Conducted by researchers from around the world, the Index takes into account individual data and institutional components of each nation to create a GEI score. Each country is then ranked depending on their individual score, with the UK reaching fourth position worldwide and first in Europe. The purpose of the Index is to measure quality and scale of entrepreneurial process in the some 130 countries measured, allowing policy makers and economists to make decisions based on tangible evidence of their nation’s entrepreneurship.
The Index takes into account per capita GDP, attitude, abilities and aspirations to create a score for each nation.
This time around, it was the UK’s abilities which scored most highly, this includes ‘opportunity startup’, ‘technology absorption’ and ‘competition’. Below you can see a table which shows what each section of the GEI Index is made up of:
Reaching this position in global entrepreneurial standings is a significant landmark for the UK. The good news also coincides with the launch of Tech City UK’s Digital Business Academy, which provides 8 free online courses for anyone in Britain who wishes to start, run, or join a digital business.
If you’re interested in finding out more, you can download the full GEI report here.