Naranya may also want to consider on how to scale its accelerator program in

Naranya may also want to consider on how to scale its

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entrepreneurial business for mobile solutions that had global ambitions. Naranya may also want to consider on how to scale its accelerator program in the future and for now focus on the launch of Naranta Market, Naranya Ads and Naranya Pay. Are the public funds justified? Csoftmty annual operating budget is $350,000 which historically 50% was funded by the state government while the remaining 50% was for membership fees. Csoftmty still has to seek fundings for its special projects and activities, which federal government was the key supporter. But in 2015, state government has announced budget cuts that would be reduce the overall level of support for Csoftmty and restrict the use of state funds to specific programs. Under new administration, the public funds are clearly not in Csoftmty favour when El Bronco announced his administration’s intention to lower the funding for IT. The situation worsens for Csoftmty with the phase out Nuevo Leon Clusters Council plan. 8 | P a g e
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Question 5: Are cluster-based efforts an effective way to stimulate entrepreneurship and what should be the best policy to deal with regional differences in a country. Clusters are understood as regional ecosystems of related industries that represented through a group of firms, related economic actors and institutions that are located near each other and have reached a sufficient scale to develop specialized expertise. Based on the case study of Naranya, there was a total of 12 different clusters initiative in Nuevo Leon, Monterrey that are aimed to become the state’s industrial hub in the country. The clusters that are available in the state are IT, Health, Automotive, Aerospace, Nanotechnology, Agro-food cluster and etc as in 2015. This indicates the presence of a strong cluster environment in the state the reduce barriers to entry and growth which direct the ecosystem to become a central driver of entrepreneurial dynamism. Furthermore, the established cluster experience in regions demonstrates a higher growth rates in new business formation and start-ups employment as there are more opportunities and crucial infrastructure available for the industry to flourish. The availability of the resources stimuli the society to act and cultivate new business movement towards the opportunity henceforth surge the proficiency of entrepreneurship in the region. Other than that, a successful development of entrepreneurship within a cluster also depends on government policy intervention either supporting the small entrepreneur in the region or the other way around. Based on the case study, the Government intervention in Mexico are positive in moving towards boosting the entrepreneurship level in the country. In effort to improve the cluster initiatives the Government has introduced policies and programs in foster the entrepreneurship levels in the country. Some of the policy that are introduced by the Mexico Government are: The National System of Business Incubators which offered support services to emerging entrepreneurs in Mexico including feasibility studies of market opportunities, business modeling, access to information and consultants, assist in finance and technology and also the provision of office space and equipment.
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