1、AUTHORS:Ameria CJSC,GEM Armenia National Team2 Vazgen Sargsyan Street,0010 Yerevan,ArmeniaEmail:masameria.amwww.ameriaadvisory.am Team leaderTigran Jrbashyan Team membersArtashes Shaboyan Arman PorsughyanKarine NikoghosyanGalust ZakaryanAstghik KhachatryanNarine GevorgyanVardan BaghdasaryanGagik Ham

2、bardzumyanDISCLAIMERWhile this report draws upon data provided by the Global Entrepreneurship Monitor(GEM),the analysis,interpretations,and conclusions presented herein are solelythose of the authors and do not necessarily reflect the views of GEM or its globalpartners.All rights to this publication

3、 are reserved.No part of this report may becopied,reproduced,stored in a retrieval system,or transmitted in any form or byany means-electronic,mechanical,photocopying,recording,or otherwise without the prior written permission of the GEM Armenia National Team,except forbrief excerpts used for non-co

4、mmercial purposes such as scholarly research,analysis,or review,provided the source is fully and appropriately cited.Copyright Ameria CJSC,2025Primary Data Collection Fieldwork:Intagma Research Agency Cover:Photo of Tatev Monastery Stock photoDesign and layout:Digital publication prepared by ChatGPT

5、(OpenAI),including visualelements generated with DALLE AI tool,for online release.GEM Armenia study funded by:Ameria CJSCGlobal Entrepreneurship Monitor 2024/2025 Armenia National ReportKaren TadevosyanAshot LachinyanAnushavan EranosyanNane Mkrtchyan Kristine VardanyanACKNOWLEDGMENT The project team

6、 would like to express its sincere gratitude to theMinistry of Economy of Armenia for its valuable contributions andsupport throughout the peer review process.The Ministrys inputhas played an important role in enhancing the analytical rigor andpolicy relevance of this report.We also extend our appre