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Research Study on Position of Young Entrepreneurs Presented

Belgrade, 21 October 2016 – Research findings of the study “Analysis of Regulatory Framework of Entrepreneurship in Three Most Perspective Areas with Proposed Simplification of Business for Young Entrepreneurs” were presented today at the Library Nikola Pasic in Belgrade, hosted by the Economics Institute.

The main goal of the research was to analyse the conditions in which young entrepreneurs do business in Serbia and provide an evidence base for creating new public policies and regulatory interventions, which will lead to improved conditions for development of youth entrepreneurship and a decrease in youth unemployment. Special emphasis was put on three fields that have been assessed to have a significant growth potential: IT sector, creative industries and services in agriculture. 
The study revealed several issues that young entrepreneurs face, such as lack of supportive environment, lack of entrepreneurial knowledge and skills, underdeveloped financial support, and high tax burden, and it proposed concrete measures for overcoming them, such as introducing a regulatory framework for venture capital investments, passing the Law on Microfinancing, tax incentives, and amendments to the Law on Foreign Exchange Transactions that would enable using PayPal for both effecting and receiving payments in foreign currency.
Snezana Klasnja, Assistant Minister of Youth and Sports, stressed that as many as 37% of young people want to start their own business, but the number of those who actually go through with it does not exceed 8%. Ministry of Youth and Sports believes that findings of this research could help in creating a stimulating environment for all young people starting up their own business. Therefore, the Ministry is going to use this study as an advocacy tool in cross-sectoral ministerial cooperation in order to initiate regulatory interventions and improvement of existing policies for youth entrepreneurship, that will positively influence general economic climate in Serbia. 
The research was commissioned by the Ministry of Youth and Sports and conducted by the research team of the Economics Institute. The project itself is one of the four pilot projects on evidence-based policy making implemented by PERFORM and Public Policy Secretariat, financially supported as co-finance initiative of Social Inclusion and Poverty Reduction Unit of the Republic of Serbia (SIPRU team) and PERFORM. 
 The complete study (in Serbian) can be downloaded here