Formal Institutional Factors Influencing the Entrepreneurial Intent in Quindío (Colombia)

The objective of this research is to analyze the formal institutional framework that influences the intention to create companies in the department of Quindio (Colombia). The study is descriptive and uses the transversal-nature non-experimental methodology. According to the structure of the project and the type of information collected, the research is mixed natured. This work involves obtaining information from two groups of sources that were chosen by convenience: fourteen public and private institutions connected to entrepreneurship in the region, to which a semi-structured questionnaire was applied, and four experts on entrepreneurship on whom an unstructured interview was applied. The research uses the theoretical institutional framework proposed by Douglas North as regards formal institutions. The findings conclude that the works by the different formal entities that support entrepreneurship in Quindio is disperse and that they are not articulated in a specialized and collaborative work scheme that fosters the achievement of a common goal to generate a positive impact of greater magnitude at the departmental level.