The Canadian business ecosystem is thriving, according to a study examining the entrepreneurial environments of 132 countries worldwide. The Global Entrepreneurship and Development Institute (The GEDI Institute) ranked Canada within the top four of each of three sub-indices: 'entrepreneurial attitudes' (second), 'opportunity perception' (first) and 'entrepreneurial abilities' (fourth), earning the nation a second place overall ranking for the second straight year.

Founded by world-leading entrepreneurship scholars from the London School of Economics, George Mason University, University of Pécs and Imperial College London, the Global Entrepreneurship Index (GEI) has been validated by rigorous academic peer review as a breakthrough measurement of the dynamics of entrepreneurial ecosystems. Researchers from the GEDI Institute have also found positive relationships between high entrepreneurship scores and digital growth, environmental performance and economic freedom.

Canada ranks second in attitudes toward entrepreneurship

According to the index, Canada ranked second in the 'entrepreneurial attitudes' sub-index, led by top marks for opportunity perception, which measures the extent to which the population recognizes opportunities to start a business in the area where they live. Canada also received high marks for cultural support, a combined measure of how a country's inhabitants view entrepreneurs in terms of status and career choice, as well as how the level of corruption in the country affects this view.

Canada reaches top five for human capital and market competitiveness

The GEI appreciates the importance of high-quality human capital to supply businesses with a healthy workforce. Under the 'entrepreneurial abilities' sub index, GEDI ranked Canada's human capital among the top five, ahead of countries such as the United States, Australia, Sweden and the United Kingdom. Canada also ranked fifth for competition, a measure of a business's product or market uniqueness combined with the market power of existing businesses and business groups.

Canada receives top marks for 'internationalization' and availability of risk capital

Under GEI's 'entrepreneurial aspirations' sub index, Canada ranked third overall. Its top ranking for internationalization and a second-place score for risk capital led Canada's strong performance. Only the U.S. and Taiwan (tied) ranked higher in terms of availability of risk capital. Financing, as equity in particular, is an essential precondition for fulfilling entrepreneurial aspirations beyond the limits of personal financial resources.

Download and read the 2016 Global Entrepreneurship Index in its entirety

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November 25, 2015

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