Providing new products by innovative entrepreneurs in europe

Abstract

This paper addresses the individual factors that determine the provision of new products by entrepreneurs in Europe. To that end, we use the GEM 2014 Adult Population Survey, for sixteen European Countries, focusing on the demographic, economic, and environmental characteristics of this specific group of entrepreneurs. Our results indicate that education, experience, entrepreneurial skills, and income levels are the primary determinants in offering a new product. We also show that, in the case of ‘baby’ business owners, only the fear of failure and knowing other entrepreneurs are significant factors, while for nascent entrepreneurs, age, education, family size, income, and the social consideration of entrepreneurship also show significant correlations with the probability of offering new products.