Mar 21, 2011

Well-known for the multinational companies (MNCs) that rule the country’s economy, Singapore lags behind other Asian economies such as Taiwan and Hong Kong when it comes to entrepreneurship, as shown by previous studies and surveys.

However, recent research has proven otherwise. A study conducted by Erkko Autio of the Imperial College Business School in the United Kingdom and Zoltan Acs of George Mason University in the United States reveals that Singapore is the most enterprising among major Asian economies.

Based on the country’s Global Entrepreneurship and Development Index (GEDI), Singapore ranked 15th out of 71 of “the most important countries in the world”, when it comes to confidence in spotting, seizing and risk-taking opportunities, as well as starting and growing enterprises.

It outranks Israel, which has some of the world’s most vibrant high-technology industries and placed above developed economies like Germany, France and Italy, which ranked 16th, 18th and 27th respectively.

Meanwhile, occupying the top three spots in the GEDI rankings were Denmark, Canada and the United States.

While not underestimating the vital role of MNCs in Singapore’s economy, GEDI’s rankings show that the government’s efforts in pushing for greater entrepreneurship have paid off.

Performing well in “entrepreneurial aspirations,” the country took the tihrd place among the 71 economies, and occupied the 9th place in “entrepreneurial activity”.

However, Singapore fell into 35th spot in “entrepreneurial attitude”, as the country lacks venture capital, a main ingredient in the growth of entrepreneurship.

Info courtesy : -