If you already own your own business or are hoping to do so in the future, the topics of innovation and venture capital will be all too familiar. The ability to provide something new and get it off the ground are fundamental to success, but how does the startup process work in different regions of the world and what does the general landscape look like? A new infographic from Coupofy takes a closer look at the current startup economy and delivers 27 striking facts “that most people don’t know.”
Perhaps the least surprising fact is that the United States still has the most number of startups in the world, to the tune of 4.8 million. However some of the BRIC nations are rapidly gaining ground, especially India with 2 million and Brazil with 584,000.
One of the most interesting facts is the number of entrepreneurs as a percentage of the population. America is often viewed as the business capital of the world, yet because their economy has grown to the level of mega-corporations the amount of people actually starting new businesses is quite low. Surprisingly the most entrepreneurial country in the world is actually Uganda. It’s believed that the combination of a growing economy without the infrastructure of the modern corporate world means many people start small businesses, such as the selling of produce and other local services. It is a nation of “mom and pop” businesses. Over time as wealth is created, infrastructure grows and businesses are consolidated, the number of entrepreneurs is likely to decrease, much like the proverbial “Walmart on every corner” effect in the US.
Of course if we are measuring innovation and value it is still the US that dominates the startup world even though it is not very entrepreneurial per capita. Selling fruit at the market in Uganda is not the same as selling mobile messaging app WhatsApp to Facebook for $19 billion!
US startups account for 7 of the top 10 most valuable startups in the world, with Uber taking the top spot at $51 billion. Their concept of app driven independent taxi drivers has changed the industry so much that traditional drivers are marching in the streets.
But what happens if you have the next Uber waiting in the wings? Do you go straight to Silicon Valley, New York or London? Not necessarily. The global marketplace is becoming increasingly competitive in what it has to offer entrepreneurs. If you feel the cost of living is too high to sustain you while you get a venture off the ground, if you cannot find the right funding, or taxes are too high, it is now easier than ever to travel to another country that offers a better deal.
Australia, New Zealand, Singapore and the UK offer entrepreneur visas to those with great ideas that are going to bring money in to their economy. Ireland, Spain, Italy and the Netherlands offer these on a fast-tracked basis with no waiting around. These types of visas can then be weighed up with the cost of living and any special perks offered to startups. The UK for example offers 50% income tax relief on startup investments. Finland has a generous loan and grant program. Singapore’s government recently pumped $48 million in to venture capital funds.
Ultimately however the key factor to startup success is innovation. You have to be able to provide something new or a similar product but better. Recent trending startups include the likes of Mosaic (a loan service for solar power), Kinetic (make of wearable devices that monitor the safety of industrial workers), and Door Dash (delivery local restaurant food to customers).
Think you’ve got what it takes? Check out the full 27 startup facts from Coupofy to learn more about the current startup economy!
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Cover photo credit by Rod Waddington / Flickr