Entrepreneurship Ecosystem: An Appraisal of Oman Using the Ease of Doing Business Index

Abstract

Today, promoting and nurturing entrepreneurship is a core component of economic development in countries around the world. Fostering entrepreneurship as an economic development strategy necessitates a suitable ecosystem termed an “entrepreneurship ecosystem”. Isenberg developed a model of the entrepreneurship ecosystem in 2011 that contains six domains: a conducive culture, enabling policies and leadership, availability of appropriate finance, quality human capital, venture-friendly markets for products, and a range of institutional and infrastructural supports. These six domains are composed of fifty specific sub-components. This study in its current form shall assess the regulatory and institutional framework aspect of the entrepreneurship ecosystem in the Sultanate of Oman. This assessment is done from 2012 to 2019 using the Ease of Doing Business Index published by the World Bank. It is discovered that the overall Doing Business score for Oman increased to 67.19 in 2019 from 66.79 in 2012. The study reveals that Oman has made significant progress in connection to starting a business while getting credit is still an area of concern and needs urgent intervention. This exercise helped to know the change in ease of doing business in Oman for the years under consideration and thus assessed the changes in regulatory and institutional framework aspects of the entrepreneurship ecosystem in the country.