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percentage of early stage entrepreneurs’ job creation in the next five years; this is
consistent with the leading TEA position.
Entrepreneurs in Slovakia are lacking active innovation – aspiration to introduce new
products or services, which are neither known, nor made available by competitors.
Slovakia ranked last in active innovation of early-stage entrepreneurs among the V4
countries and 23
rd
out of 26 countries of Europe. On the other hand, passive
innovation - aspiration to utilize state of the art technologies, is very high in Slovakia;
in fact, Slovakia placed first among V4 countries as well as in Europe.
The international orientation of entrepreneurs in Slovakia is low and so is
consequently the penetration to international markets. Only 18.3% of early-stage
entrepreneurs have strong international orientation - have at least 25% of its customer
base in foreign countries. Furthermore, almost 30% of early-stage entrepreneurs have
no foreign customers. This low international orientation resolves in 14
th
place in
Europe and 3
rd
among the V4 countries. There is a positive shift though; early-stage
entrepreneurs have stronger international orientation than established businesses.
Entrepreneurial Environment in Slovakia
According to results of the national experts survey (NES), entrepreneurial
environment in Slovakia is, in general, below European average. It ranks below average in
15 out of 24 entrepreneurship conditions. Entrepreneurial environment in Slovakia is
comparable with other V4 countries.
Entrepreneurship Financing
Although the entrepreneurship financing in Slovakia is a barrier, it is not an
impassable key barrier of the entrepreneurial activity.
Closest to the neutral ranking is debt entrepreneurship financing - financing utilizing
debt products.
On the other hand, the entrepreneurship financing through shares subscription is
a capital market almost nonexistent in Slovakia; it ranks very low.