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US entrepreneurs have created the majority of the 6.8 million new jobs since 200328/02/2007. Source: GEM Research.
 US venture capital shifts from software to biotech and telecom; developing countries boast higher levels of entrepreneurship, innovation, and use of new technologies, finds GEM Research.
Entrepreneurial behavior continues to fuel the engine of innovation and growth around the world; and middle income countries boast higher levels of start-up entrepreneurial activity according to the eighth annual Global Entrepreneurship Monitor (GEM).
Buoyed by a strengthening economy, U.S. entrepreneurs have created most of the 6.8 million new jobs in the nation since 2003. These entrepreneurs are young (under 35), educated (52% with one or more degrees), and continue to choose the entrepreneurial, opportunity-driven lifestyle over more stable - and frequently - more lucrative careers.
Directed by Babson College and London Business School, and released today, GEM is the world's largest research project focusing on entrepreneurs and entrepreneurship. Now operating in some 42 countries across the world, it monitors levels and types of entrepreneurial activity. It brings together key policy makers, business leaders, and academics in a global network of influence. No other research exists that can provide consistent cross-country information and measures of entrepreneurial activity in a global context.
More U.S. Findings
- 30% of new business start-ups offer more in terms of innovative products and services compared to established business owners. U.S. entrepreneurs are early-adopters too of current technologies; 32% of start-up companies use the latest compared to just 16% of established businesses.
- Start-up entrepreneurs are the most optimistic - 20% expect to create more than ten jobs and 50% growth in five years compared to just 7.5% of established business owners.
- VC in the U.S. has leveled out to $22-$24 billion in the last three years - way off its 2000 peak of more than $100 billion - but is a five-fold increase over the level in the early 1990s. New Trends: VC has shifted from software to biotech and the wireless sector of telecom. IPOs remain in the doldrums.
- U.S. public policy is highly supportive of its entrepreneurs. The biggest concern for entrepreneurs is the increasing burden of employee healthcare.
Key Global Findings
- Entrepreneurial activity rises in countries with low GDPs. Countries with similar levels of GDP tend to have similar entrepreneurial activity.
- Entrepreneurs everywhere are taking advantage of opportunities; still countries with lower GDP have the highest levels of necessity-driven entrepreneurs. France and Germany -- where necessity entrepreneurship is high -- are the exceptions, most likely because of labor reforms which encourage business start-ups over unemployment services.
- The number of new business start-ups is always higher than established business ownership. This is particularly the case in the U.S. where Early-stage entrepreneurship is high compared to Europe where established business ownership is similar.
- Middle income countries show higher levels of innovation and technology in Early-stage entrepreneurship than in established businesses. Developing and emerging economies are not necessarily using technologies that would be considered new in higher income countries.
- Experience and Gender still matter - Early-stagers are young (24-25) and men are more likely to be entrepreneurially active. The exception is women from higher income countries who are less likely to be entrepreneurs than their lower income counterparts.
GEM is a research project focusing on entrepreneurs and entrepreneurship. Now operating in some 42 countries across the world, it monitors levels and types of entrepreneurial activity. The Global Entrepreneurship Monitor (GEM) was founded in 1999 under the leadership of Babson College in the United States and London Business School in the United Kingdom. Today, forty two countries are covered by its research program, which investigates the level of entrepreneurial activity in each economy.
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