Empirical Validation of the Global Entrepreneurship Monitor Conceptual Framework in Spanish New Technology-Based Firms

Abstract

This study validates empirically the components of the Global Entrepreneurship Monitor Conceptual Framework (GEMCF) related (1) to the educational background of the entrepreneur, (2) the society’s perception of entrepreneurship and (3) the individual’s perceived capabilities. These factors’ ability to explain entrepreneurship within a specific entrepreneurial ecosystem (New Technology-Based Firms, NTBF) is sought after. A structured methodology is designed, including the definition of components of the model to be validated, definition of observed variables of those components, data collection through surveys, and analyses of the data. In particular, Exploratory Factor Analysis for validation of chosen observed variables, Structural Equation Modelling (SEM) for validation of correlation among components (using Confirmatory Factor Analysis) and validation of causal relationships between components and entrepreneurship (using Structural Modelling) as proposed by the GEMCF have been used. Results obtained prove the robustness of the GEMCF.