12017/18 GLOBAL REPORT 2017/18 SPONSORING INSTITUTIONSBabson College, Babson Park, MA, United StatesLead Sponsoring Institution and Founding Institution Universidad del Desarrollo, Santiago, ChileSponsoring Institution Universiti Tun Abdul Razak, MalaysiaSponsoring InstitutionKorea Entrepreneurship FoundationSponsoring Institution ACKNOWLEDGEMENTS Special thanks to Slavica Singer, Mike Herrington and Ehud Menipaz for compiling and writing the 2017/18 reportand for the coordination and the preparation of all tables and fgures; to Jonathan Carmona, Forrest Wright and AliciaCoduras for their tremendous effort and long hours spent on data analysis and on preparing the information for thetables and fgures; to the GEMnational teams for their invaluable role in conducting the GEM survey in their respectiveeconomies and gathering the information contained in this report; to Rothko Marketing for their contribution to thedesign, layout and typesetting of the fnal document; and to the Korea Entrepreneurship Foundation for organizing theprinting of the report.2018 by the Global Entrepreneurship Research Association (GERA) ISBN-13: 978-1-939242-10-5 12017/18 GLOBAL REPORT 22017/18 GLOBAL REPORT GLOBAL GEMSPONSORS BABSON COLLEGE Babson College is a founding institution and sponsor of theGlobal Entrepreneurship Monitor (GEM).Located in Wellesley, Massachusetts, USA, Babson isrecognized internationally as a leader in entrepreneurialmanagement education.U.S. News and World Report have ranked Babson #1 inentrepreneurship education for 21 consecutive years. Babson grants B.S degrees through its innovativeundergraduate program, and offers MBA and M.S degreesand certifcate programs through its FW Olin Graduate Schoolof Business.Babson Executive and Enterprise Education is a dynamiclearning laboratory, where clients, faculty, staff and partnerswork together to address real-world business challengesand create and capitalize on opportunities for our clients.Babson’s student body is globally diverse, hailing from 47U.S. states and 77 economies (non-U.S. students comprisemore than 26% of undergraduates and 74% of full-time MBAstudents). Students can choose from over 100 entrepreneurship coursesoffered each year taught by 42tenure or tenure-track faculty,all with entrepreneurship experience; seven faculty fromother divisions around the college; and highly accomplishedbusiness leaders serving as adjunct faculty.Entrepreneurial Thought and Action (ETA) is at the centerof the Babson experience, where students are taught toexperiment with their ideas in real-life contexts, learning andadapting these as they leverage who and what they know tocreate valuable opportunities. ‘Entrepreneurship of All Kinds’emphasizes that entrepreneurship is crucial and applicable toorganizations of all types and sizes, whether a newly launchedindependent start-up, a multigenerational family business,a social venture, or an established organization. Through anemphasis on Social, Environmental, Economic Responsibility,and Sustainability (SEERS), students learn that economic andsocial value creation are not mutually exclusive, but integral toeach other. The Babson Collaborative is a membership organization thatbrings together educational institutions seeking to buildand grow entrepreneurship education for the betterment ofour world.Babson shares its methodology and educationalmodel with other institutions around the world throughBabson Global, and in the process brings new knowledge andopportunities back to its campus.Besides GEM, Babson has co-founded and continues tosponsor the Babson College Entrepreneurship ResearchConference (BCERC), the largest academic researchconference focused exclusively on entrepreneurship, as wellas the Successful Transgenerational Entrepreneurship Project(STEP) - a global family business research project.Babsonis home to The Diana Project, which engages in researchactivities, forums and scholarship focusing on womenentrepreneurs and their growth. For more information, visit babson UNIVERSIDAD DEL DESARROLLO True to the spirit and enterprising drive of its founders,the Universidad del Desarrollo is today one of the mostprestigious universities in Chile. The project started 27years ago in Concepción, a southern city of Chile, with100 business administration students. Twenty sevenyears later, the facts speak for themselves. Its rapidgrowth has become an expression of the university’s main32017/18 GLOBAL REPORT facet: entrepreneurship. The UDD MBA program is ratedone of the best in South America and also as a leaderin entrepreneurship education, according toAmericaEconomiamagazine, an achievement that once againrepresents the ‘entrepreneurial’ seal that is embedded inthe spirit of the university. Today the university has morethan 13,500 undergraduates, 3,000 postgraduates andover 11,700 graduates from 26 careers that cover all areasof human knowledge. UDD also has 15 research centersin many disciplines. One of these research centers, theEntrepreneurship Institute of the School of Business andEconomics, co-ordinates the GEM Chile project and is oneof the most important research centers in South Americadedicated to entrepreneurship studies. For more information visit udd.cl UNIVERSITI TUN ABDUL RAZAK Universiti Tun Abdul Razak (UNIRAZAK) was establishedon 18 December 1997 as one of the frst privateuniversities in Malaysia. The university was named afterMalaysia’s second prime minister, the late YAB Tun AbdulRazak bin Dato’ Hussein, and was offcially launched on21 December 1998 by Tun Abdul Razak’s eldest son, YABDato’ Seri Mohd Najib bin Tun Abdul Razak, current primeminister of Malaysia. UNIRAZAK recognized the imperativefor Malaysia’s future entrepreneurs to equip themselveswith the proper tools and expertise to survive and fourishin today’s modern competitive economic climate. Thus UNIRAZAK founded The Bank Rakyat School ofBusiness and Entrepreneurship (BRSBE), a uniqueschool dedicated to providing quality education inentrepreneurial and business leadership in Malaysia.BRSBE was formed with the view that entrepreneurialactivity is one of the pillars of a strong and vibranteconomy. Although big business is vital for economichealth and prosperity, a strong cadre of SMIs andSMEs is also essential to ensure a diverse economyand to provide the required support to big businessand the community. In fact, the dramatic economicdevelopment in Asia over the past two decades highlightsthe importance of understanding entrepreneurship inthe region. In this regard UNIRAZAK, through BRSBE, isideally poised to play both a national and regional rolein developing entrepreneurship and meeting challengesunique to Asia. For more information visit unirazak.my KOREA ENTREPRENEURSHIPFOUNDATION The Korea Entrepreneurship Foundation (KEF) is a non-proftorganization established in 2010 with funding from Koreanventure entrepreneurs and the Small and Medium BusinessAdministration of Korea in order to foster entrepreneurshipamong the young generation. The primary goal of KEF isnurturing and discovering young entrepreneurs by trainingtalented students and people, so that it fnally aims tocontribute to a vibrant entrepreneurship culture in Korea.To achieve this, KEF has been developing and offeringseveral entrepreneurship education programs to as manypeople as possible. The teachers engaged in primary schoolto tertiary education are one of the important players inunleashing entrepreneurship when it comes to their impactto young people. KEF has developed a series of programsfor them so that they can play as the capable facilitatorsin the entrepreneurship ecosystem. There are also manydirect programs for young people based on their ages, whichcontain case study, theory, game tools and activity. For thosewho have a special background, such as women trying toback on their career track, a North Korean defector in SouthKorea and a discharged soldier, KEF offers appropriateprograms coordinatin