One important function of new entrepreneurship can be to introduce new products and services into markets. Answers to new questions in the 2019 GEM research reveal that in seven economies (Canada, Colombia, Guatemala, Ecuador, Panama, Chile and the United Arab Emirates), more than one in 20 adults are starting or running a new business with products or services that they say are at least new to the local area.
This is an encouraging sign that innovation is truly entering the heart of entrepreneurship.
For more information, access the Global Report (Chapter 4, Motivations and Aspirations: Why Do People Start or Run a Business? page 43).