stage entrepreneurial activity was achieved in 2016 mainly because of the high entrepreneurial activity of nascent entrepreneurs (up to 3 months). Even though in 2016 there was a slight increase in the established entrepreneurial activity. In 2016, there had been a long-standing high rate of business discontinuation. In the period under review 11,3 % of men and 7,6 % of women were involved in the early-stage entrepreneurial activity and in Slovakia.

  • URL: http://gem-consortium.ns-client.xyz/report/50039
 GEM Slovakia 2016
Report information
pdf
  • Year of publication: 2016
  • Category: National Reports
  • Language: Slovak
  • Upload date: 2017-02-01

  • Enrepreneurial activity in Slovakia, analyzed from a five-year period 2011 - 2015, has its specifics compared to the key benchmarks (Visegrad 5 countries, Europe, innovation driven countries and GEM participating countries).
  • URL: http://gem-consortium.ns-client.xyz/report/49802
 GEM Slovakia 2015 Report
Report information
pdf
GEM Slovakia 2014 Report
Report information
pdf
GEM Slovakia 2013 Report
Report information
pdf
  • Year of publication: 2013
  • Category: National Reports
  • Language: Slovak
  • Upload date: 2015-03-27

  • GEM Slovakia 2012: Above-average Entrepreneurial Activity, Below-average Entrepreneurial Environment. Executive Summary in English (pp. 27-38). Our analysis of GEM results suggests that the current state of entrepreneurship in Slovakia can be briefly characterized, on the one hand, by above-average entrepreneurial activity of our population in comparison to countries that are our benchmarks, and, on the other hand, by an entrepreneurial environment whose key characteristics are below-average. Such a state is clearly unsustainable, and will be reflected in the gradual decline of the entrepreneurial activity, which is already evident in the inter-annual comparison of 2012 and 2011. These circumstances will also be reflected in the decline of the aspirations of our entrepreneurs and the associated negative impact on economic growth and development of the country.
  • URL: http://gem-consortium.ns-client.xyz/report/48755
 GEM Slovakia 2012 Report
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