The UK has beaten the US in the latest global entrepreneurship index. Covering 85 markets, the ‘Ashish J. Thakkar Global Entrepreneurship Index’, developed by Mara Foundation and Opinium Research, measures entrepreneurial environments around the world against a set of criteria spanning policy, infrastructure, education, entrepreneurial environment and finance.
The new 2016 report places the UK as the fifth best environment for entrepreneurs, beating the United States and most of the European Union. Singapore achieved top spot as the world's top country for entrepreneurship.
The UK ranks highly for providing a supportive financial culture for entrepreneurs, and for its attractiveness to investors in venture capital and private equity. Also for its policy framework to encourage entrepreneurship, and the lack of perceived risk due to its high credit rating and its open approach to capitalism allowing for more economic freedom.
The UK does however score poorly in its overall entrepreneurial environment, with a low ‘attitudes’ score specifically relating to a lower appetite, when compared to other countries, by the average individual to set up their own business.
“The Index indicates that on the global stage, the United Kingdom is one of the most open and nurturing environments for entrepreneurs to build their own business,” James Endersby, Managing Director, Opinium said. “While fifth place is a significant and admirable position in the overall ranking, the lack of entrepreneurial spirit that it indicates in the average citizen is concerning. More must be done to encourage people to take hold of the opportunities available to them, particularly if we want to continue to nurture our economic position in a post-Brexit environment.”
The entrepreneurship index will, according to Richard Branson, Virgin Group Founder, “help identify opportunities for business, not for profits and government to work together to create the right environment for entrepreneurs to thrive and to create jobs.”
Beavis Morgan – specialist advisers to entrepreneurs
At Beavis Morgan, we specialise in working with startups and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
If you would like to find out more about how we can assist you with your entrepreneurial ideas and your startup business, or to discuss how any of these tax incentives could benefit your business, contact Steve Govey or your usual Beavis Morgan Partner.