EU’s 7-Year Budget and Pandemic Recovery Package: Last Call for a New Entrepreneurship Paradigm?

Abstract

The EU unveiled a stimulus package as part of the multiannual financial framework (MFF) for 2021–2027 and the temporary instrument designed to boost the economic recovery. This countercyclical response is aimed at avoiding a decline in the EU economy and protecting employment, vulnerable companies and necessity-driven entrepreneurs; however, it should also lay the foundations for a desirable entrepreneurial paradigm for the future that is driven by opportunity and embedded in a Circular Economy aligned to global well-being. We propose a new model that implies a different EU policy which puts entrepreneurship on the path toward and not away from development.

Keywords:

• Circular economy
• entrepreneurship
• necessity entrepreneurship
• opportunity entrepreneurship
• sustainability

Notes

1 “Percentage of those involved in TEA that are improvement-driven opportunity motivated, divided by the percentage of TEA that is necessity-motivated” (Rezaei, Hill, & Liu, 2018, p. 26)

2 Human capital is measured by the percentage of population with tertiary education