Chung Peck-Ming of the Business Times covers the Global Entrepreneurship and Development Index and highlights Singapore’s performance.
GEDI builds on many of the early studies but pays more attention to qualitative aspects of entrepreneurship, zooming in on high-impact entrepreneurs and high-growth businesses. It sees countries roughly going through three stages of economic development – a factor-driven stage, an efficiency-driven stage and an innovation-driven stage.
GEDI defines entrepreneurship as ‘a dynamic interaction of entrepreneurial attitudes, entrepreneurial activity and entrepreneurial aspiration that vary across stages of economic development’.
While not minimising the big role MNCs play in Singapore’s economy, GEDI’s rankings show that the government’s efforts in pushing for greater entrepreneurship have paid off.
Singapore has done particularly well in ‘entrepreneurial aspirations’, where it is ranked 3rd among the 71 economies, and ‘entrepreneurial activity’ (9th).