On October 19, 2004 GPI Senior Fellow Frederic Sautet delivered a presentation on institutions and entrepreneurship to the New Zealand Business Roundtable (NZBR). This talk was part of the NZBR's ongoing relationship with scholars from around the world. In the presentation Dr. Sautet explained the importance of institutions in fostering entrepreneurial activity. It revolves around the idea that entrepreneurship is never missing, what may be missing is the right institutional environment for productive activity to take place.