Bangalore: Bangalore is one of the top 10 entrepreneurial hubs in the world, but alone is not able to bring India to the top as in the latest Global Entrepreneurial Development Index (GEDI), India turned out to be one among the worst performers- a disgraceful 73^rd position in the list of 78 countries. 

The list is published annually by Imperial College Business School, University of Pecs and George Mason University. The best entrepreneurial performing country is U.S. followed by Australia, Sweden and Canada.

India’s neighbor China- a leading patent applicant stands at 54^th position with Brazil, Venezuela and Costa Rica. India was at 68^th position in the previous year ranking.

According to Erkko Autio, Professor, Imperial College Business School, the main reason behind India’s position is the “Low growth aspiration” of self employed people and “too much regulation and limited education opportunities.” “There is a lot of self employed activity but it tends to be of low quality, driven by individuals becoming self employed because they can't find high quality jobs,” said Autio.

“Even if people with potential start to do something impactful, there is just too much red tape,” he added. The GEDI uses 14 different data points including- the percentage of adults who believe starting a new business is a good career choice, to the number active in the technology sector, to venture capital availability and the ease of setting up and operating a business- for measuring entrepreneurial activities.

The GEDI was meant to help countries in recognizing their position globally, to understand their strengths and weakness and it can also be used as a tool to identify bottlenecks that prevent growth. Autio added that “I would suggest that for India it's mostly about removing the bottlenecks to growth, which would involve addressing some of the regulatory obstacles that can take away growth motivation from the entrepreneurs.”  

Here are the 5 best countries to make your entrepreneurial debut.

1 United States

2 Sweden

3 Australia

4 Iceland

5 Denmark