Finland Back on the Global Map in Entrepreneurship Research – Fear of Failure on the Rise Worldwide

The University of Oulu Kerttu Saalasti Institute, together with Seinäjoki University of Applied Sciences, has been entrusted with collecting and analyzing data on entrepreneurship in Finland for the Global Entrepreneurship Monitor (GEM) over the next three years. Founded by Babson College in the U.S. and London Business School, the GEM study has now been conducted for 25 years. It remains the only globally comparable research carried out at the population level that measures entrepreneurial activity and related trends. According to GEM, a current global observation is that the fear of failure is on the rise.
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GEM is the world's largest and longest-running entrepreneurship study.

“This year marks GEM’s 25th anniversary. In 2024, a total of 51 countries participated in the study, with over 150,000 respondents. Together, these 51 economies represent more than 63 percent of the world's population and over 77 percent of global GDP. It’s wonderful to have Finland back in the study”, say Director of the GEM Finland team, Professor of Growth Management Matti Muhos from University of Oulu, and Vice President Elina Varamäki from Seinäjoki University of Applied Sciences.
Previously, GEM data collection in Finland was conducted from 2007 to 2015 by the Turku School of Economics and again in 2022 by the Federation of Finnish Enterprises (Suomen Yrittäjät).

“This project offers a unique opportunity to examine entrepreneurship from multiple perspectives and at a broad scale, crossing both cultural and geographical boundaries. It brings together diverse experiences and operational models, which offer valuable insights and practical solutions. Finland has a unique chance to adapt these international best practices to its own context. This kind of peer learning can strengthen Finnish entrepreneurship and promote innovative, inclusive practices that support sustainable business development across the country,” says Project Manager Nafisa Yeasmin from Micro-entrepreneurship Centre MicroENTRE at the University of Oulu.

Population-Level and Expert Data on Attitudes and Dynamics in Entrepreneurship

GEM gathers data on both early-stage entrepreneurs and those running more established businesses. It includes a population-level survey (APS) as well as a survey targeting entrepreneurship experts and policymakers (NES).

The Adult Population Survey (APS) collects data from a sample of at least 2,000 respondents per country and aims to assess the entrepreneurial climate by examining factors such as attitudes toward entrepreneurship and intentions to start a business.
The National Expert Survey (NES), directed at 36 experts and decision-makers in each country, explores the entrepreneurial context, focusing on socio-economic variables that research has shown to significantly impact national entrepreneurship dynamics (entrepreneurial framework conditions).

What Can Be Measured, Can Be Managed

GEM is an extensive multinational research initiative that generates valuable intellectual capital through consistent, long-term data collection. This information is used to monitor and measure entrepreneurial activity and related variables worldwide.
“What can be measured, can also be managed. That’s a powerful motivation for conducting research like this”, says Elina Varamäki.
“The latest GEM report notes that the survival and growth of new businesses is critical to national economies to ensure development and renewal, rather than stagnating in a static group of aging firms. The insights we gather will significantly support entrepreneurship both in Finland and globally”, adds Matti Muhos.

Fear of Failure on the Rise

“The latest GEM study reveals that more and more potential entrepreneurs are feeling uncertain and discouraged, even though starting a business is becoming increasingly accessible. Women still lack equal access to capital”, Muhos explains.

According to Muhos, women’s entrepreneurship can also support sustainable development. In high- and middle-income economies, female entrepreneurs report sustainability-related strategies and actions more frequently than men, and are more likely to prioritize sustainability.

In addition to presenting research findings, GEM reports also offer policy recommendations for decision-makers.

“To improve entrepreneurial framework conditions, GEM recommends increasing access to finance and education that supports entrepreneurship, and reducing regulatory burdens, so that more people can achieve better livelihoods through entrepreneurship. The report also highlights that the potential of artificial intelligence in entrepreneurship remains largely untapped”, Muhos adds.

Finland's GEM study is funded by the University of Oulu, Seinäjoki University of Applied Sciences, the Federation of Finnish Enterprises, the Keskitie Foundation, and the Töysä Savings Bank Foundation. During the three-year implementation period, the funding base for the current phase will be strengthened, and resources for future participation will be secured. The study is published by the Global Entrepreneurship Research Association (GERA).

“It’s a pleasure to carry out this work in collaboration with the Kerttu Saalasti Institute at the University of Oulu. Together, we form a strong and competent team”, Varamäki concludes.


Contact Information

Matti Muhos, Professor, Director, University of Oulu Kerttu Saalasti Institute, +358 400 407590, matti.muhos@oulu.fi
Nafisa Yeasmin, Project Manager, Development Manager, University of Oulu Kerttu Saalasti Institute, MicroENTRE, +358 50 5976325, nafisa.yeasmin@oulu.fi
Elina Varamäki, Vice President, Adjunct Professor, Seinäjoki University of Applied Sciences, +358 40 8305 189, elina.varamaki@seamk.fi

Photo: Matti Muhos

Last updated: 8.5.2025