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The Global Entrepreneurship Monitor was conceived in 1997 by Michael Hay of London Business School (LBS) and Bill Bygrave of Babson College. LBS and Babson funded a prototype study that year. Ten national teams conducted the first GEM Global study in 1999 with Paul Reynolds as the Principal Investigator. Since then, more than 64 national teams have participated in GEM through a consortium headed by the Global Entrepreneurship Research Association (GERA), which is a not-for-profit organization governed by representatives of the national teams, the two founding institutions and sponsoring institutions.

The GEM project is an annual global study of entrepreneurship in the world in which 43 countries took a part in 2008, including Republic of Macedonia.

GEM focuses on three main objectives:

• To measure the scale and scope of entrepreneurial activity and analyze how this differs across countries involved in a survey
• To uncover factors determining national levels of entrepreneurial activity
• To identify policies that may enhance the national level of entrepreneurial activity

Participating Countries in 2008

In GEM report a distinction is made between factor-driven countries (growth relies on basic factors of production), efficiency-driven countries (growth relies on increasing efficiency) and innovation driven countries (growth relies on an innovation). This classification follows the 2008 Global Competitiveness Report and is relevant to entrepreneurship in relation to economic development. As previous GEM research has shown, the relationship between entrepreneurship and economic development differs along phases of economic development. In 2008, the following 43 countries participated in the GEM project.

Factor-Driven Economies

• Angola, Bolivia, Bosnia and Herzegovina*, Colombia*, Ecuador*, Egypt, India, Iran*

Efficiency-Driven Economies

• Argentina, Brazil, Chile, Croatia**, Dominican Republic, Hungary**, Jamaica, Latvia, Macedonia, Mexico, Peru, Romania, Russia, Serbia, South Africa, Turkey, Uruguay

Innovation-Driven economies

• Belgium, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Israel, Italy, Japan, Republic of Korea, Netherlands, Norway, Slovenia, Spain, United Kingdom, United States

* Transition country: from factor-driven to efficiency-driven
** Transition country: from efficiency-driven to innovation-driven