India the second most entrepreneurial country in the world
Analysis of The Global Entrepreneur Monitor data reveals that India is the world’s second most entrepreneurial country. The attractiveness of doing business for start-ups India ranks behind only Chile, and ahead of economic powerhouses as the US, China and Germany.
The analysis is based on a study conducted by US-based merger & acquisitions firm Latona's, which monitors activity and possible investment opportunities in the entrepreneurial sphere across the globe. The firm has developed a scoring system to rank entrepreneurialism in countries.
The Global Entrepreneur Monitor released data in July this year that evaluates countries’ business environments based on a number of different metrics. With a focus on entrepreneurs, metrics include: fear of failure, entrepreneurial intentions, early entrepreneurial activity and innovation.
Other metrics include the amount of finance available for entrepreneurial activity and entrepreneurial education at the school level. The various metrics were assigned values on the basis of their perceived importance, and were then benchmarked across countries to develop a list of top performers.
Based on this system, India emerged in second place in the global entrepreneurial score. Chile topped the list with a score of 76, while India scored 69 on the index. Guatemala and Canada were not far behind with scores of 67 and 66 respectively, while the Luxembourg and Angola also made it ahead of the US, which was in 7th with a score of 62.
India’s position on the list is not surprising, given the recognition that the country has received recently for its vibrant startup environment, particularly in the tech domain. In 2018, global challenger consultancy Elixirr projected that India could house the next global startup revolution, given that more than 5,000 startups had emerged in the country over two years.
A number of major global firms have been rushing in to help support this vibrant environment, offering a mixture of expertise and investments. An example of this is a partnership forged between Accenture and Microsoft early last year with the specific objective of finding and supporting promising tech startups in the country.
Other major global firms such as Capgemini, Japanese firm Dream Incubator, and a number of others have expressed their interest in the Indian entrepreneurial environment. The scenario indicates that India is performing well when it comes to innovation and available funding for entrepreneurship.
