UK ranked best nation in Europe for entrepreneurship
The UK has come first in Europe in a list of the most entrepreneurial nations in the world.
The latest Global Entrepreneurialism Index (GEI) from the Global Entrepreneurship and Development Institute (GEDI) places the UK at fourth place in the global rankings, ranking it as the best country for entrepreneurs in Europe.
Start-ups and entrepreneurs are of growing importance to the UK economy, and these results from the GDI indicate that the UK is on the right track in encouraging start-ups and small businesses.
UK entrepreneurs performed particularly well on competition, showing effective positioning in the market.
The report’s authors say this shows that entrepreneurs are identifying promising gaps in the market where there are relatively few competitors, and looking to dominate those segments.
This is consistent with another of the UK’s strengths: the growing number of tech start-ups. This could indicate that the UK’s most promising new companies are establishing themselves in these new industries where the market is still relatively uninhabited.
Results could be improved with better access to mentors, financial resources, and education.
Consistently high performance across key criteria ensured the UK gained such a strong position, though there are still areas where the country could make more advances and perhaps rise even higher in the global rankings.
Ultimately, it is the category of aspiration that the UK now needs to focus on. The report’s authors said that the nation’s challenge is now to make its entrepreneurs more “innovative, growth seeking and internationally oriented.”