Among the countries of the Caucasus, Armenia has by far displayed the highest level of entrepreneurial activity, according to the new World Bank report "Fostering Entrepreneurship in Armenia." The country's entrepreneurial culture is built largely on the very strong math and science foundation established during the Soviet era.

The unusually high educational attainment level is one of the peculiarities of entrepreneurship in the small post-Soviet country. The report noted that 75 percent of firm founders have a postgraduate or doctoral degree. 

Furthermore, the firms in Armenia were found to be highly innovative where more than two-thirds of surveyed firms indicated that heir products were either new or substantially improved versions of the previous ones. Furthermore, more than 80 percent of the new products and services in Armenia were new to the market, and 3 percent new to the world. 

Amidst high market risks and uncertainties as well as changing taxation regulations and corruption in the government, the high level of entrepreneurship can serve as a catalyst to accelerate Armenia's global competitiveness, increase the role of the government and private sector in supporting innovation, knowledge-led growth and job creation. 

Reach Executive Producer Syuzanna Petrosyan here. Follow her on Twitter.