The Global Entrepreneurship Monitor (GEM) is a UK-based entrepreneurship research network with objectives to conduct national surveys in order to thoroughly identify the entrepreneurship ecosystem in the country. According to GEM sources, research findings and multidimensional data are highly impactful to identify dynamics and benchmark entrepreneurship ecosystems. The GEM consists of 115 national teams globally and set up a 3 members National Team in Sri Lanka with Dr. Pradeep Siriwardane – Team Head, Prof. Sudath Weerasiri, and Prof. Renuka Herath as principal researchers recently.

Prof: Renuka Herath added key benefits of the GEM approach in Sri Lanka as “Entrepreneurship is driving any economy by boosting its growth. Especially developing economies like Sri Lanka must focus more on promoting entrepreneurship. It should be a collaborative effort of policymakers, academics, and the business community to blend their unique skills, knowledge, and capacities in different perspectives. It will create new employment opportunities in every industry/sector and reduce poverty and enhance the economic well-being of the citizens of the country. Women entrepreneurs are somewhat neglected at present and lagging. To foster their entrepreneurial skills and empower women as the majority of its population is of utmost importance for an economy like Sri Lanka. It will further be a long-term solution to economic problems such as poverty, unemployment, and slow economic growth.”

Prof: Sudath Weerasiri further added that “The policymakers want to advance entrepreneurial activity in any country. But it is very difficult to make informed decisions without having the right data. Within this context GEM, national research attracts the interest of key stakeholders such as local authorities, state government, banks, insurers, and other government institutions which promote entrepreneurship. GEM research will serve as a set of diagnostic tools allowing key stakeholders to make more informed policy decisions to foster entrepreneurship. Further, GEM research will contribute to a better understanding of the promoting factors and barriers affecting entrepreneurs locally and globally.”

Dr. Pradeep Siriwardane pointed out that “I am honored to lead the GEM national team. Further, Pradeep stressed that the survey findings are highly important to policymakers to make data-driven decisions and attract more international grants and funding to boost entrepreneurship in Sri Lanka”.