“…The GEM operationalizes as Early-stage entrepreneurs any combination of these two categories. The literature suggests that this stage considers: the national total entrepreneurial activity rate, the rate of knowledge-intensive business or technology-driven entrepreneurship, opportunity-driven Notes: *Based on the following published studies (Brieger et al, 2021;Pinho and Thompson, 2017;Santos et al, 2017;Hoyos-Iruarrizaga et al, 2017;Davis and Shaver, 2012;Lecuna et al, 2017;Lee et al, 2020;Mayer and Motoyama, 2017) MRJIAM 20,1 entrepreneurs and high-growth enterprises. Mainly, high-growth nascent and new ventures are driven by: the entrepreneurial spirit; the formal and informal institutions; the entrepreneurs' perception of the institutions; the research and development (R&D) capacity and investment; firm' resources; and the firm's orientation and behavior.…”