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672.1 Entrepreneurial Ecosystems and Business Modellingn 2. 1. 5. Adapting to change and the European contextThe European context for entrepreneurship refers to the environment, policies,and initiatives in place within Europe that affect entrepreneurial intentions,entrepreneurial attitudes, and entrepreneurial and start-up ecosystems. Itencompasses various factors that influence and shape the opportunities,challenges, and support systems available to entrepreneurs in the Europeanregion.The European Union (EU) plays a significant role in creating a commoneconomic framework and fostering cross-border collaboration. The EU%u2019s singlemarket enables the free movement of goods, services, capital, and labour,providing entrepreneurs with access to a larger customer base and a moreintegrated business environment. European governments and institutions haveimplemented policies and initiatives to encourage entrepreneurship and supportstartups. These include tax incentives, reduced regulatory burdens, startup visas,and dedicated entrepreneurship education programmes. The aim is to create afavourable environment for entrepreneurs to start and grow their businesses.Europe has been proactive in supporting innovation and startup initiativesthrough various programmes and funding opportunities. The EU%u2019s HorizonEurope framework programme provides substantial funding for research andinnovation projects. Additionally, the European Innovation Council (EIC)supports high-potential startups and SMEs through grants, equity financing,and networking opportunities. Europe offers a range of funding options forstartups, including venture capital, angel investment networks, public grants,and crowdfunding platforms. The European Investment Fund (EIF) and theEuropean Investment Bank (EIB) provide financial instruments to supportventure capital investments and innovative projects.Europe has a thriving entrepreneurial ecosystem with numerous startuphubs, incubators, accelerators, and co-working spaces. Many European citieshave emerged as vibrant startup hubs, attracting talent, investors, and fosteringa culture of entrepreneurship. Europe places a strong emphasis on socialentrepreneurship and sustainability. There is a growing focus on businessesthat create a positive social and environmental impact alongside financialreturns. Initiatives and organisations promoting social entrepreneurship havegained prominence, encouraging entrepreneurs to pursue ventures with apurpose beyond profit. European entrepreneurs benefit from cross-bordercollaboration opportunities within the EU. Programmes such as Erasmus forYoung Entrepreneurs facilitate exchanges between experienced entrepreneursand aspiring entrepreneurs from different European countries, enablingknowledge sharing and business partnerships.Thus, key aspects of the European context for entrepreneurship can besummarised as follows: