That the entrepreneurial process is a learning process and training is out of the question, regardless of whether the desired goal (success) is achieved or not. In fact, it is commonly accepted that learning is greater when mistakes are made and failure occurs.

An important part of this learning comes from the educational work of the smart money provided by a good issue of private investors commonly known as business angels and by many fund managers. Both affect and positively influence entrepreneurs, in a kind of advice and committee that is implicit in the milestones and challenges to which the new entrepreneurs commit themselves so that the capital is invested.

In recent months we have seen that, in addition to those already existing in our territory, new venture capital funds have been added to invest in start-up business projects or to finance companies to face growth processes. In addition, other venture capital companies, many of them located in Madrid or Barcelona and even abroad, are increasingly present in the Basque Country. It is reasonable to affirm that we have, perhaps today more than ever, abundant investment capital eager for projects.

The current status of growth has led to an increase in the liquidity of capital in this subject of instruments so important for the generation of new economic activity.

Likewise, our political leaders are doing their homework very well by generating new tax legislation to favor investment in this field; and by supporting and encouraging initiatives that promote entrepreneurial activity in order to be able to finally maintain, in the long term deadline, the quality of life and the magnificent social benefits enjoyed in this country.

If we accept that at the moment there is an abundance of investment capital hungry for projects with potential, could a scenario of permissiveness be reached, of less demanding investments, generating in the medium term deadline worse ratios of success in the projects and an impoverishment of the entrepreneurs' learning and also of the investors' patrimony?

Or, on the contrary, would the increase of projects financed with a lower expected success rate, enrich in global terms the Economics of our environmentAlex Rovira, in his book 'La Buen a Crisis', makes a beautiful reference letter to the process of metamorphosis from silkworm to butterfly. I would like to borrow it to apply it to entrepreneurship.

Rovira writes: "The silkworm builds a cocoon and then breaks free from it and is reborn as a butterfly. The scientists were intrigued about what would happen if they helped in this process and opened a series of cocoons. The butterflies began to tingle, but were unable to take flight. They were unable to feed and died. From this test it is clear that overexertion is necessary for the butterflies to later rely on the strength of their wings. But if they don't go through the experience of doing it autonomously they have no sense of security, something we can easily transfer to the human world."

My most sincere congratulations on this World Day of Entrepreneurship to all those who, in the past or at this very moment, have undertaken an entrepreneurial project willing to suffer to make with their work a better society.