A few days ago, the 2018 Global Entrepreneurship Index was published by the GEDI Institute and once again Switzerland is ranked second place. The US was ranked first, which is not surprising given their culture of the “American Dream” and entrepreneurship that is deeply rooted in the country. Here are the Top Ten – Worldwide!
What characteristics put Switzerland in second place?
It is always important to dive deeper into such an analysis to see how we got this fantastic result and to learn how to stay up there or even move up further. In simple terms, the Global Entrepreneurship Index is comprised of three main pillars:
- Entrepreneurial Attitudes
«Entrepreneurial attitudes are important because they express the population’s general feelings toward entrepreneurs and entrepreneurship.»
Switzerland is only ranked 11th on this Sub-Index due to low Risk-Acceptance and Networking-Competencies, among others.
- Entrepreneurial Abilities
«High entrepreneurial abilities are associated with startups in the medium- or high-technology sectors that are initiated by educated entrepreneurs and launched because of opportunity motivation in a not too competitive environment.»
Switzerland is leading this category due to Opportunity Startups as well as Technology Absorption. However, Switzerland is lacking Human Capital compared to other countries.
- Entrepreneurial Aspirations
«Entrepreneurial aspiration is the early-stage entrepreneur’s effort to introduce new products and/or services, develop new production processes, penetrate foreign markets, substantially increase the firm’s staff, and finance a business with formal and/or informal venture capital. In other words, the effort to start new companies that will generate wealth and can be scaled.»
Switzerland is ranked first in this Sub-Index with a strong showing in Internationalization and Risk Capital.
Networking, Cultural Support and Human Capital are Switzerland’s Achilles Heel
Interesting to read are the three components where Switzerland has the lowest scores: Networking, Cultural Support and Human Capital are keeping us from reaching first place. digitalswitzerland is focusing on all three areas with its vast network of members, bringing everyone closer together to work on a digital future for Switzerland. Furthermore, with the first Digital Day two weeks ago, a dialog with the public was launched not only on digitalization, but everything that comes with it, such as opportunities for entrepreneurship for everyone. Last but not least, we are working to further our Human Capital with promoting education in digital skills for our young ones as well as for everyone else.
In short: we are doing our best to stay on top of this index and are working hard on the components we need to improve to further solidify our position in the long term.
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