Whether it be emerging or mature economies, the G20 countries do not have the same entrepreneurial culture. A study takes stock of the differences that remain between member countries.
How strong is entrepreneurship in the G20 countries? The consulting firm McKinsey & Company has investigated the matter, a few weeks before the launch of the G20 YES (Young Entrepreneurs Summit), its aim is to put forward business leaders of the G20 and state the critical role of entrepreneurs in the global economic recovery.
The study unveiled on October 5, 2011 uses statistics from a few countries to demonstrate the impact of entrepreneurship on the local economy. The United States, for example, would now have 1.8 million additional jobs if the creation of start-ups had continued in recent years at the same rate as in 2007.
North America: the promised land of start-ups? Thus, from one region of the world to another, entrepreneurship shows a different face. The McKinsey study specifically stands out four different entrepreneurial cultures. The first: a group made up of the United States, Canada and Australia. In these countries, entrepreneurship is one of the main drivers of the economy. For example, in America, companies aged less than five years old got accounted for 100% of net job creation between 1980 and 2005. Industrial companies offer a contribution to innovation almost three times greater than the European counterparts (11.9% of the intensively develop their R&D, compared to 4.4% in Europe). Also in the United States, 15% of companies under 30 are among the largest companies in the Fortune 500 ranking (ranking based on turnover).
Emerging economies, mature economies… The second group (United Kingdom, France, Germany, Italy, Japan) is characterized by a less dynamic entrepreneurship but with high added value, in particular thanks to young companies which contribute significantly to employment .
In China, Brazil and Argentina, the average rate of entrepreneurship remains one of the highest (14.7% over the period 2006-2010), unlike the last group (Turkey, Mexico, South Africa, Korea, India and Russia), where this index is less important.
“In general, emerging economies should be distinguished from mature economies,” explains François Bouvard, senior associate director at McKinsey and co-author of the study. In emerging countries, entrepreneurship is characterized by an almost “natural” dynamism, driven by strong urbanization and the desire to join a rapidly expanding middle class. Thus, the dynamism of a country's entrepreneurs is correlated to the development of the levers that are put in place to help project leaders.
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