WASHINGTON, D.C. – How does the United States compare to other nations in the field of entrepreneurship? A paper released today by the Office of Advocacy titled Global Entrepreneurship and the United States by Zoltan J. Acs and Laszlo Szerb looks at this question. Using the Global Entrepreneurship and Development Index (GEDI), the United States ranks third overall; it ranks first on the entrepreneurial aspirations, sixth in entrepreneurial attitudes, and eighth in entrepreneurial activity. The GEDI is a research tool that captures the contextual features of entrepreneurship in 71 countries.
“Entrepreneurship is essential for an economy to grow and flourish,” said Winslow Sargeant, Chief Counsel for Advocacy. “This important study provides a better understanding of our strengths and where we need to improve in order for us to compete in a global economy”
The GEDI’s detailed rankings compare U.S. entrepreneurship and U.S. performance vis-à-vis the world’s other major economies. In particular, the index reveals that the United States is among the world leaders in startup skills; it is a leader in competition; and it is first in developing new technologies.
Comparatively, the United States needs to strengthen its technology sector, cultural support for entrepreneurship, and for high-growth businesses. The report found that in many respects a slowdown in U.S. entrepreneurial activities may be a reflection of the progress made by the rest of the world—learning from the U.S. model and beginning to catch up.
The GEDI captures the contextual features of entrepreneurship by focusing on three broad areas. The first is entrepreneurial attitudes, a society’s basic attitudes toward entrepreneurship through education and social stability. The second area of focus is entrepreneurial activity, what individuals are actually doing to improve the quality of human resources and technological efficiency. The final area is entrepreneurial aspirations, how much of the entrepreneurial activity is being directed toward innovation, high-impact entrepreneurship, and globalization.
For more information and a complete copy of the report, visit the Office of Advocacy website at www.sba.gov/advo.