UK becomes Europe’s most entrepreneurial country

For the first time, the UK has claimed the title of Europe’s most entrepreneurial country. It jumped five places globally to reach the fourth place worldwide, according to 2015’s Global Entrepreneurship Index (GEI).

The UK has steadily improved in the past few years, finishing 14th in 2012 and 9th in 2013.

Now in its fifth edition, the GEI ranks the entrepreneurial ecosystems of 131 countries. The USA, Canada and Australia ranked first, second and third ahead of the UK.

Britain’s strengths

Britain’s rise is due to a strong performance in entrepreneurial attitudes and abilities, according to the report.

Despite the strength of London’s tech scene and breadth of entrepreneurs across the country, the UK’s ‘entrepreneurial aspirations’ were valued as weak by the GEI.

The report found the the UK’s greatest strength was British entrepreneurs ability to find and create unique products. Despite a perceived skills gap, it also found a prevalence of highly skilled and educated entrepreneurs.

Government support for startups was highlighted as another particular strength of the UK’s.

About the GEI

The study was carried out by researchers from Imperial College Business School in collaboration with the London School of Economics and Political Science, University of Pécs and George Mason University.

It studies 14 pillars such as startup skills, networking and cultural support to benchmark the entrepreneurial rigour of a country.

In response to the survey, Business Secretary Vince Cable praised the UK’s “strong business acumen” for the its jump in the rankings.

Despite tough economic times, we have jumped 10 places in just two years to be the number one enterprising nation in Europe.

Our industrial strategy will continue this legacy by providing an environment where businesses can innovate and have confidence to invest in new ideas for long-term growth.