The Global Entrepreneurship Monitor (GEM) investigates early-stage entrepreneurial activity and entrepreneurial framework conditions in an international perspective. The present report investigates the level and development of early-stage entrepreneurial activity in the Netherlands, in global and OECD perspective. Attitudes towards entrepreneurship and characteristics of Dutch individuals involved in early-stage entrepreneurial activities are also assessed. We find that despite all efforts made in the past two decades to stimulate entrepreneurship in the Netherlands, the numbers of start-up efforts are quite low in international perspective, although attitudes to entrepreneurship are positive. In this 2003 GEM study special attention is paid to Dutch informal investments. Similar to the level of early-stage entrepreneurial activity, the informal market in the Netherlands appears to be poorly developed.