Keywords

1 Introduction

Entrepreneurship education programs have gained popularity in the last 20 years as they have the potential to leverage entrepreneurial abilities and skills. Despite the increasing number of these programs offered worldwide, their effectiveness remains to be determined. Research has produced mixed outcomes, [1, 2] and there is need to have a common ground of understanding on what entrepreneurship education is and what to expect from it.

Business incubators has evolved to become supportive institutions for new business ventures visionary entrepreneurs, providing the training grounds for entrepreneurship and experimentation. Nevertheless, the degree to which they enhance their participant’s business performance is an open issue for research.

The study aims to understand the impact of the incubators’ entrepreneurship education programs on start-ups and young entrepreneurs in Greece while shedding light on how Greek incubators deliver those educational programs.

2 Theoretical Background

Business education is considered a determining factor of business success that is directly related to creating start-ups and regional development and growth [3, 4]. Generally, entrepreneurship education is about teaching individuals to recognize opportunities and take action in a value-creation process [5].

Understanding the fundamentals of entrepreneurship education theories and their application is quite challenging [6, 7] due to the complex nature of business processes and attitudes and motivations concerning entrepreneurship.

The review of a variety of entrepreneurship educational programs showed that some share the same exciting ideas and insights, but on the whole, entrepreneurship education research still has enormous gaps. Also, the impact of entrepreneurship education still needs to be better understood [8].

GEM's Annual Report on Entrepreneurship in Greece 2020–2021 [9] highlights some valuable insights into the Greek business ecosystem while reviewing business activity for 2021.

For the Greek economy, the years since 2008 have been challenging. Two significant crises (the Economic Recession and COVID-19) significantly disrupted Greek entrepreneurship, as shown by the drop in Total Early-Stage Business Activity (Total Early stage—Entrepreneurial Activity—TEA) after each event, lasting at least two years before recovery.

The Greek business macro-environment remains worse than most European “innovative countries” in many pillars. There are many obstacles to a healthier entrepreneurial activity in Greece, like the need for a flexible set of national policies for entrepreneurship. Significant obstacles still need to be overcome, including the difficulty of financing a Start-up, high market entry barriers and cultural issues concerning entrepreneurship.

Therefore, as shown in relevant studies, entrepreneurship education should be about learning entrepreneurial attitudes and skills, such as managing change and applying new technologies and innovation [10,11,12].

As has been underlined by researchers in the field [13], entrepreneurship teachers must recognize the need to apply a different teaching method.

According to this approach, entrepreneurship can be approached as a project-based learning and other constructivist teaching methods and not that much as traditional learning methods. Nevertheless, there is an excellent use of traditional models in business education, as they are subject to institutional pressures [14].

Business incubation is a set of processes activated when there is a demand by a visionary team or person for support while turning their idea to a start-up. This usually involves several steps designed in the best way to support early-stage entrepreneurs in order to turn their ideas into a value-added process via a viable business model [15]. A Business Incubator, usually a not-for-profit company, delivers services to future entrepreneurs. It may be a privately owned institution or a public one and even part of a university [16].

3 Methodology

3.1 Research Questions

The research questions of the survey are the following:

How are entrepreneurship education programs implemented in business incubator environments?

How do the incubators’ entrepreneurship education programs impact start-ups and young entrepreneurs in Greece?

3.2 Sample and Sample Strategy

Given that the research process consists of collecting, processing and analyzing information, both from the participants’ perspective (start-ups) and the characteristics of the training programs for entrepreneurship, two different samples of respondents were created.

According to a recent survey of the organization diaNEOsis, there are approximately 70 active incubators, accelerators and start-up technology centres in Greece [17].

Thus, the research population comprises 70 directors- managers of business incubators responsible for the respective entrepreneurship programs offered. The questionnaires for the incubators were set-up on line using Google Forms and send as link via email to the 70 active incubators. Twenty-one managers finally responded and completed the online questionnaire.

On the other hand, the number of registered start-ups operating in Greece is estimated to be 1500 [15], while it is estimated that approximately 1/3 of them (500 companies) have participated in an entrepreneurship program through some business incubation structure.

The questionnaires for the Start-ups were set-up on line using Google Forms and sent as link via email to the start-ups that have concluded an incubation program. The start-ups were indicated by the incubators. The final survey sample is 112 start-ups.

3.3 Data Collection Method

Two different questionnaires were structured. As already explained, the first was addressed to business incubator managers, and the second was sent to start-ups that have concluded an incubation program.

GDPR was followed during the research process. All respondents were informed of the confidential nature of their data and that the information collected would be used only for this particular study [18].

3.4 Data Analysis Methods

Data analysis was performed using the software package for statistical analysis, SPSS. The Interquartile Range presents the spread of the data, and the normality (or skewness) is shown using the Median.

4 Key Findings and Analysis

4.1 Results from the Incubators’ Responses

The results in this section are from the 21 incubator managers.

The primary source of incubator funding is from private funds and sponsors (46%), while 15% of funding comes from other regional and national authorities. Finally, 16% of the funding comes from EU grants.

Most incubators (78%) stated that the cost per participant (start-up) is €10,000 or less. The unit costs ranging from €10,000 and above is around 11%.

The incubator companies stated that the advisors of the entrepreneurship programs are professionals, business consultants, businesses and educators. Advisors may also be companies acting as trainers in their educational programs.

Regarding the training method, one-on-one counselling and entrepreneurship workshops are the primary way of delivering training. Online training as a learning method still needs to be popular in Greece despite the progress made through the pandemic in 2021–2022.

Most incubators can host up to 20 start-ups, while larger capacity incubators (11% of the incubators) can host more. Greek incubators have a limited capacity to support a more significant number of start-ups.

Regarding comprehensive services, mentoring, networking services and consulting on business planning are the top services incubators offer in Greece. Services related to counselling employability are less popular.

4.2 Results from the Participants’ Responses

The results of this section come from the responses of 112 start-ups after completion of the incubation training program.

The survey results have shown that men have the most significant percentage of participation in business training programs. In contrast, women make up 37% of all participants. This finding may suggest that women entrepreneurship in Greece should be strengthened.

Regarding the participants’ education level, 48% of them hold a postgraduate degree or a PhD.

Most (around 80%) stated that they have high self-confidence, persistence and teamwork ability. Opinions differ on risk-taking, which is their least developed skill.

Most respondents agreed that their entrepreneurship education programs helped improve their effectiveness, proactiveness, focus on control, certainty management, and self-confidence (Median = 4).

Furthermore, although most participants reported that the training programs helped them improve their overall entrepreneurship mentality (Median = 4), responses varied very much, so an accurate conclusion cannot be drawn.

Nevertheless, most participants agreed that the programs helped them improve their knowledge of marketing skills, business plan development, finance, strategy skills, developing business networks and connecting theory with practice (Median = 4). The program’s contribution to improving professional skills, marketing plans, and general business knowledge could not be estimated as the responses varied (Median = 4).

Finally, the least developed skills were product management skills, accounting, production cost calculation, and product pricing (Median = 3).

Business creation and networking skills are the only areas boosted by the programs (Median = 4); the programs did not help them improve their employability, income and savings (Median = 3).

5 Discussion and Conclusions

The study aims to understand the impact on start-ups and young entrepreneurs in Greece of the incubators’ education programs on entrepreneurship, while shedding light on how Greek incubators deliver those educational programs.

We can summarize the main findings and suggestions as follows: Online learning, as a method of education, still needs to become popular in Greece despite its increase during the COVID-19 pandemic.

Greek incubators need more capacity to support more start-ups and young entrepreneurs. In the entrepreneurship education programs of the incubators in Greece, the frequency of courses delivered is considered insufficient (considering the duration of the programs).

Since most participants are men, it is suggested that women's entrepreneurship in Greece should be strengthened with actions and policies that promote and facilitate women's entrepreneurial initiatives. The majority of participants have business experience of 5 years or less, which shows that most of them are in the initial stages of their careers.

Concerning the first research question, the results have shown a big difference between the entrepreneurship training programs offered by the incubators in Greece, especially in terms of their curriculum and business logic model. Some education programs are directly focused on the venture capital process and business angels to ensure financial help for the participants. Others focus on finding partnerships with universities and research institutions while accessing technological assistance and scientific equipment. It is also shown that the duration of business training programs varies considerably. Some companies act as trainers in the incubation programs, which may indicate a trend towards more project-based and real-life business learning. The participant’s skills play a critical role in the way entrepreneurship education programs are delivered. More personalized learning is the most widely effective method. In terms of the curriculum of the business programs, many critical entrepreneurial skills are provided. Marketing and sales and general business knowledge are the primary skills gained, followed by entrepreneurship and theory, networking and strategy skills. On the other hand, accounting and costing are poorly provided by those programs. Additionally, in terms of services provided, mentoring, networking, and consulting businesses are the top services offered by incubators in Greece.

Concerning the second research question, the survey results provide mixed evidence about the impact of entrepreneurship education programs. However, there are many promising indications that these programs contribute to the entrepreneurial mindset and skills of the participants. There needs to be more evidence that those education programs impact the performance of start-ups. Entrepreneurial mindset findings further support entrepreneurship education programs’ ability to enhance participants’ efficacy, proactivity and sense of control, risk-taking, and self-confidence. In addition, the results show significant, positive and significant importance of some social elements of the participants with the educational programs (e.g., business network formation). As responses varied, the common ground could not be reached on improving professional skills, product placement and marketing research and plans, and general product management skills. Regarding the entrepreneurial status of the participants, entrepreneurship education and the performance of start-ups (in terms of employment, profit and savings) do not have a direct connection. Higher education and entrepreneurship may be a common challenge for economic growth [19].

Although some of the findings are conflicting, and the evidence shows that incubators’ entrepreneurship training programs in Greece do not transform start-ups in the short term, many promising indications were found. Entrepreneurship training programs have the potential to enhance participants' skills and attitudes, which can be a good base for their personal and professional development over time.