In times of economic turmoil, new firm creation is often thought to act as an important driver of innovation and jobs. And recently released data from the Global Entrepreneurship Monitor (GEM) indicates that Australia is emerging as the leading developed nation in terms of entrepreneurship.
According to the latest GEM figures, with 10.5 percent of adults engaged in starting a new business, Australia sits second amongst developed nations. The United States, long seen as the bastion of free enterprise, continues to do many things right. In fact, at 12.3 percent the U.S. has the highest overall level of entrepreneurship per capita. Yet recent years have seen a dip in alternative employment opportunities in the U.S., meaning that a much larger number of new businesses are borne out of necessity. Although recovering, opportunity driven new ventures that fuel the economy declined substantially with the global economic slowdown. By comparison, Australia has far fewer necessity driven entrepreneurs.
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