Start-Up Ecosystem Development: A Correlative and Comparative Study of Albania and Baltic Countries

Abstract

This paper shows and proves that a business ecosystem favourable to new start-up ventures will undoubtedly bring about a greater number of active start-ups developing and striving for success. The research undertaken here fucuses an Albania, on the start-up business ecosystem of Albania and the number of active start-ups in the country. However, in order to reach the intended conclusion, a comparison is drawn with Estonia and Lithuania. By applying the correlation analysis to two groups of variables for each country — the start-up business ecosystems rankings and innovation capacities rankings on the one hand and the total number of active start-ups on the other hand — the paper proves that there is a strong correlation between a favourable start-up business ecosystem and the overall number of active start-ups. The conclusion reached here points to the necessity for Albania to improve the overall business climate for the flourishment of start-up ventures.

Received: 14 June 2024 / Accepted: 31 August 2024 / Published: 05 September 2024