Factors that drive Female Entrepreneurship in Armenia

Entrepreneurs play a key role in any economy. Entrepreneurship includes creativity, innovation, risk taking, planning and management and is described as transferring ideas into action. Female entrepreneurship, in particular, is considered an important tool in enabling female empowerment and emancipation. In the light of recent world events, this has become a crucial area to study and understand, especially with respect to motivations, obstacles, constraints and consequences of female entrepreneurship. Having the previous framework in attention, this thesis focuses on female entrepreneurship in a developing country - Armenia – and proposes a conceptual framework of the phenomenon. A joint cooperation between the World Bank and the European Bank for Reconstruction and Development allowed to conduct an enterprise survey in the country and from that survey a microeconomic dataset was released and applied in this research study. A logistic regression econometric method is applied to the dataset to identify and measure the relationship between female entrepreneurship and several factors such as the location, size, legal status, market and obstacles faced by Armenian firms. The study concludes that women entrepreneurs in Armenia share many common features and obstacles with their male counterparts. Moreover, gender of the top managers, the firm’s location, size, main market type, the number of competitors and full-time employees, the adoption of new marketing methods, the access to land, the tax administration system and an inadequately educated workforce are found to be statistical significant factors in the explanation of female entrepreneurship in Armenia.

Crowdfunding for non-commercial initiatives

Organizations and individuals dealing with non-commercial initiatives are in permanent search for funding. Crowdfunding is an alternative way of collecting funds from general public through Internet-based platforms, which is currently gaining popularity all over the world. There are several research initiatives in that field that show the influence of different factors on the success of campaigns, both with commercial and non-commercial objectives. Non-profit nature of the project is named among key predictors of positive outcome. In this context, the purpose of this work is to check whether the tendencies detected by scholars are valid for non-commercial initiatives, especially those having socially aware objectives, posted on the Belarusian crowdfunding platform Ulej. The method used for validation of the research hypotheses is binary logistic regression and statistical test. The results showed that the dependent variable success is influenced by such independent variables as the funding goal, the sum collected, the number of sponsors and the average pledge. On the other hand, the effect of the duration period is not significant. Inferential analysis shows that there is no difference in the level of success between commercial and non-commercial projects and that social orientation does not increase the likelihood of meeting financial goals. The findings are opposite to those provided in literature. However that could be explained by the short period of functioning of platform and the small number of projects.