which indicates that Europe has the greatest gap with benchmark economies and the greatest divergence between its member states with regard to measures of smart growth, particularly with reference to the digital agenda and innovation.
Venture capital Loans Loss zone Profit zone Start up: Supporting the Establishment and Initial Expansion of Innovation-driven Ventures In the second, start up phase of the entrepreneurship life cycle ecosystem factors play a crucial role.
Venture capital is primarily available in Europe to ventures that are past the proof of concept stage,
venture capital supply has decreased by 56 %since 2007 The EU is home to 19.0 million micro companies (those with less than 10 employees),
venture capital fundraising in the early and expansion stages amounted to only €3. 6 billion in 2012,
venture capital and banks. 20 Enhancing Europe's Competitiveness The challenge of access to capital Mediocre long-term performance dampens capital supply
in recent years the European venture capital segment has seen a number of notable successes such as Supercell and Spotify.
Many European venture capital experts say the sector is stronger than the long-term data indicate. Today
Matthias Ummenhofer, Head, Venture capital, European Investment Fund Figure 13: New Venture Funds Raised in Europe by Investors,
European Private Equity and Venture capital Association (EVCA) New VC funds raised in EU-28 (in bn. €), thereof:
000) but smaller than the deal size typical of venture capital funds operating in Europe (from €3-5 million up).
39 In the aftermath of the crisis, government agencies provide a key share of venture capital As mentioned above
the supply of venture capital has seen a sharp decline in recent years. Part of it is linked to higher levels of risk aversion following the financial crisis as investors struggle with an increased regulatory burden. 39 This drop in private investment has seen the role of government agencies in venture capital raised from institutional investors increase from pre-crisis
activity of 14%in 2007 to 38%in 2013. A reliance on public funds in this way is not a good sign of the health of the venture market government agencies'financing volumes are limited typically in the case of the German Gruenderfonds, for example, to €500, 000 for the first round and up to
European Private Equity and Venture capital Association (EVCA) Figure 15: Imbalance between Seed and Follow-on Rounds by Number and Region Source:
European Private Equity and Venture capital Association (EVCA; National Venture capital Association/Thomson Reuters Europe's next challenge is to increase the number of highgrowth businesses receiving financing rounds Further financing challenges appear
when start-up businesses attempt to scale their activities. Comparing seed/start-up/early-stage rounds with follow-on rounds between the United states and Europe in Figure 15,
. 0 United states Sweden Finland Luxembourg United kingdom Netherlands India Access to venture capital Access to bank loans Belgium Slovenia Portugal Spain Croatia Romania Lithuania
such as the United kingdom, potential difficulty with access to bank loans is alleviated by easier access to venture capital.
and venture capital reflects Europe's competitiveness divide, with Northern European countries being among global leaders in access to venture capital and loans.
The growing number of legislative initiatives in the wake of the financial crisis has amplified the burden for longterm investors.
and insurance companies out of European long-term equity financing, impacting private equity and venture capital. André Loesekrug-Pietri
Access to Venture capital and Bank Loans in EU-28, the United states and BRIC Countries (Brazil, Russia, India, China), Average of Survey Respondent Scores per Country Survey questions:
Access to venture capital: In your country, how easy is it for entrepreneurs with innovative but risky projects to find venture capital?(
1=extremely difficult, 7=extremely easy; Access to bank loans: In your country, how easy is it to obtain bank credit with only a good business plan and no collateral?(
In venture capital, for example, the fund invests £0. 5-2. 0 million in deals of £2-10 million.
and 14%in the US. 48 We need to strengthen access to capital across the region beyond the early stage by creating a partnership between public and private investors in a new European fund-of-funds for venture capital Dörte Höppner, Chief executive,
The European Private Equity and Venture capital Association (EVCA) We need more of a pan-European mentality, both on the investor's and on the entrepreneur's side.
In this context, a new regulation on venture capital funds has been approved recently: fund managers can now have a European passport and market their funds across the EU. Current and future challenges of high priority on the policy agenda:
and venture capital to SMES and will work in conjunction with Horizon 2020. In early 2013, the Commission launched a public consultation on how to foster the supply of long-term financing
Including a fund of funds of €120 million for business angel co-investment, venture capital and expansion capital (of this,
This should be supplemented by a highly developed market for venture capital, being the second cornerstone, and a strong link between knowledge institutions and the private sector as the third cornerstone.
microfinance institutions, venture capital funds and innovation grants all linked to business mentoring and training of substantial scale and availability for women entrepreneurs who want to take their companies to European markets and beyonds.
the benchmarks for successful entrepreneurial ecosystems and innovation hubs tend to be Silicon valley and Tel aviv.
EVCA (2012), Pan-European Private Equity Performance Benchmarks Study, p. 4. 38. Interview with Luis Galveias, Director of Secretariat, EBAN;
European Private Equity and Venture capital Association Dörte Höppner Secretary-general Cornelius Müller, Head of Research Henkel Kasper Rorsted, Chief executive officer Thomas Müller-Kirschbaum, Corporate Senior vice-president, Research & development/Sustainability Marc-Steffen Schiedel, Senior
, Prime minister of the Czech republic Fridolin Stary, Head, Group R&d, Wacker Chemie, Germany Terence Tse, Associate professor, ESCP Europe, United kingdom Matthias Ummenhofer, Head, Venture capital
which other cities can benchmark themselves. Chicagoland: Institutional Coordination for Competitiveness3 With 9. 5 million people, Chicago is the eighth largest city in the world with a GDP of over $500 billion.
The Illinois Science and Technology Coalition focuses on supporting these firms by bringing venture capital to the region.
including venture capital. Few places offer the opportunity to make a greater impact on the productivity and competitiveness of more people.
And there are institutionalized performance benchmarks in the public sector. The rule of law is strong on commercial matters:
well-regulated securities exchanges, venture capital, and other financial products. In order to fulfill all those functions, the banking sector needs to be trustworthy and transparent,
in addition to high levels of competition and access to venture capital and financing that are analyzed in other pillars of the Index.
the Forum aims to remain at the forefront of the effort to provide policymakers and business and civil society leaders with a relevant tool that can measure and benchmark the drivers of competitiveness and prosperity in an economy,
or venture capital (101st) to support innovative projects. In addition, concerns about macroeconomic conditions (132nd) persist, as Barbados boasts one of the highest public deficits (140th) in the world, one of the lowest savings rates (136th),
and a favorable financial environment for start-ups (availability of venture capital is assessed at 9th place). Yet for the country's innovation-driven competitiveness strategy to be successful and viable going into the future,
Since its introduction in 2005, the GCI has been used by a growing number of countries and institutions to benchmark national competitiveness.
05 Venture capital availability B. Trustworthiness and confidence...50%8. 06 Soundness of banks 8. 07 Regulation of securities exchanges 8. 08 Legal rights index*9th pillar:
and benchmark themselves against peers persists. Without an improvement in the quality and availability of key data on social and environmental sustainability, countries will continue to face challenges
1. 9...128 8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...
1. 9...128 8. 05 Venture capital availability...1. 9...128 8. 06 Soundness of banks...
2. 8...72 8. 05 Venture capital availability...2. 2...108 8. 06 Soundness of banks...
2. 2...122 8. 05 Venture capital availability...2. 3...98 8. 06 Soundness of banks...
1. 7...134 8. 05 Venture capital availability...1. 8...138 8. 06 Soundness of banks...
2. 5...97 8. 05 Venture capital availability...2. 4...96 8. 06 Soundness of banks...
3. 3...38 8. 05 Venture capital availability...3. 4...29 8. 06 Soundness of banks...
2. 9...66 8. 05 Venture capital availability...2. 7...70 8. 06 Soundness of banks...
2. 7...79 8. 05 Venture capital availability...2. 7...64 8. 06 Soundness of banks...
4. 2...8 8. 05 Venture capital availability...3. 6...18 8. 06 Soundness of banks...
2. 4...103 8. 05 Venture capital availability...2. 1...119 8. 06 Soundness of banks...
2. 5...101 8. 05 Venture capital availability...2. 3...101 8. 06 Soundness of banks...
3. 3...35 8. 05 Venture capital availability...3. 3...33 8. 06 Soundness of banks...
2. 5...98 8. 05 Venture capital availability...2. 3...104 8. 06 Soundness of banks...
3. 6...24 8. 05 Venture capital availability...3. 4...30 8. 06 Soundness of banks...
3. 0...54 8. 05 Venture capital availability...2. 7...67 8. 06 Soundness of banks...
2. 7...85 8. 05 Venture capital availability...2. 6...80 8. 06 Soundness of banks...
3. 0...53 8. 05 Venture capital availability...2. 6...79 8. 06 Soundness of banks...
1. 6...138 8. 05 Venture capital availability...1. 5...144 8. 06 Soundness of banks...
1. 8...131 8. 05 Venture capital availability...1. 9...129 8. 06 Soundness of banks...
2. 7...80 8. 05 Venture capital availability...2. 7...60 8. 06 Soundness of banks...
2. 5...92 8. 05 Venture capital availability...2. 3...102 8. 06 Soundness of banks...
3. 8...18 8. 05 Venture capital availability...3. 6...17 8. 06 Soundness of banks...
2. 5...100 8. 05 Venture capital availability...2. 5...91 8. 06 Soundness of banks...
2. 1...124 8. 05 Venture capital availability...1. 9...136 8. 06 Soundness of banks...
3. 7...20 8. 05 Venture capital availability...3. 3...32 8. 06 Soundness of banks...
3. 7...21 8. 05 Venture capital availability...3. 9...13 8. 06 Soundness of banks...
2. 8...77 8. 05 Venture capital availability...2. 6...82 8. 06 Soundness of banks...
2. 2...118 8. 05 Venture capital availability...2. 2...111 8. 06 Soundness of banks...
3. 1...44 8. 05 Venture capital availability...2. 8...55 8. 06 Soundness of banks...
2. 4...106 8. 05 Venture capital availability...2. 2...114 8. 06 Soundness of banks...
2. 4...109 8. 05 Venture capital availability...2. 7...75 8. 06 Soundness of banks...
3. 3...36 8. 05 Venture capital availability...3. 1...42 8. 06 Soundness of banks...
2. 9...60 8. 05 Venture capital availability...2. 5...87 8. 06 Soundness of banks...
2. 8...75 8. 05 Venture capital availability...2. 6...83 8. 06 Soundness of banks...
1. 9...129 8. 05 Venture capital availability...2. 3...103 8. 06 Soundness of banks...
3. 0...52 8. 05 Venture capital availability...3. 0...45 8. 06 Soundness of banks...
3. 3...40 8. 05 Venture capital availability...3. 4...26 8. 06 Soundness of banks...
2. 1...123 8. 05 Venture capital availability...2. 2...110 8. 06 Soundness of banks...
4. 0...12 8. 05 Venture capital availability...4. 3...8 8. 06 Soundness of banks...
3. 8...17 8. 05 Venture capital availability...3. 3...35 8. 06 Soundness of banks...
2. 7...83 8. 05 Venture capital availability...2. 0...123 8. 06 Soundness of banks...
2. 5...95 8. 05 Venture capital availability...2. 4...93 8. 06 Soundness of banks...
2. 4...110 8. 05 Venture capital availability...2. 1...118 8. 06 Soundness of banks...
3. 3...34 8. 05 Venture capital availability...3. 4...28 8. 06 Soundness of banks...
2. 9...58 8. 05 Venture capital availability...3. 2...36 8. 06 Soundness of banks...
1. 7...136 8. 05 Venture capital availability...1. 9...135 8. 06 Soundness of banks...
3. 1...47 8. 05 Venture capital availability...2. 7...63 8. 06 Soundness of banks...
2. 4...105 8. 05 Venture capital availability...1. 9...130 8. 06 Soundness of banks...
3. 3...37 8. 05 Venture capital availability...3. 3...34 8. 06 Soundness of banks...
2. 3...112 8. 05 Venture capital availability...2. 0...124 8. 06 Soundness of banks...
2. 9...62 8. 05 Venture capital availability...2. 8...56 8. 06 Soundness of banks...
4. 5...5 8. 05 Venture capital availability...4. 3...5 8. 06 Soundness of banks...
2. 0...126 8. 05 Venture capital availability...2. 1...121 8. 06 Soundness of banks...
2. 8...74 8. 05 Venture capital availability...2. 8...58 8. 06 Soundness of banks...
3. 6...29 8. 05 Venture capital availability...3. 5...20 8. 06 Soundness of banks...
3. 9...15 8. 05 Venture capital availability...3. 9...14 8. 06 Soundness of banks...
1. 6...141 8. 05 Venture capital availability...1. 9...133 8. 06 Soundness of banks...
2. 2...117 8. 05 Venture capital availability...3. 0...46 8. 06 Soundness of banks...
3. 0...51 8. 05 Venture capital availability...4. 2...9 8. 06 Soundness of banks...
1. 6...139 8. 05 Venture capital availability...2. 0...127 8. 06 Soundness of banks...
2. 2...119 8. 05 Venture capital availability...2. 2...117 8. 06 Soundness of banks...
3. 7...19 8. 05 Venture capital availability...3. 4...24 8. 06 Soundness of banks...
3. 6...25 8. 05 Venture capital availability...3. 5...23 8. 06 Soundness of banks...
3. 2...43 8. 05 Venture capital availability...3. 0...47 8. 06 Soundness of banks...
3. 4...33 8. 05 Venture capital availability...3. 1...43 8. 06 Soundness of banks...
2. 2...120 8. 05 Venture capital availability...2. 2...107 8. 06 Soundness of banks...
3. 1...45 8. 05 Venture capital availability...2. 7...69 8. 06 Soundness of banks...
2. 3...115 8. 05 Venture capital availability...2. 2...115 8. 06 Soundness of banks...
2. 8...71 8. 05 Venture capital availability...2. 5...85 8. 06 Soundness of banks...
2. 5...96 8. 05 Venture capital availability...3. 0...48 8. 06 Soundness of banks...
2. 8...76 8. 05 Venture capital availability...2. 8...59 8. 06 Soundness of banks...
2. 9...63 8. 05 Venture capital availability...2. 7...72 8. 06 Soundness of banks...
1. 5...142 8. 05 Venture capital availability...1. 6...142 8. 06 Soundness of banks...
2. 6...91 8. 05 Venture capital availability...2. 7...73 8. 06 Soundness of banks...
4. 4...6 8. 05 Venture capital availability...4. 2...10 8. 06 Soundness of banks...
3. 0...55 8. 05 Venture capital availability...2. 9...52 8. 06 Soundness of banks...
2. 7...78 8. 05 Venture capital availability...2. 5...89 8. 06 Soundness of banks...
2. 3...114 8. 05 Venture capital availability...2. 2...112 8. 06 Soundness of banks...
4. 8...2 8. 05 Venture capital availability...4. 6...2 8. 06 Soundness of banks...
2. 7...84 8. 05 Venture capital availability...2. 4...94 8. 06 Soundness of banks...
3. 8...16 8. 05 Venture capital availability...3. 1...40 8. 06 Soundness of banks...
2. 0...125 8. 05 Venture capital availability...1. 9...134 8. 06 Soundness of banks...
3. 5...31 8. 05 Venture capital availability...3. 1...41 8. 06 Soundness of banks...
2. 4...107 8. 05 Venture capital availability...2. 5...86 8. 06 Soundness of banks...
2. 4...104 8. 05 Venture capital availability...2. 2...116 8. 06 Soundness of banks...
1. 5...143 8. 05 Venture capital availability...1. 6...141 8. 06 Soundness of banks...
3. 0...49 8. 05 Venture capital availability...2. 9...50 8. 06 Soundness of banks...
3. 1...46 8. 05 Venture capital availability...2. 9...49 8. 06 Soundness of banks...
1. 9...127 8. 05 Venture capital availability...2. 1...120 8. 06 Soundness of banks...
1. 4...144 8. 05 Venture capital availability...1. 6...143 8. 06 Soundness of banks...
2. 8...68 8. 05 Venture capital availability...2. 5...88 8. 06 Soundness of banks...
2. 3...116 8. 05 Venture capital availability...2. 2...105 8. 06 Soundness of banks...
3. 1...48 8. 05 Venture capital availability...3. 5...22 8. 06 Soundness of banks...
4. 0...11 8. 05 Venture capital availability...3. 9...12 8. 06 Soundness of banks...
2. 8...67 8. 05 Venture capital availability...2. 7...65 8. 06 Soundness of banks...
1. 6...137 8. 05 Venture capital availability...1. 9...131 8. 06 Soundness of banks...
4. 3...7 8. 05 Venture capital availability...4. 3...6 8. 06 Soundness of banks...
4. 1...9 8. 05 Venture capital availability...3. 5...21 8. 06 Soundness of banks...
2. 6...90 8. 05 Venture capital availability...2. 5...92 8. 06 Soundness of banks...
4. 0...13 8. 05 Venture capital availability...3. 6...16 8. 06 Soundness of banks...
3. 0...57 8. 05 Venture capital availability...2. 2...113 8. 06 Soundness of banks...
3. 2...42 8. 05 Venture capital availability...2. 9...54 8. 06 Soundness of banks...
3. 5...30 8. 05 Venture capital availability...3. 3...31 8. 06 Soundness of banks...
2. 6...89 8. 05 Venture capital availability...2. 3...99 8. 06 Soundness of banks...
2. 4...108 8. 05 Venture capital availability...2. 5...84 8. 06 Soundness of banks...
2. 8...73 8. 05 Venture capital availability...2. 9...51 8. 06 Soundness of banks...
5. 1...1 8. 05 Venture capital availability...4. 8...1 8. 06 Soundness of banks...
2. 9...59 8. 05 Venture capital availability...2. 6...78 8. 06 Soundness of banks...
3. 0...56 8. 05 Venture capital availability...2. 7...61 8. 06 Soundness of banks...
3. 2...41 8. 05 Venture capital availability...3. 1...39 8. 06 Soundness of banks...
3. 6...27 8. 05 Venture capital availability...3. 4...27 8. 06 Soundness of banks...
2. 9...61 8. 05 Venture capital availability...2. 9...53 8. 06 Soundness of banks...
2. 2...121 8. 05 Venture capital availability...1. 9...132 8. 06 Soundness of banks...
3. 0...50 8. 05 Venture capital availability...2. 7...62 8. 06 Soundness of banks...
1. 8...130 8. 05 Venture capital availability...1. 8...137 8. 06 Soundness of banks...
4. 5...4 8. 05 Venture capital availability...4. 3...7 8. 06 Soundness of banks...
3. 3...39 8. 05 Venture capital availability...2. 8...57 8. 06 Soundness of banks...
1. 6...140 8. 05 Venture capital availability...2. 0...125 8. 06 Soundness of banks...
3. 5...32 8. 05 Venture capital availability...3. 2...37 8. 06 Soundness of banks...
1. 7...132 8. 05 Venture capital availability...2. 3...100 8. 06 Soundness of banks...
2. 9...65 8. 05 Venture capital availability...2. 7...66 8. 06 Soundness of banks...
2. 4...111 8. 05 Venture capital availability...2. 0...126 8. 06 Soundness of banks...
2. 7...81 8. 05 Venture capital availability...2. 7...74 8. 06 Soundness of banks...
4. 1...10 8. 05 Venture capital availability...4. 2...11 8. 06 Soundness of banks...
3. 6...28 8. 05 Venture capital availability...3. 4...25 8. 06 Soundness of banks...
3. 6...26 8. 05 Venture capital availability...3. 9...15 8. 06 Soundness of banks...
3. 6...22 8. 05 Venture capital availability...3. 2...38 8. 06 Soundness of banks...
2. 7...86 8. 05 Venture capital availability...2. 6...81 8. 06 Soundness of banks...
3. 6...23 8. 05 Venture capital availability...3. 0...44 8. 06 Soundness of banks...
2. 5...94 8. 05 Venture capital availability...2. 6...76 8. 06 Soundness of banks...
2. 5...102 8. 05 Venture capital availability...2. 2...109 8. 06 Soundness of banks...
2. 8...70 8. 05 Venture capital availability...2. 7...68 8. 06 Soundness of banks...
2. 9...64 8. 05 Venture capital availability...2. 5...90 8. 06 Soundness of banks...
2. 5...93 8. 05 Venture capital availability...2. 2...106 8. 06 Soundness of banks...
2. 6...87 8. 05 Venture capital availability...2. 3...97 8. 06 Soundness of banks...
4. 7...3 8. 05 Venture capital availability...4. 4...4 8. 06 Soundness of banks...
2. 7...82 8. 05 Venture capital availability...3. 6...19 8. 06 Soundness of banks...
3. 9...14 8. 05 Venture capital availability...4. 4...3 8. 06 Soundness of banks...
2. 8...69 8. 05 Venture capital availability...2. 6...77 8. 06 Soundness of banks...
2. 3...113 8. 05 Venture capital availability...2. 1...122 8. 06 Soundness of banks...
2. 6...88 8. 05 Venture capital availability...2. 7...71 8. 06 Soundness of banks...
1. 7...133 8. 05 Venture capital availability...1. 7...139 8. 06 Soundness of banks...
2. 5...99 8. 05 Venture capital availability...2. 4...95 8. 06 Soundness of banks...
1. 7...135 8. 05 Venture capital availability...1. 6...140 8. 06 Soundness of banks...
499 8. 05 Venture capital availability...500 8. 06 Soundness of banks...501 8. 07 Regulation of securities exchanges...
1. 5 8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013 14 weighted average SOURCE:
World Economic Forum, Executive Opinion Survey 8. 05 Venture capital availability In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2013 14 weighted average Source:
the NRI has provided decision makers with a useful conceptual framework to evaluate the impact of ICTS at a global level and to benchmark the ICT readiness and usage of their economies.
the NRI has provided decision makers with a useful conceptual framework to evaluate the impact of ICTS at a global level and to benchmark the ICT readiness and usage of their economies.
of venture capital for financing innovationrelated projects, and the presence of a skilled labor force. Readiness subindex The readiness subindex, with a total of 12 variables, measures the degree to which a society is prepared to make good use of an affordable ICT infrastructure and digital content.
and relatively low levels of venture capital availability (49th) the country manages to obtain 2014 World Economic Forum The Global Information technology Report 2014 19 1. 1:
Weaknesses in Slovenia's innovation system, with low levels of venture capital (127th), a limited capacity to innovate (54th),
and scarce access to venture capital (146th) affect the country's capacity to introduce new services
while venture capital availability remains high (17th) and slightly improving as well. However, further advancements can be achieved in this area,
On this dimension despite the positive availability of venture capital (27th), competitive local markets (24th), the availability of the latest technologies (58th),
and difficulties in accessing venture capital financing (98th), along with long and cumbersome procedures to start a business (94th),
Business and innovation environment 2. 01 Availability of latest technologies*2. 02 Venture capital availability*2. 03 Total tax rate,%profits 2. 04 Number
*119.4.1 2. 02 Venture capital availability*..*136.1.9 2. 03 Total tax rate,%profits...48.31.7 2. 04 No. days to start a business...
*119.4.1 2. 02 Venture capital availability*..*136.1.9 2. 03 Total tax rate,%profits...48.31.7 2. 04 No. days to start a business...
*144.3.2 2. 02 Venture capital availability*..*123.2.0 2. 03 Total tax rate,%profits...142.71.9 2. 04 No. days to start a business...
*139.3.5 2. 02 Venture capital availability*..*119.2.1 2. 03 Total tax rate,%profits...124.52.1 2. 04 No. days to start a business...
*123.4.0 2. 02 Venture capital availability*..*142.1.7 2. 03 Total tax rate,%profits...147.107.8 2. 04 No. days to start a business...
*97.4.5 2. 02 Venture capital availability*..*93.2.4 2. 03 Total tax rate,%profits...77.38.8 2. 04 No. days to start a business...
*23.6.1 2. 02 Venture capital availability*..*19.3.6 2. 03 Total tax rate,%profits...108.47.0 2. 04 No. days to start a business...
*24.6.1 2. 02 Venture capital availability*..*55.2.8 2. 03 Total tax rate,%profits...125.52.4 2. 04 No. days to start a business...
*65.5.0 2. 02 Venture capital availability*..*52.2.9 2. 03 Total tax rate,%profits...81.40.0 2. 04 No. days to start a business...
*26.6.0 2. 02 Venture capital availability*..*15.3.8 2. 03 Total tax rate,%profits...5...13.5 2. 04 No. days to start a business...
*101.4.4 2. 02 Venture capital availability*..*125.2.0 2. 03 Total tax rate,%profits...62.35.0 2. 04 No. days to start a business...
*28.5.9 2. 02 Venture capital availability*..*98.2.4 2. 03 Total tax rate,%profits...87.40.8 2. 04 No. days to start a business...
*12.6.3 2. 02 Venture capital availability*..*26.3.3 2. 03 Total tax rate,%profits...130.57.5 2. 04 No. days to start a business...
*131.3.8 2. 02 Venture capital availability*..*113.2.2 2. 03 Total tax rate,%profits...139.65.9 2. 04 No. days to start a business...
*135.3.7 2. 02 Venture capital availability*..*107.2.2 2. 03 Total tax rate,%profits...87.40.8 2. 04 No. days to start a business...
*130.3.8 2. 02 Venture capital availability*..*32.3.2 2. 03 Total tax rate,%profits...145.83.4 2. 04 No. days to start a business...
*76.4.9 2. 02 Venture capital availability*..*131.1.9 2. 03 Total tax rate,%profits...24.25.5 5 2. 04 No. days to start a business...
*91.4.6 2. 02 Venture capital availability*..*57.2.8 2. 03 Total tax rate,%profits...23.25.4 2. 04 No. days to start a business...
*63.5.1 2. 02 Venture capital availability*..*61.2.7 2. 03 Total tax rate,%profits...141.68.3 2. 04 No. days to start a business...
*50.5.2 2. 02 Venture capital availability*..*24.3.4 2. 03 Total tax rate,%profits...10.16.1 2. 04 No. days to start a business...
*99.4.4 2. 02 Venture capital availability*..*65.2.7 2. 03 Total tax rate,%profits...31.27.7 2. 04 No. days to start a business...
*145.3.2 2. 02 Venture capital availability*..*147.1.7 2. 03 Total tax rate,%profits...99.43.9 2. 04 No. days to start a business...
*143.3.2 2. 02 Venture capital availability*..*137.1.9 2. 03 Total tax rate,%profits...122.51.6 2. 04 No. days to start a business...
*82.4.7 2. 02 Venture capital availability*..*43.3.0 2. 03 Total tax rate,%profits...15.21.4 2. 04 No. days to start a business...
*111.4.2 2. 02 Venture capital availability*..*112.2.2 2. 03 Total tax rate,%profits...112.48.8 2. 04 No. days to start a business...
*19.6.1 2. 02 Venture capital availability*..*23.3.4 2. 03 Total tax rate,%profits...21.24.3 2. 04 No. days to start a business...
*78.4.8 2. 02 Venture capital availability*..*100.2.3 2. 03 Total tax rate,%profits...74.37.2 2. 04 No. days to start a business...
*147.2.9 2. 02 Venture capital availability*..*143.1.7 2. 03 Total tax rate,%profits...143.73.8 2. 04 No. days to start a business...
*34.5.8 2. 02 Venture capital availability*..*31.3.3 2. 03 Total tax rate,%profits...31.27.7 2. 04 No. days to start a business...
*105.4.4 2. 02 Venture capital availability*..*16.3.8 2. 03 Total tax rate,%profits...135.63.7 2. 04 No. days to start a business...
*96.4.5 2. 02 Venture capital availability*..*75.2.6 2. 03 Total tax rate,%profits...144.76.0 2. 04 No. days to start a business...
*49.5.3 2. 02 Venture capital availability*..*103.2.3 2. 03 Total tax rate,%profits...129.55.3 2. 04 No. days to start a business...
*94.4.5 2. 02 Venture capital availability*..*116.2.1 2. 03 Total tax rate,%profits...107.46.4 2. 04 No. days to start a business...
*59.5.1 2. 02 Venture capital availability*..*110.2.2 2. 03 Total tax rate,%profits...12.19.8 2. 04 No. days to start a business...
*41.5.5 2. 02 Venture capital availability*..*54.2.8 2. 03 Total tax rate,%profits...18.22.5 2. 04 No. days to start a business...
*53.5.2 2. 02 Venture capital availability*..*74.2.6 2. 03 Total tax rate,%profits...110.48.1 2. 04 No. days to start a business...
*29.5.9 2. 02 Venture capital availability*..*95.2.4 2. 03 Total tax rate,%profits...29.27.0 2. 04 No. days to start a business...
*51.5.2 2. 02 Venture capital availability*..*86.2.5 2. 03 Total tax rate,%profits...97.43.5 2. 04 No. days to start a business...
*89.4.6 2. 02 Venture capital availability*..*34.3.2 2. 03 Total tax rate,%profits...57.33.9 2. 04 No. days to start a business...
*117.4.1 2. 02 Venture capital availability*..*51.2.9 2. 03 Total tax rate,%profits...94.42.6 2. 04 No. days to start a business...
*113.4.1 2. 02 Venture capital availability*..*59.2.8 2. 03 Total tax rate,%profits...76.38.1 2. 04 No. days to start a business...
*35.5.8 2. 02 Venture capital availability*..*30.3.3 2. 03 Total tax rate,%profits...114.49.4 2. 04 No. days to start a business...
*126.3.9 2. 02 Venture capital availability*..*114.2.1 2. 03 Total tax rate,%profits...54.33.4 2. 04 No. days to start a business...
*1...6. 5 2. 02 Venture capital availability*..*11.4.0 2. 03 Total tax rate,%profits...80.39.8 2. 04 No. days to start a business...
*18.6.1 2. 02 Venture capital availability*..*49.2.9 2. 03 Total tax rate,%profits...136.64.7 2. 04 No. days to start a business...
*129.3.9 2. 02 Venture capital availability*..*124.2.0 2. 03 Total tax rate,%profits...97.43.5 2. 04 No. days to start a business...
*74.4.9 2. 02 Venture capital availability*..*85.2.5 2. 03 Total tax rate,%profits...148.283.2 2. 04 No. days to start a business...
*100.4.4 2. 02 Venture capital availability*..*106.2.3 2. 03 Total tax rate,%profits...11.16.4 2. 04 No. days to start a business...
*13.6.3 2. 02 Venture capital availability*..*33.3.2 2. 03 Total tax rate,%profits...114.49.4 2. 04 No. days to start a business...
*81.4.7 2. 02 Venture capital availability*..*67.2.7 2. 03 Total tax rate,%profits...19.22.9 2. 04 No. days to start a business...
*67.5.0 2. 02 Venture capital availability*..*146.1.7 2. 03 Total tax rate,%profits...100.44.0 2. 04 No. days to start a business...
*48.5.3 2. 02 Venture capital availability*..*60.2.8 2. 03 Total tax rate,%profits...89.40.9 2. 04 No. days to start a business...
*140.3.5 2. 02 Venture capital availability*..*141.1.8 2. 03 Total tax rate,%profits...146.91.2 2. 04 No. days to start a business...
*73.4.9 2. 02 Venture capital availability*..*38.3.2 2. 03 Total tax rate,%profits...51.32.5 2. 04 No. days to start a business...
*128.3.9 2. 02 Venture capital availability*..*135.1.9 2. 03 Total tax rate,%profits...83.40.4 2. 04 No. days to start a business...
*93.4.5 2. 02 Venture capital availability*..*82.2.5 2. 03 Total tax rate,%profits...78.39.2 2. 04 No. days to start a business...
*11.6.3 2. 02 Venture capital availability*..*1...4. 6 2. 03 Total tax rate,%profits...19.22.9 2. 04 No. days to start a business...
*57.5.2 2. 02 Venture capital availability*..*122.2.1 2. 03 Total tax rate,%profits...118.49.7 2. 04 No. days to start a business...
*7...6. 4 2. 02 Venture capital availability*..*68.2.7 2. 03 Total tax rate,%profits...41.29.9 2. 04 No. days to start a business...
*58.5.2 2. 02 Venture capital availability*..*27.3.3 2. 03 Total tax rate,%profits...134.62.8 2. 04 No. days to start a business...
*60.5.1 2. 02 Venture capital availability*..*17.3.7 2. 03 Total tax rate,%profits...49.32.2 2. 04 No. days to start a business...
*121.4.0 2. 02 Venture capital availability*..*139.1.8 2. 03 Total tax rate,%profits...101.44.1 2. 04 No. days to start a business...
*30.5.9 2. 02 Venture capital availability*..*69.2.7 2. 03 Total tax rate,%profits...25.25.7 2. 04 No. days to start a business...
*17.6.2 2. 02 Venture capital availability*..*8...4. 2 2. 03 Total tax rate,%profits...41.29.9 2. 04 No. days to start a business...
*69.5.0 2. 02 Venture capital availability*..*138.1.8 2. 03 Total tax rate,%profits...138.65.8 2. 04 No. days to start a business...
*42.5.5 2. 02 Venture capital availability*..*130.1.9 2. 03 Total tax rate,%profits...103.44.3 2. 04 No. days to start a business...
*14.6.3 2. 02 Venture capital availability*..*39.3.1 2. 03 Total tax rate,%profits...118.49.7 2. 04 No. days to start a business...
*36.5.7 2. 02 Venture capital availability*..*45.3.0 2. 03 Total tax rate,%profits...37.28.9 2. 04 No. days to start a business...
*88.4.6 2. 02 Venture capital availability*..*72.2.6 2. 03 Total tax rate,%profits...36.28.6 2. 04 No. days to start a business...
*71.5.0 2. 02 Venture capital availability*..*47.3.0 2. 03 Total tax rate,%profits...102.44.2 2. 04 No. days to start a business...
*27.5.9 2. 02 Venture capital availability*..*115.2.1 2. 03 Total tax rate,%profits...33.27.9 2. 04 No. days to start a business...
*64.5.0 2. 02 Venture capital availability*..*71.2.6 2. 03 Total tax rate,%profits...4...12.4 2. 04 No. days to start a business...
*138.3.6 2. 02 Venture capital availability*..*133.1.9 2. 03 Total tax rate,%profits...54.33.4 2. 04 No. days to start a business...
*112.4.2 2. 02 Venture capital availability*..*66.2.7 2. 03 Total tax rate,%profits...28.26.8 2. 04 No. days to start a business...
*45.5.3 2. 02 Venture capital availability*..*58.2.8 2. 03 Total tax rate,%profits...68.35.9 2. 04 No. days to start a business...
*86.4.6 2. 02 Venture capital availability*..*62.2.7 2. 03 Total tax rate,%profits...45.30.2 2. 04 No. days to start a business...
*132.3.7 2. 02 Venture capital availability*..*81.2.5 2. 03 Total tax rate,%profits...9...16.0 2. 04 No. days to start a business...
*136.3.6 2. 02 Venture capital availability*..*63.2.7 2. 03 Total tax rate,%profits...27.26.6 2. 04 No. days to start a business...
*141.3.4 2. 02 Venture capital availability*..*128.2.0 2. 03 Total tax rate,%profits...47.31.6 2. 04 No. days to start a business...
*38.5.7 2. 02 Venture capital availability*..*84.2.5 2. 03 Total tax rate,%profits...96.43.1 2. 04 No. days to start a business...
*10.6.3 2. 02 Venture capital availability*..*13.4.0 2. 03 Total tax rate,%profits...13.20.7 2. 04 No. days to start a business...
*80.4.7 2. 02 Venture capital availability*..*90.2.5 2. 03 Total tax rate,%profits...1...8. 2 2. 04 No. days to start a business...
*109.4.3 2. 02 Venture capital availability*..*89.2.5 2. 03 Total tax rate,%profits...67.35.8 2. 04 No. days to start a business...
*127.3.9 2. 02 Venture capital availability*..*96.2.4 2. 03 Total tax rate,%profits...61.34.9 2. 04 No. days to start a business...
*37.5.7 2. 02 Venture capital availability*..*7...4. 2 2. 03 Total tax rate,%profits...69.36.3 2. 04 No. days to start a business...
*84.4.6 2. 02 Venture capital availability*..*99.2.3 2. 03 Total tax rate,%profits...116.49.5 2. 04 No. days to start a business...
*22.6.1 2. 02 Venture capital availability*..*37.3.2 2. 03 Total tax rate,%profits...90.41.0 2. 04 No. days to start a business...
*98.4.5 2. 02 Venture capital availability*..*132.1.9 2. 03 Total tax rate,%profits...140.68.2 2. 04 No. days to start a business...
*46.5.3 2. 02 Venture capital availability*..*46.3.0 2. 03 Total tax rate,%profits...35.28.2 2. 04 No. days to start a business...
*61.5.1 2. 02 Venture capital availability*..*76.2.6 2. 03 Total tax rate,%profits...126.53.7 2. 04 No. days to start a business...
*116.4.1 2. 02 Venture capital availability*..*118.2.1 2. 03 Total tax rate,%profits...83.40.4 2. 04 No. days to start a business...
*90.4.6 2. 02 Venture capital availability*..*144.1.7 2. 03 Total tax rate,%profits...22.24.6 2. 04 No. days to start a business...
*83.4.7 2. 02 Venture capital availability*..*36.3.2 2. 03 Total tax rate,%profits...14.20.9 2. 04 No. days to start a business...
*66.5.0 2. 02 Venture capital availability*..*56.2.8 2. 03 Total tax rate,%profits...117.49.6 2. 04 No. days to start a business...
*66.5.0 2. 02 Venture capital availability*..*56.2.8 2. 03 Total tax rate,%profits...117.49.6 2. 04 No. days to start a business...
*104.4.4 2. 02 Venture capital availability*..*121.2.1 2. 03 Total tax rate,%profits...75.37.5 2. 04 No. days to start a business...
*148.2.5 2. 02 Venture capital availability*..*148.1.5 2. 03 Total tax rate,%profits...113.48.9 2. 04 No. days to start a business...
*52.5.2 2. 02 Venture capital availability*..*88.2.5 2. 03 Total tax rate,%profits...16.21.8 2. 04 No. days to start a business...
*120.4.0 2. 02 Venture capital availability*..*102.2.3 2. 03 Total tax rate,%profits...46.31.5 2. 04 No. days to start a business...
*9...6. 4 2. 02 Venture capital availability*..*21.3.5 2. 03 Total tax rate,%profits...79.39.3 2. 04 No. days to start a business...
*21.6.1 2. 02 Venture capital availability*..*18.3.6 2. 03 Total tax rate,%profits...59.34.6 2. 04 No. days to start a business...
*133.3.7 2. 02 Venture capital availability*..*29.3.3 2. 03 Total tax rate,%profits...137.64.9 2. 04 No. days to start a business...
*87.4.6 2. 02 Venture capital availability*..*101.2.3 2. 03 Total tax rate,%profits...56.33.8 2. 04 No. days to start a business...
*3...6. 5 2. 02 Venture capital availability*..*4...4. 3 2. 03 Total tax rate,%profits...
*56.5.2 2. 02 Venture capital availability*..*14.3.9 2. 03 Total tax rate,%profits...17.22.0 2. 04 No. days to start a business...
*79.4.8 2. 02 Venture capital availability*..*77.2.6 2. 03 Total tax rate,%profits...60.34.7 2. 04 No. days to start a business...
*31.5.9 2. 02 Venture capital availability*..*12.4.0 2. 03 Total tax rate,%profits...85.40.5 2. 04 No. days to start a business...
*114.4.1 2. 02 Venture capital availability*..*97.2.4 2. 03 Total tax rate,%profits...62.35.0 2. 04 No. days to start a business...
*85.4.6 2. 02 Venture capital availability*..*50.2.9 2. 03 Total tax rate,%profits...70.36.4 2. 04 No. days to start a business...
*47.5.3 2. 02 Venture capital availability*..*40.3.1 2. 03 Total tax rate,%profits...104.44.5 2. 04 No. days to start a business...
*102.4.4 2. 02 Venture capital availability*..*104.2.3 2. 03 Total tax rate,%profits...91.41.6 2. 04 No. days to start a business...
*15.6.2 2. 02 Venture capital availability*..*109.2.2 2. 03 Total tax rate,%profits...93.42.3 2. 04 No. days to start a business...
*25.6.0 2. 02 Venture capital availability*..*48.2.9 2. 03 Total tax rate,%profits...120.50.7 2. 04 No. days to start a business...
*20.6.1 2. 02 Venture capital availability*..*2...4. 5 2. 03 Total tax rate,%profits...3...11.3 2. 04 No. days to start a business...
*107.4.3 2. 02 Venture capital availability*..*92.2.4 2. 03 Total tax rate,%profits...95.42.9 2. 04 No. days to start a business...
*124.4.0 2. 02 Venture capital availability*..*70.2.6 2. 03 Total tax rate,%profits...120.50.7 2. 04 No. days to start a business...
*62.5.1 2. 02 Venture capital availability*..*35.3.2 2. 03 Total tax rate,%profits...41.29.9 2. 04 No. days to start a business...
*32.5.8 2. 02 Venture capital availability*..*25.3.4 2. 03 Total tax rate,%profits...6...14.5 2. 04 No. days to start a business...
*54.5.2 2. 02 Venture capital availability*..*108.2.2 2. 03 Total tax rate,%profits...111.48.5 2. 04 No. days to start a business...
*118.4.1 2. 02 Venture capital availability*..*129.1.9 2. 03 Total tax rate,%profits...73.36.8 2. 04 No. days to start a business...
*68.5.0 2. 02 Venture capital availability*..*42.3.1 2. 03 Total tax rate,%profits...25.25.7 2. 04 No. days to start a business...
*137.3.6 2. 02 Venture capital availability*..*145.1.7 2. 03 Total tax rate,%profits...50.32.4 2. 04 No. days to start a business...
*16.6.2 2. 02 Venture capital availability*..*6...4. 2 2. 03 Total tax rate,%profits...30.27.1 2. 04 No. days to start a business...
*70.5.0 2. 02 Venture capital availability*..*64.2.7 2. 03 Total tax rate,%profits...109.47.2 2. 04 No. days to start a business...
*39.5.6 2. 02 Venture capital availability*..*127.2.0 2. 03 Total tax rate,%profits...51.32.5 2. 04 No. days to start a business...
*40.5.6 2. 02 Venture capital availability*..*28.3.3 2. 03 Total tax rate,%profits...44.30.1 2. 04 No. days to start a business...
*33.5.8 2. 02 Venture capital availability*..*105.2.3 2. 03 Total tax rate,%profits...131.58.6 2. 04 No. days to start a business...
*72.4.9 2. 02 Venture capital availability*..*91.2.5 2. 03 Total tax rate,%profits...128.55.1 2. 04 No. days to start a business...
*110.4.3 2. 02 Venture capital availability*..*126.2.0 2. 03 Total tax rate,%profits...33.27.9 2. 04 No. days to start a business...
*122.4.0 2. 02 Venture capital availability*..*53.2.8 2. 03 Total tax rate,%profits...71.36.5 2. 04 No. days to start a business...
*2...6. 5 2. 02 Venture capital availability*..*5...4. 3 2. 03 Total tax rate,%profits...
*4...6. 4 2. 02 Venture capital availability*..*22.3.4 2. 03 Total tax rate,%profits...38.29.1 2. 04 No. days to start a business...
*43.5.5 2. 02 Venture capital availability*..*9...4. 1 2. 03 Total tax rate,%profits...62.35.0 2. 04 No. days to start a business...
*125.3.9 2. 02 Venture capital availability*..*73.2.6 2. 03 Total tax rate,%profits...105.44.9 2. 04 No. days to start a business...
*75.4.9 2. 02 Venture capital availability*..*41.3.1 2. 03 Total tax rate,%profits...40.29.8 2. 04 No. days to start a business...
*146.3.1 2. 02 Venture capital availability*..*87.2.5 2. 03 Total tax rate,%profits...2...11.0 2. 04 No. days to start a business...
*55.5.2 2. 02 Venture capital availability*..*111.2.2 2. 03 Total tax rate,%profits...38.29.1 2. 04 No. days to start a business...
*77.4.8 2. 02 Venture capital availability*..*44.3.0 2. 03 Total tax rate,%profits...133.62.4 2. 04 No. days to start a business...
*44.5.4 2. 02 Venture capital availability*..*83.2.5 2. 03 Total tax rate,%profits...82.40.2 2. 04 No. days to start a business...
*108.4.3 2. 02 Venture capital availability*..*94.2.4 2. 03 Total tax rate,%profits...72.36.6 2. 04 No. days to start a business...
*106.4.3 2. 02 Venture capital availability*..*120.2.1 2. 03 Total tax rate,%profits...127.54.9 2. 04 No. days to start a business...
*8...6. 4 2. 02 Venture capital availability*..*10.4.1 2. 03 Total tax rate,%profits...7...14.9 2. 04 No. days to start a business...
*5...6. 4 2. 02 Venture capital availability*..*20.3.5 2. 03 Total tax rate,%profits...58.34.0 2. 04 No. days to start a business...
*6...6. 4 2. 02 Venture capital availability*..*3...4. 3 2. 03 Total tax rate,%profits...
*92.4.5 2. 02 Venture capital availability*..*80.2.5 2. 03 Total tax rate,%profits...92.41.9 2. 04 No. days to start a business...
*115.4.1 2. 02 Venture capital availability*..*117.2.1 2. 03 Total tax rate,%profits...132.61.7 2. 04 No. days to start a business...
*134.3.7 2. 02 Venture capital availability*..*78.2.6 2. 03 Total tax rate,%profits...65.35.2 2. 04 No. days to start a business...
*142.3.4 2. 02 Venture capital availability*..*134.1.9 2. 03 Total tax rate,%profits...53.32.7 2. 04 No. days to start a business...
*95.4.5 2. 02 Venture capital availability*..*79.2.5 2. 03 Total tax rate,%profits...8...15.1 2. 04 No. days to start a business...
*103.4.4 2. 02 Venture capital availability*..*140.1.8 2. 03 Total tax rate,%profits...66.35.3 2. 04 No. days to start a business...
*266 2. 02 Venture capital availability*..*267 2. 03 Total tax rate...268 2. 04 Time required to start a business...
1. 5 2. 02 Venture capital availability*In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2012 2013 weighted average SOURCE:
World Economic Forum, Executive Opinion Survey, 2012 and 2013 editions 2. 02 Venture capital availability*In your country, how easy is it for entrepreneurs with innovative
but risky projects to find venture capital? 1=extremely difficult; 7=extremely easy 2012 2013 weighted average Source:
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