The UK scored the highest marks for its digital business environment, which includes regulation, such as recruitment practices, taxation frameworks, time taken to start a business and legal efficiency.
The UK was second, only to the United States, for its digital knowledge base and information and communications technology market, which includes access to technology and expertise, as well as the quality of research institutions.
The EY G20 Digital Entrepreneurship Barometer assesses a country’s performance against five indicators of entrepreneurship to help identify areas of relative strength and opportunities for improvement. The model is composed of quantitative data to capture entrepreneurial conditions across G20 economies and in addition to the above, also looked at access to finance, digital skills and entrepreneurial culture and education.
Radhika Chadwick, partner for digital government at EY comments: “It’s great to see the UK leading the way for supporting digital start-ups. Taking the hassle out of getting a business off the ground boosts the creation of innovative and dynamic businesses, which drive economic growth in the UK.
“Although vocal on the digital and start-up agenda, the government itself cannot be left behind. Bringing the same digital environment into Whitehall will ensure greater savings are delivered for the taxpayer through better use of technology as well as the public reaping the benefits of faster and more efficient public services.”
The UK’s lowest ranking amongst the G20 nations was for access to finance such as venture capital and angel funding (ninth place). However, the UK fared slightly better on availability of digital skills and entrepreneurial education taking seventh place and was listed fourth for fostering an entrepreneurial culture.
The Barometer is the basis of a new report, “Digital Disruption — Threat or Opportunity for Entrepreneurship?” which has been released to mark the start of the G20 Young Entrepreneurs’ Alliance (G20 YEA) summit in China.
The report’s top policy recommendations are:
Access to finance:
Digital business environment:
Digital skills and entrepreneurial education:
Digital knowledge base and ICT market:
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement