A number of initiatives have been put in place to foster entrepreneurship in Paraguay. It began in 2009 with the efforts of INCUPAR (Asociación Paraguaya de Incubadoras de Empresas y Parques Tecnológicos) and continued in 2015 through the work of the start-up program called Innovandopy. The creation of Karakú Emprendedor in 2017, which brings together public and private allies, and the Paraguayan National Entrepreneurship Directorate (DINAEM) at the Ministry of Industry and Commerce at the end of 2018, marked the new wave of entrepreneurship in the country.

Paraguay took part in the 2019/2020 GEM Global Report.

Episode 2 of the Global Entrepreneurship Monitor Podcast features Juan Paredes Romero, Director of Promotion, Development and Innovation of DINAEM in Paraguay, and Dr. Stijn van der Krogt, Dean of the Faculty of Business Sciences and Director of Executive Education at the Universidad Paraguayo Alemana. They provided insights on the following:

- Key findings from the team’s involvement with GEM.

- The results of government initiatives to foster entrepreneurship.

- Educating entrepreneurs in Paraguay.

- How the country needs to respond to further develop entrepreneurs in the midst of the COVID-19 crisis.

The GEM Paraguay team is unique in bringing together so many partner institutions: Asociación de Emprendedores de Paraguay (ASEPY, the lead institution in the GEM Paraguay project), Karaku Emprendedor, Koga Impact Lab, Global Entrepreneurship Network (GEN), Ministerio de Industria y Comercio (MIC), and Universidad Paraguayo Alemana (UPA).