New research reveals that Australia has worst one-year-year survival rate for start-ups, with new ventures only having a 50.80 per cent chance of still being a viable entity within 12 months of launching.
Utility Bidder’s Entrepreneurial Countries Index, that profiles the best countries for entrepreneurs, takes into account trade freedoms, corporation tax rates, Foreign Direct Investment (FDI), inflation rates, one-year business survival rates and other factors, to score every OECD country out of 10.
The most innovative OECD country is Switzerland, based on a score of 64.6/100 on the latest Global Innovation Index. The country received its highest score (89.2/100) in the institutions category which relates to and operational stability, government effectiveness and business-facilitation policies It received its lowest score (56.3/100) in the creative outputs category, which refers to things like mobile app creations, cultural and creative service exports, and trademarks by origin. Other The top five OECD countries in the overall category – after Switzerland – are the US (61.8 overall ranking), Sweden (61.6 per cent), the UK (59.7 per cent) and France (58.0 per cent).
On the plus side Australia and New Zealand are the OECD countries with the most trade freedom, scoring 90/100 on the latest Trade Freedom Index, which is based on two factors: the trade-weighted average tariff rate and non-tariff barriers. Australia has strong trade ties with the rest of the world and is a major supplier to markets within the Asia-Pacific region. The country currently has six Free Trade Agreements (FTA) in force with other countries, with another eight currently under negotiation.
The OECD country with the most business start-ups is the United States, which has 77,071 business start-ups, equating to 22.6 start-ups per 100,000 residents. Mexico has the fewest number of business start-ups within the OECD community, recording only 0.4 start-ups per 100,000 residents.
