Has the First Global Financial Crisis Changed the Entrepreneurial Values in Digitalized Marketing-based Societies? The Case of GEM Latin American Countries

Abstract

As the world economy is globalized, crises are rapidly spread due to the massive use of ICTs (Information and Communication Technologies), also affecting the entrepreneurial values involved in business creation processes. In this sense, digital marketing has a key role to play, as it can serve as a tool based on technology applied to foster nascent entrepreneurship. Using data for GEM Latin American countries, and applying clustering analysis based on the K-means method, the objective of this work is to test if the actual First Global Financial Crisis (FGFC) has altered the entrepreneurial values in Latin American firms. The main result of this work is that the traits of entrepreneurial activity in GEM Latin American countries have progressively shifted from quantity to quality, so digital marketing is having an increasing importance.