Australia ranks highly in OECD entrepreneurship report
4 August 2011
Australia’s level of entrepreneurship has been favourably highlighted in a recent OECD report.
The report, which examines entrepreneurship in OECD countries, notes that the number of start-ups in Australia has returned to pre-2007 levels and is rivalled only by France.
Australia was also ranked number two, behind New Zealand, in terms of the least restrictions to start a business. This matches with an earlier report compiled by the World Economic Fund and INSEAD, which ranks Australia as the second-fastest location in the world to start a business (requiring only two days).
Entrepreneurship tends to thrive in countries with stable economic and political climates, where access to seed capital, research and development support and many other factors are also critical. Australia’s economic performance over recent years amongst global uncertainty is comparable to, or exceeds that, of its major trading partners.
The Global Entrepreneurship Monitor (GEM) 2010 classified Australia as an innovation-driven economy that was ranked in the top three for Total Early-Stage Entrepreneurship Activity (TEA). Its research also found that Australia shows the greatest number of female entrepreneurs in the Asia Pacific region amongst the innovation-driven economies.
In the recent Fortune 500 Global survey, Melbourne was identified as one of the 15 best new cities for business, noting in particular its diverse labour pool and emergence as a centre for biotech research and development, amongst others.