Appendix The Nordic Growth Entrepreneurship Review 2012

Transcription

1 NORDIC INNOVATION REPORT 2012:25 // DECEMBER 2012 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report

2 The Nordic Growth Entrepreneurship Review 2012 Final report Authors: Glenda Napier (REG X The Danish Cluster Academy - and the University of Southern Denmark) Petri Rouvinen (ETLA, The Research Institute of the Finnish Economy) Dan Johansson (HUI Research and Dalarna University) Thorvald Finnbjörnsson (RANNIS, The Icelandic Centre for Research) Espen Solberg (NIFU, Nordic Institute for Studies in Innovation, Research and Education) Katrine Pedersen (DBA, the Danish Business Authority) December 2012 Nordic Innovation Publication 2012:25

3 The Nordic Growth Entrepreneurship Review 2012 Final report Nordic Innovation Publication 2012:25 Nordic Innovation, Oslo 2012 ISBN (Print) This publication can be downloaded free of charge as a pdf-file from Author(s): Glenda Napier (REG X The Danish Cluster Academy - and the University of Southern Denmark) Petri Rouvinen (ETLA, The Research Institute of the Finnish Economy) Dan Johansson (HUI Research and Dalarna University) Thorvald Finnbjörnsson (RANNIS, The Icelandic Centre for Research) Espen Solberg (NIFU, Nordic Institute for Studies in Innovation, Research and Education) Katrine Pedersen (DBA, the Danish Business Authority) Publisher Nordic Innovation, Stensberggata 25, NO-0170 Oslo, Norway Phone: (+47) Fax: (+47) info@nordicinnovation.org Cover photo: istockphoto Copyright Nordic Innovation All rights reserved. This publication includes material protected under copyright law, the copyright for which is held by Nordic Innovation or a third party. Material contained here may not be used for commercial purposes. The contents are the opinion of the writers concerned and do not represent the official Nordic Innovation position. Nordic Innovation bears no responsibility for any possible damage arising from the use of this material. The original source must be mentioned when quoting from this publication. 241 NORDIC ECOLABEL Printed matter 480

4 Foreword Growth-oriented entrepreneurship and providing favorable framework conditions for starting and growing new businesses will be crucial drivers for economic growth in the Nordic region in the following years. New firms that challenge and put competitive pressure on existing companies, thereby forcing them to innovate and improve performance, are essential for the dynamics in the economy. Young growth firms also contribute disproportionately to the creation of new jobs. entrepreneurial capabilities and business skills which are crucial to company success. Nordic Innovation hopes that the findings and recommendations of the Nordic Growth Entrepreneurship Review will facilitate the discussion and development of the framework conditions and policy for growth entrepreneurship in the Nordic region, in order to fully capitalize companies growth potential. New growth firms are quick and agile to capitalize on emerging ideas and solutions, that is needed to turn the Nordic investments in research, product development and know-how into innovations and business operations. The ability to generate new growth firms is essential for enterprise and innovation policy across the Nordic countries. This Nordic Growth Entrepreneurship Review provides an analysis of Nordic framework conditions for entrepreneurship and growth of young firms. The Review concludes that there is a good level of startup activity across the Nordic region and also a relatively good share of young fast-growing gazelle firms. However, the area in which the Nordic region seems to struggle is successfully scaling up of young firms, so they would grow to large companies. Oslo, December 2012 Roger Moe Bjørgan Managing Director Nordic Innovation The Review highlights regulatory framework and market conditions as the Nordic strongholds. It also notes the good development of entrepreneurial culture over the most recent years, reflecting some new initiatives in the Nordic entrepreneurship ecosystem. According to the Review the areas especially challenging are access to expansion stage finance, and

5 Preface 7 Preface The Nordic Growth Entrepreneurship Review (NGER) has been prepared by a Nordic consortium led by REG X and the University of Southern Denmark, with participation from ETLA, HUI Research, RANNIS, NIFU and DBA, for Nordic Innovation. This study should be regarded as being closely related to the Nordic Entrepreneurship Monitor in It was then recommended to conduct more analysis in the area of growth entrepreneurship, both in order to enhance the understanding of Nordic growth entrepreneurship performance and to develop input for better growth entrepreneurship policy in the Nordic region. On the basis of the Nordic Entrepreneurship Monitor, the Nordic ministers included in the Co-operation Programme for Innovation and Business Policy a lighthouse project on entrepreneurship with the overall aim of establishing a Nordic Knowledge Centre for Entrepreneurship. The objective of the Nordic Growth Entrepreneurship Review is to feed new policy relevant and fact based information and analysis of Nordic growth entrepreneurship into the Nordic Knowledge Centre for Entrepreneurship. The NGER aims to provide policymakers across the Nordic countries with a better understanding of growth entrepreneurship performance and challenges in the Nordic region. These objectives are achieved by comparing the latest available data and some new indicators for growth entrepreneurship performance and framework conditions. Furthermore, certain policy recommendations are made to address the Nordic challenges in these areas. We hope this Review will be useful. The NGER Team, November 2012 Glenda Napier (REG X The Danish Cluster Academy - and the University of Southern Denmark) 2 Petri Rouvinen (ETLA, The Research Institute of the Finnish Economy) Dan Johansson (HUI Research and Dalarna University) Thorvald Finnbjörnsson (RANNIS, The Icelandic Centre for Research) Espen Solberg (NIFU, Nordic Institute for Studies in Innovation, Research and Education) Katrine Pedersen (DBA, the Danish Business Authority) 2 From the University of Southern Denmark, Torben Bager and Kent Wickstrøm Jensen have also provided some input.

6 8 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Appendix Regulatory Framework Administrative burdens Number of Procedures for Starting a Business Number of Days for Starting a Business Costs of starting a business Starting a business - minimum of capital required Registering property Tax Procedures Procedures, time and costs to build a warehouse Bankruptcy legislation Actual Cost to Close a Business Bankruptcy recovery rate Actual Time to Close a Business Product and labor legislation Hiring and firing practices Court and legal framework Enforcing contracts Time Enforcing contracts - Cost in percentage of claim Enforcing contracts - Number of procedures Competition legislation Legal Barriers Antitrust Exemptions Barrier to Entry in Networks Sectors Barrier to Entry Services Social and health security Public Expenditure on Unemployment Support per Unemployed Public Health Care Coverage of the Population

7 Appendix 9 Regulatory Framework Income taxes Highest Marginal Income Tax Plus Social Contributions Average Income Tax plus Social Contributions Bequest & Wealth Taxes Revenue from Bequest Tax Revenue from Net Wealth Tax Business and Capital Taxes Taxation of Dividends - Top Marginal Tax Rate Taxation of Stock Options SME Tax Rates Taxation of Corporate Revenue Patent System: Standards Intellectual Property rights Property Rights Market Conditions Foreign Markets Import Burdens Export Burdens Tariffs Degree of Public Involvement Government Enterprises and Investment Ownership of Banks Price Controls Licensing Restrictions Use of Command & Control Regulation Public Procurement Public Procurement advertised in the Official Journal (as % of GDP) Average Delay in Payment - Public Authorities Private Demand Buyer Sophistication

8 10 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Access to Finance Access to Debt Financing Private credit Interest rate spread Collateral and Bankruptcy Legal Rights Index Ease of access to loans credit rating Barriers to FDI Access to Venture capital Venture capital (early stage) Venture capital (expansion stage) Venture capital availability Stock markets Investor protection Market capitalization of newly listed companies Capitalisation of primary stock market Turnover in Primary Stock Market Creation and Diffusion of Knowledge R&D Activity Total GOVERD as percentage of GDP Total BERD as percentage of GDP Public funding of R&D activity as percentage of GDP Private funding of R&D activity as percentage of GDP International co-operation between patent applications at PCT Patents awarded based on inventors residence Transfer of Non-commercial Knowledge Uni/industry research collaboration Research in higher education sector financed by business Number of patent applications by universities and government institutions Co-operation Among Firms Percentage of SME s stating co-operation as the source of innovation Technology Availability and Take-up Percentage of enterprises using egovernment E-commerce as % of total turnover of enterprises ICT expenditure on IT as percentage of GDP ICT expenditure in communications as percentage of GDP

9 Appendix 11 Entrepreneurial capabilities Business and Entrepreneurship Education (skills) Perceived Capabilities Immigration Inflows of foreign labour Stocks of foreign labour Self-employment by place of birth Immigrants with high education as percentage of total immigrants Entrepreneurial culture Entrepreneurial attitude in Society Image of Entrepreneurs Desirability of becoming self-employed Entrepreneurship as a Good Career Choice High Status to Successful Entrepreneurs Media Attention for Entrepreneurship Entrepreneurial education (mindset) Entrepreneurship among managers Selfemployment preference Risk Fear of failure in starting a business (inverted) Perceived Opportunities

10 12 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Number of Procedures for Starting a Business Number of Days for Starting a Business Australia 2,0 2,0 Austria 8,0 8,0 Belgium 4,0 3,0 Canada 2,0 1,0 9,0 7,0 Czech Republic 10,0 9,0 Denmark 4,0 4,0 Estonia 6,0 5,0 Finland 3,0 3,0 France 5,0 5,0 Germany 9,0 9,0 Greece 15,0 10,0 Hungary 6,0 4,0 Iceland 5,0 5,0 Ireland 4,0 4,0 Israel 5,0 5,0 Italy 9,0 6,0 Japan 8,0 8,0 Korea 10,0 5,0 Mexico 8,0 6,0 Netherlands 6,0 6,0 New Zealand 2,0 1,0 Norway 4,0 5,0 Poland 10,0 6,0 Portugal 8,0 5,0 Slovak Republic 9,0 6,0 Slovenia 9,0 2,0 Spain 10,0 10,0 Sweden 3,0 3,0 Switzerland 6,0 6,0 Turkey 6,0 6,0 United Kingdom 6,0 6,0 United States 6,0 6,0 Australia 2,0 2,0 Austria 28,0 28,0 Belgium 27,0 4,0 Canada 3,0 5,0 27,0 7,0 Czech Republic 24,0 20,0 Denmark 6,0 6,0 Estonia 35,0 7,0 Finland 14,0 14,0 France 7,0 7,0 Germany 24,0 15,0 Greece 38,0 10,0 Hungary 38,0 4,0 Iceland 5,0 5,0 Ireland 13,0 13,0 Israel 34,0 34,0 Italy 13,0 6,0 Japan 23,0 23,0 Korea 17,0 7,0 Mexico 27,0 9,0 Netherlands 8,0 8,0 New Zealand 12,0 1,0 Norway 7,0 7,0 Poland 31,0 32,0 Portugal 8,0 5,0 Slovak Republic 25,0 18,0 Slovenia 60,0 6,0 Spain 47,0 28,0 Sweden 15,0 15,0 Switzerland 20,0 18,0 Turkey 6,0 6,0 United Kingdom 13,0 13,0 United States 6,0 6,0

11 Appendix Costs of Starting a Business Starting a Business - minimum of capital required Australia 1,8 0,7 Austria 5,6 5,2 Belgium 5,8 5,2 Canada 0,9 0,4 9,8 5,1 Czech Republic 8,9 8,4 Denmark 0,0 0,0 Estonia 5,1 1,8 Finland 1,1 1,0 France 1,1 0,9 Germany 5,1 4,6 Greece 21,7 20,1 Hungary 20,9 7,6 Iceland 3,0 3,3 Ireland 0,3 0,4 Israel 5,1 4,4 Italy 20,0 18,2 Japan 7,5 7,5 Korea 18,2 14,6 Mexico 14,2 11,2 Netherlands 7,2 5,5 New Zealand 0,2 0,4 Norway 2,5 1,8 Poland 21,4 17,3 Portugal 7,9 2,3 Slovak Republic 4,8 1,8 Slovenia 9,4 0,0 Spain 16,2 4,7 Sweden 0,7 0,6 Switzerland 2,2 2,1 Turkey 26,5 11,2 United Kingdom 0,7 0,7 United States 0,8 1,4 Australia 0,0 0,0 Austria 59,6 52,0 Belgium 21,8 18,9 Canada 0,0 0,0 0,0 0,0 Czech Republic 36,8 30,7 Denmark 44,6 25,0 Estonia 34,3 24,4 Finland 27,1 7,3 France 0,0 0,0 Germany 46,2 0,0 Greece 116,0 22,8 Hungary 74,2 9,7 Iceland 15,9 12,6 Ireland 0,0 0,0 Israel 0,0 0,0 Italy 10,4 9,9 Japan 0,0 0,0 Korea 299,7 0,0 Mexico 12,5 8,4 Netherlands 62,3 50,4 New Zealand 0,0 0,0 Norway 25,1 19,4 Poland 204,4 14,0 Portugal 38,7 0,0 Slovak Republic 39,1 20,9 Slovenia 54,0 43,6 Spain 14,6 13,2 Sweden 33,7 14,0 Switzerland 15,1 26,9 Turkey 18,7 8,7 United Kingdom 0,0 0,0 United States 0,0 0,0

12 14 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Registering property Tax Procedures Australia 26,1 27,3 Austria 21,0 23,2 Belgium 64,5 70,6 Canada 22,3 24,9 22,4 26,7 Czech Republic 28,1 23,2 Denmark 21,5 11,6 Estonia 12,5 11,5 Finland 18,1 20,0 France 57,8 52,1 Germany 27,5 35,6 Greece 45,4 68,6 Hungary 45,4 26,7 Iceland 13,0 13,6 Ireland 43,5 38,6 Israel 51,8 64,7 Italy 26,9 37,6 Japan 31,0 34,5 Korea 34,1 35,6 Mexico 33,1 50,0 Netherlands 29,7 30,7 New Zealand 3,4 3,8 Norway 6,3 7,0 Poland 37,4 51,0 Portugal 39,5 19,2 Slovak Republic 8,0 10,2 Slovenia 55,0 42,6 Spain 30,1 34,6 Sweden 12,2 12,6 Switzerland 12,1 14,4 Turkey 25,0 26,4 United Kingdom 15,6 35,2 United States 12,0 14,5 Australia 107,0 109,0 Austria 170,0 170,0 Belgium 156,0 156,0 Canada 119,0 131,0 316,0 316,0 Czech Republic 930,0 557,0 Denmark 135,0 135,0 Estonia 81,0 85,0 Finland 269,0 93,0 France 132,0 132,0 Germany 196,0 221,0 Greece 264,0 224,0 Hungary 340,0 277,0 Iceland 140,0 140,0 Ireland 76,0 76,0 Israel 230,0 235,0 Italy 340,0 285,0 Japan 350,0 330,0 Korea 290,0 225,0 Mexico 552,0 347,0 Netherlands 250,0 127,0 New Zealand 172,0 172,0 Norway 87,0 87,0 Poland 418,0 296,0 Portugal 328,0 275,0 Slovak Republic 325,0 231,0 Slovenia 260,0 260,0 Spain 298,0 187,0 Sweden 122,0 122,0 Switzerland 63,0 63,0 Turkey 254,0 223,0 United Kingdom 105,0 110,0 United States 325,0 187,0

13 Appendix Procedures, time and costs to build a warehouse Actual Time to Close a Business Australia 32,6 27,2 Austria 31,7 35,7 Belgium 29,1 30,7 Canada 21,0 19,5 37,3 37,6 Czech Republic 56,2 45,5 Denmark 8,7 10,6 Estonia 19,1 25,8 Finland 27,4 24,3 France 20,7 26,1 Germany 19,0 18,0 Greece 30,2 28,0 Hungary 48,6 38,0 Iceland 18,8 21,8 Ireland 27,6 22,9 Israel 48,7 48,0 Italy 45,8 48,9 Japan 21,9 33,4 Korea 16,5 16,5 Mexico 26,4 46,0 Netherlands 42,2 40,6 New Zealand 5,9 8,9 Norway 36,9 37,3 Poland 73,6 68,2 Portugal 53,0 42,9 Slovak Republic 37,0 39,0 Slovenia 47,0 36,7 Spain 31,5 27,4 Sweden 20,4 21,2 Switzerland 26,4 28,7 Turkey 72,0 62,0 United Kingdom 31,8 19,7 United States 15,2 12,9 Australia 1,0 1,0 Austria 1,1 1,1 Belgium 0,9 0,9 Canada 0,8 0,8 4,5 4,5 Czech Republic 9,2 3,2 Denmark 3,0 1,0 Estonia 3,0 3,0 Finland 0,9 0,9 France 1,9 1,9 Germany 1,2 1,2 Greece 2,0 2,0 Hungary 2,0 2,0 Iceland 1,0 1,0 Ireland 0,4 0,4 Israel 4,0 4,0 Italy 1,8 1,8 Japan 0,6 0,6 Korea 1,5 1,5 Mexico 1,8 1,8 Netherlands 1,1 1,1 New Zealand 1,3 1,3 Norway 0,9 0,9 Poland 3,0 3,0 Portugal 2,0 2,0 Slovak Republic 4,0 4,0 Slovenia 2,0 2,0 Spain 1,0 1,5 Sweden 2,0 2,0 Switzerland 3,0 3,0 Turkey 3,3 3,3 United Kingdom 1,0 1,0 United States 1,5 1,5

14 16 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Hiring and firing practices Enforcing contracts - Time Australia 3,9 3,5 Austria 3,7 3,6 Belgium 2,4 2,9 Canada 4,3 4,9 3,9 3,4 Czech Republic 3,1 3,2 Denmark 5,6 6,1 Estonia 4,1 4,5 Finland 3,3 4,0 France 2,4 2,7 Germany 2,4 2,8 Greece 2,8 3,0 Hungary 3,8 4,2 Iceland 5,4 5,3 Ireland 3,2 3,7 Israel 4,8 4,0 Italy 2,4 3,0 Japan 3,6 2,8 Korea 4,7 3,3 Mexico 3,7 3,1 Netherlands 2,9 3,1 New Zealand 3,5 3,7 Norway 2,6 2,8 Poland 3,8 3,3 Portugal 2,6 2,4 Slovak Republic 4,7 3,2 Slovenia 2,9 2,3 Spain 2,9 2,6 Sweden 2,7 2,5 Switzerland 5,7 5,8 Turkey 3,5 4,0 United Kingdom 4,2 4,4 United States 5,3 5,1 Australia 395,0 395,0 Austria 397,0 397,0 Belgium 505,0 505,0 Canada 570,0 570,0 480,0 480,0 Czech Republic 653,0 611,0 Denmark 380,0 410,0 Estonia 425,0 425,0 Finland 235,0 375,0 France 331,0 331,0 Germany 394,0 394,0 Greece 819,0 819,0 Hungary 335,0 395,0 Iceland 393,0 417,0 Ireland 515,0 650,0 Israel 890,0 890,0 Italy 1210,0 1210,0 Japan 360,0 360,0 Korea 230,0 230,0 Mexico 415,0 415,0 Netherlands 514,0 514,0 New Zealand 216,0 216,0 Norway 310,0 280,0 Poland 980,0 830,0 Portugal 577,0 547,0 Slovak Republic 565,0 565,0 Slovenia 1350,0 1290,0 Spain 515,0 515,0 Sweden 508,0 508,0 Switzerland 417,0 390,0 Turkey 420,0 420,0 United Kingdom 404,0 399,0 United States 300,0 300,0

15 Appendix Enforcing contracts - Cost in percentage of claim Enforcing contracts - Number of procedures Australia 20,7 21,8 Austria 12,7 18,0 Belgium 17,7 17,7 Canada 22,3 22,3 28,6 28,6 Czech Republic 33,0 33,0 Denmark 23,3 23,3 Estonia 14,9 22,3 Finland 13,3 13,3 France 17,4 17,4 Germany 14,4 14,4 Greece 14,4 14,4 Hungary 15,0 15,0 Iceland 7,7 8,2 Ireland 26,9 26,9 Israel 25,3 25,3 Italy 29,9 29,9 Japan 32,2 32,2 Korea 10,3 10,3 Mexico 32,0 32,0 Netherlands 24,4 23,9 New Zealand 22,0 22,4 Norway 9,9 9,9 Poland 12,0 12,0 Portugal 14,2 13,0 Slovak Republic 25,7 30,0 Slovenia 18,6 12,7 Spain 17,2 17,2 Sweden 31,3 31,2 Switzerland 21,2 24,0 Turkey 27,3 27,9 United Kingdom 23,4 24,8 United States 14,4 14,4 Australia 28,0 28,0 Austria 26,0 25,0 Belgium 28,0 26,0 Canada 36,0 36,0 36,0 36,0 Czech Republic 27,0 27,0 Denmark 35,0 35,0 Estonia 34,0 35,0 Finland 33,0 33,0 France 29,0 29,0 Germany 30,0 30,0 Greece 39,0 39,0 Hungary 35,0 35,0 Iceland 27,0 27,0 Ireland 21,0 21,0 Israel 35,0 35,0 Italy 41,0 41,0 Japan 30,0 30,0 Korea 35,0 33,0 Mexico 38,0 38,0 Netherlands 26,0 26,0 New Zealand 30,0 30,0 Norway 34,0 34,0 Poland 37,0 37,0 Portugal 35,0 31,0 Slovak Republic 32,0 32,0 Slovenia 32,0 32,0 Spain 40,0 39,0 Sweden 30,0 30,0 Switzerland 32,0 32,0 Turkey 37,0 36,0 United Kingdom 30,0 28,0 United States 32,0 32,0

16 18 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Legal Barriers Antitrust Exemptions Australia 1,9 0,9 Austria 3,5 0,3 Belgium 1,4 1,2 Canada 0,8 0,9 Czech Republic 1,6 1,7 Denmark 2,3 0,9 Estonia Finland 1,6 0,6 France 2,0 0,3 Germany 1,1 0,9 Greece 1,6 1,1 Hungary 2,7 1,4 Iceland 2,3 2,6 Ireland 0,6 0,3 Israel 3,2 3,2 Italy 3,3 0,6 Japan 2,2 1,4 Korea 2,5 1,1 Mexico 2,2 1,1 Netherlands 2,2 1,4 New Zealand 0,3 0,3 Norway 2,7 2,3 Poland 1,6 0,9 Portugal 1,2 1,7 Slovak Republic 0,6 0,3 Slovenia Spain 1,4 0,3 Sweden 2,0 1,1 Switzerland 2,5 1,7 Turkey 2,2 0,6 United Kingdom 1,4 0,9 United States 1,1 1,1 Australia 2,8 3,3 Austria 0,0 0,0 Belgium 0,6 0,0 Canada 0,7 0,6 Czech Republic 0,0 0,0 Denmark 2,3 2,5 Estonia Finland 0,0 0,0 France 1,3 0,0 Germany 0,0 0,0 Greece 0,0 0,0 Hungary 1,1 0,8 Iceland 0,0 0,0 Ireland 0,0 0,0 Israel 0,0 0,0 Italy 0,0 0,0 Japan 0,5 0,5 Korea 0,6 0,4 Mexico 0,9 2,5 Netherlands 0,8 0,0 New Zealand 0,4 0,6 Norway 0,0 0,0 Poland 1,5 0,0 Portugal 1,0 0,0 Slovak Republic 0,0 0,0 Slovenia Spain 0,0 0,0 Sweden 0,9 0,0 Switzerland 0,0 0,0 Turkey 3,6 0,0 United Kingdom 0,2 0,0 United States 2,8 2,3

17 Appendix Barrier to Entry in Networks Sectors Barrier to Entry Services Australia 1,9 0,4 Austria 4,3 1,3 Belgium 4,4 1,9 Canada 3,0 2,3 Czech Republic 4,7 0,5 Denmark 3,0 0,3 Estonia Finland 2,5 2,1 France 4,5 1,9 Germany 3,6 1,4 Greece 5,5 1,7 Hungary 4,8 0,8 Iceland 4,7 3,8 Ireland 4,6 1,9 Israel 3,4 3,4 Italy 4,9 1,6 Japan 4,5 3,7 Korea 5,3 3,5 Mexico 4,6 4,7 Netherlands 3,0 1,3 New Zealand 2,5 1,5 Norway 2,9 1,7 Poland 5,2 1,4 Portugal 4,2 1,6 Slovak Republic 2,4 1,3 Slovenia Spain 3,6 1,4 Sweden 2,3 1,5 Switzerland 4,6 2,8 Turkey 5,1 2,7 United Kingdom 1,1 0,5 United States 3,2 3,1 Australia 2,2 2,0 Austria 5,0 4,0 Belgium 2,9 3,6 Canada 2,9 4,6 Czech Republic 1,0 3,0 Denmark 3,5 3,7 Estonia Finland 3,7 3,3 France 4,5 4,0 Germany 3,0 3,4 Greece 5,5 4,6 Hungary 0,3 3,9 Iceland 2,0 3,6 Ireland 1,8 1,7 Israel 4,6 4,6 Italy 3,7 4,1 Japan 4,9 3,4 Korea 0,7 2,3 Mexico 2,9 4,1 Netherlands 1,8 2,3 New Zealand 4,2 2,7 Norway 4,3 3,1 Poland 5,0 4,7 Portugal 3,1 3,8 Slovak Republic 3,5 2,9 Slovenia Spain 3,1 3,4 Sweden 2,4 1,5 Switzerland 1,6 1,1 Turkey 4,4 2,5 United Kingdom 4,3 1,7 United States 4,8 3,6

18 20 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Public Expenditure on Unemployment Support per Unemployed Australia 12310, ,3 Austria 28343, ,8 Belgium 29385, ,2 Canada 9104, ,3 953,1 2796,5 Czech Republic 2547,2 4847,7 Denmark 50640, ,3 Estonia 813,9 2597,1 Finland 20733, ,3 France 17798, ,5 Germany 16115, ,5 Greece 2976,2 2976,2 Hungary 3909,9 5807,0 Iceland Ireland 26346, ,4 Israel 6709,5 7421,6 Italy 11772, ,5 Japan 7926,7 8170,8 Korea 3957, ,5 Mexico 171,0 64,3 Netherlands 42862, ,1 New Zealand 11126,8 7561,1 Norway 23901, ,6 Poland 2214,3 4656,5 Portugal 9349,8 8684,7 Slovak Republic 1216,5 3053,1 Slovenia 4832,4 8709,6 Spain 13899, ,0 Sweden 19991, ,1 Switzerland 26636, ,3 Turkey United Kingdom 8699,4 6401,6 United States 6124,4 8770,7 Public Health Care Coverage of the Population Australia 100,0 100,0 Austria 98,0 99,0 Belgium 99,0 99,5 Canada 100,0 100,0 67,4 73,5 Czech Republic 100,0 100,0 Denmark 100,0 100,0 Estonia 94,3 93,7 Finland 100,0 100,0 France 99,9 99,9 Germany 89,8 89,2 Greece 100,0 100,0 Hungary 100,0 100,0 Iceland 99,5 99,9 Ireland 100,0 100,0 Israel 100,0 100,0 Italy 100,0 100,0 Japan 100,0 100,0 Korea 100,0 100,0 Mexico 47,2 74,0 Netherlands 62,5 98,8 New Zealand 100,0 100,0 Norway 100,0 100,0 Poland 97,3 97,6 Portugal 100,0 100,0 Slovak Republic 95,6 95,2 Slovenia 99,0 100,0 Spain 98,5 99,2 Sweden 100,0 100,0 Switzerland 100,0 100,0 Turkey 75,9 82,9 United Kingdom 100,0 100,0 United States 25,4 26,4

19 Appendix Highest Marginal Income Tax Plus Social Contributions Average Income Tax plus Social Contributions Australia 48,5 39,5 Austria 37,5 37,0 Belgium 59,3 60,9 Canada 33,0 33,0 7,0 7,0 Czech Republic 34,4 31,1 Denmark 63,0 56,1 Estonia 24,8 23,2 Finland 49,8 47,5 France 42,2 42,3 Germany 44,3 44,3 Greece 41,2 37,8 Hungary 51,5 57,6 Iceland 38,2 38,5 Ireland 44,3 51,0 Israel 47,4 42,0 Italy 46,2 49,2 Japan 27,0 30,7 Korea 19,9 18,4 Mexico 24,6 22,9 Netherlands 52,0 50,1 New Zealand 39,0 35,5 Norway 47,8 47,8 Poland 31,1 26,7 Portugal 24,0 45,9 Slovak Republic 28,7 28,7 Slovenia 51,7 54,0 Spain 28,0 37,0 Sweden 56,6 56,5 Switzerland 37,1 31,0 Turkey 36,9 38,6 United Kingdom 41,0 41,0 United States 38,9 39,4 Australia 30,1 28,2 Austria 37,7 38,5 Belgium 48,7 49,1 Canada 27,2 26,8 7,0 7,8 Czech Republic 27,2 26,2 Denmark 49,4 44,8 Estonia 20,6 21,0 Finland 37,8 36,9 France 33,1 33,6 Germany 47,1 43,8 Greece 26,0 25,7 Hungary 41,9 37,8 Iceland 29,4 32,9 Ireland 31,1 32,1 Israel 29,4 24,7 Italy 34,9 37,9 Japan 23,1 24,8 Korea 15,1 15,3 Mexico 13,7 13,6 Netherlands 37,6 37,4 New Zealand 26,0 22,0 Norway 35,4 35,7 Poland 30,1 25,4 Portugal 29,1 32,9 Slovak Republic 25,0 25,5 Slovenia 40,8 39,3 Spain 25,3 26,7 Sweden 39,8 35,4 Switzerland 20,6 20,7 Turkey 32,4 31,2 United Kingdom 30,6 30,4 United States 30,2 28,6

20 22 Appendix The Nordic Growth Entrepreneurship Review 2012 NGER Final report Revenue from Bequest Tax Revenue from Net Wealth Tax Australia 0,0 0,0 Austria 0,1 0,0 Belgium 0,5 0,6 Canada 0,0 0,0 0,0 0,1 Czech Republic 0,0 0,0 Denmark 0,2 0,2 Estonia 0,0 0,0 Finland 0,3 0,3 France 0,5 0,4 Germany 0,2 0,2 Greece 0,1 0,0 Hungary 0,1 0,0 Iceland 0,1 0,1 Ireland 0,1 0,2 Israel 0,0 0,0 Italy 0,0 0,0 Japan 0,0 0,0 Korea 0,0 0,0 0,2 Mexico 0,0 0,0 Netherlands 0,3 0,2 New Zealand 0,0 0,0 Norway 0,1 0,1 Poland 0,0 0,0 Portugal 0,0 0,0 Slovak Republic 0,0 0,0 Slovenia 0,0 0,0 Spain 0,2 0,2 Sweden 0,1 0,0 Switzerland 0,2 0,3 Turkey 0,0 0,0 United Kingdom 0,2 0,2 United States 0,2 0,2 Australia 0,0 0,0 Austria 0,0 0,0 Belgium 0,1 0,1 Canada 0,3 0,1 0,0 0,0 Czech Republic 0,0 0,0 Denmark 0,0 0,0 Estonia 0,0 0,0 Finland 0,1 0,0 France 0,2 0,2 Germany 0,0 0,0 Greece 0,0 0,1 Hungary 0,0 0,2 Iceland 0,3 0,0 Ireland 0,0 0,0 Israel 0,0 0,0 Italy 0,0 0,0 Japan 0,0 0,0 Korea 0,0 0,0 Mexico 0,0 0,0 Netherlands 0,0 0,0 New Zealand 0,0 0,0 Norway 0,6 0,6 Poland 0,0 0,0 Portugal 0,0 0,0 Slovak Republic 0,0 0,0 Slovenia 0,0 0,0 Spain 0,1 0,1 Sweden 0,2 0,0 Switzerland 1,3 1,3 Turkey 0,0 0,0 United Kingdom 0,0 0,0 United States 0,0 0,0

21 Appendix na Taxation of Dividends - Top Marginal Tax Rate Taxation of Stock Options Australia 46,5 46,5 Austria 25,0 25,0 Belgium 15,0 25,0 Canada 46,4 46,4 40,0 40,0 Czech Republic 15,0 15,0 Denmark 43,0 42,0 Estonia 0,0 0,0 Finland 28,0 32,0 France 48,7 54,5 Germany 47,5 26,4 Greece 0,0 25,0 Hungary 35,0 16,0 Iceland 10,0 20,0 Ireland 41,0 41,0 Israel 25,0 30,0 Italy 12,5 20,0 Japan 10,0 10,0 Korea 38,5 41,8 Mexico 28,0 30,0 Netherlands 22,0 25,0 New Zealand 39,0 33,0 Norway 28,0 28,0 Poland 19,0 19,0 Portugal 20,0 25,0 Slovak Republic 0,0 0,0 Slovenia 20,0 20,0 Spain 18,0 27,0 Sweden 30,0 30,0 Switzerland 40,4 20,0 Turkey 35,0 35,0 United Kingdom 32,5 42,5 United States 21,0 21,3 Australia 41,8 Austria 64,7 Belgium 50,0 Canada 45,7 0,0 Czech Republic 54,6 Denmark 49,2 Estonia 0,0 Finland 60,0 France 48,2 Germany 32,3 Greece 39,6 Hungary 49,2 Iceland 39,3 Ireland 27,2 Israel 0,0 Italy 24,9 Japan 33,6 Korea 22,7 Mexico 38,0 Netherlands 52,5 New Zealand 55,1 Norway 50,4 Poland 30,3 Portugal 14,0 Slovak Republic 36,3 Slovenia 0,0 Spain 35,8 Sweden 49,5 Switzerland 37,5 Turkey 44,5 United Kingdom 14,8 United States 44,2

22 24 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report SME Tax Rates Taxation of Corporate Revenue Australia 30,0 30,0 Austria 25,0 25,0 Belgium 34,0 34,0 Canada 33,9 27,6 17,0 20,0 Czech Republic 24,0 19,0 Denmark 28,0 25,0 Estonia 23,0 21,0 Finland 26,0 26,0 France 34,4 34,4 Germany 38,9 30,2 Greece 29,0 20,0 Hungary 17,3 19,0 Iceland 18,0 20,0 Ireland 12,5 12,5 Israel 31,0 24,0 Italy 33,0 27,5 Japan 39,5 39,5 Korea 27,5 24,2 Mexico 29,0 30,0 Netherlands 29,6 25,0 New Zealand 33,0 28,0 Norway 28,0 28,0 Poland 19,0 19,0 Portugal 27,5 26,5 Slovak Republic 19,0 19,0 Slovenia 25,0 20,0 Spain 35,0 30,0 Sweden 28,0 26,3 Switzerland 21,3 21,2 Turkey 20,0 20,0 United Kingdom 30,0 26,0 United States 39,3 39,2 Australia 5,4 5,4 Austria 2,2 2,0 Belgium 3,1 2,9 Canada 3,4 3,4 Czech Republic 4,6 3,8 Denmark 3,3 2,8 Estonia 1,6 1,6 Finland 3,4 2,7 France 2,6 2,2 Germany 1,5 1,6 Greece 3,1 2,5 Hungary 2,2 2,0 Iceland 1,4 1,8 Ireland 3,5 2,6 Israel 3,4 3,0 Italy 2,8 3,2 Japan 3,8 3,1 Korea 3,6 3,8 Mexico Netherlands 3,2 2,6 New Zealand 5,4 3,9 Norway 9,9 10,5 Poland 2,2 2,5 Portugal 2,8 3,1 Slovak Republic 2,7 2,7 Slovenia 2,1 2,1 Spain 3,4 2,3 Sweden 3,0 3,1 Switzerland 2,5 3,2 Turkey 1,8 1,9 United Kingdom 3,0 3,1 United States 2,6 2,1

23 Appendix Intellectual Property rights Property Rights Australia 5,9 5,3 Austria 5,9 5,5 Belgium 5,7 5,1 Canada 5,7 5,4 4,0 3,6 Czech Republic 3,9 3,7 Denmark 6,3 5,9 Estonia 4,7 4,8 Finland 6,3 6,2 France 5,9 5,8 Germany 6,5 5,6 Greece 4,1 3,8 Hungary 4,4 4,1 Iceland 5,9 5,2 Ireland 5,5 5,7 Israel 5,1 4,6 Italy 4,3 3,7 Japan 5,6 5,3 Korea 5,4 4,1 Mexico 3,5 3,2 Netherlands 6,0 5,8 New Zealand 5,8 5,8 Norway 5,6 5,6 Poland 3,5 3,7 Portugal 4,9 4,2 Slovak Republic 3,8 3,8 Slovenia 4,5 4,2 Spain 4,9 4,1 Sweden 6,0 6,0 Switzerland 6,3 6,1 Turkey 3,4 2,7 United Kingdom 6,0 5,7 United States 5,4 5,0 Australia 6,3 5,6 Austria 6,6 5,9 Belgium 6,0 5,4 Canada 6,4 6,0 5,4 5,0 Czech Republic 4,7 4,1 Denmark 6,6 6,0 Estonia 6,5 5,3 Finland 6,1 6,4 France 6,5 5,9 Germany 5,1 5,7 Greece 5,2 4,5 Hungary 6,4 4,3 Iceland 6,4 5,2 Ireland 5,2 6,0 Israel 5,2 5,3 Italy 4,8 4,2 Japan 6,3 5,7 Korea 5,4 4,6 Mexico 4,1 4,0 Netherlands 6,3 5,8 New Zealand 6,2 5,8 Norway 6,4 5,9 Poland 4,0 4,5 Portugal 5,6 4,8 Slovak Republic 4,9 4,1 Slovenia 4,9 4,4 Spain 5,4 4,9 Sweden 6,5 6,2 Switzerland 6,7 6,4 Turkey 4,2 4,2 United Kingdom 5,5 6,0 United States 5,8 5,1

24 26 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Import Burdens Export Burdens Australia 35,1 42,6 Austria 37,1 44,0 Belgium 49,3 51,6 Canada 48,7 52,2 52,5 62,1 Czech Republic 67,4 74,6 Denmark 9,2 19,5 Estonia 14,2 24,7 Finland 22,1 33,3 France 26,8 33,4 Germany 28,7 37,5 Greece 72,8 79,2 Hungary 62,0 69,8 Iceland 59,6 63,0 Ireland 36,3 43,8 Israel 19,4 29,6 Italy 49,5 56,1 Japan 36,2 44,8 Korea 13,7 21,9 Mexico 56,1 56,1 Netherlands 27,1 36,6 New Zealand 29,1 38,8 Norway 17,7 28,1 Poland 45,6 35,0 Portugal 41,0 50,2 Slovak Republic 71,3 76,6 Slovenia 57,5 64,3 Spain 52,2 59,0 Sweden 10,6 21,0 Switzerland 47,8 52,2 Turkey 62,0 69,9 United Kingdom 24,3 32,3 United States 35,2 41,3 Australia 51,2 35,0 Austria 37,4 17,5 Belgium 47,3 19,6 Canada 44,2 10,9 66,4 86,8 Czech Republic 54,5 38,3 Denmark 19,7 38,4 Estonia 12,4 31,1 Finland 19,6 37,7 France 25,1 8,3 Germany 27,8 46,9 Greece 70,3 51,3 Hungary 64,4 49,6 Iceland 80,1 49,2 Ireland 35,2 17,5 Israel 36,5 50,9 Italy 66,5 44,6 Japan 27,7 46,7 Korea 20,7 33,7 Mexico 62,0 34,6 Netherlands 26,5 45,5 New Zealand 53,6 72,5 Norway 26,5 45,4 Poland 55,7 45,0 Portugal 40,8 59,3 Slovak Republic 82,5 51,7 Slovenia 61,1 73,5 Spain 56,2 35,0 Sweden 17,8 36,4 Switzerland 50,6 19,6 Turkey 66,1 85,4 United Kingdom 30,3 49,5 United States 31,3 15,4

25 Appendix Tariffs Government Enterprises and Investment Australia 1,0 1,0 Austria 1,0 1,0 Belgium 1,0 1,0 Canada 1,0 1,0 Czech Republic 2,0 2,0 Denmark 1,0 1,0 Estonia Finland 1,0 1,0 France 1,0 1,0 Germany 1,0 1,0 Greece 1,0 1,0 Hungary 4,0 4,0 Iceland 0,0 0,0 Ireland 1,0 1,0 Israel Italy 1,0 1,0 Japan 0,0 0,0 Korea 2,0 2,0 Mexico 5,0 6,0 Netherlands 1,0 1,0 New Zealand 1,0 1,0 Norway 0,0 0,0 Poland 4,0 4,0 Portugal 1,0 1,0 Slovak Republic 1,0 1,0 Slovenia Spain 1,0 1,0 Sweden 1,0 1,0 Switzerland 1,0 1,0 Turkey 3,0 3,0 United Kingdom 1,0 1,0 United States 1,0 0,0 Australia 10,0 10,0 Austria 10,0 10,0 Belgium 10,0 10,0 Canada 10,0 10,0 10,0 10,0 Czech Republic 8,0 7,0 Denmark 10,0 10,0 Estonia 10,0 8,0 Finland 8,0 10,0 France 8,0 10,0 Germany 10,0 10,0 Greece 10,0 8,0 Hungary 10,0 10,0 Iceland 8,0 8,0 Ireland 8,0 7,0 Israel 10,0 4,0 Italy 10,0 10,0 Japan 8,0 10,0 Korea 8,0 8,0 Mexico 7,0 7,0 Netherlands 8,0 8,0 New Zealand 10,0 8,0 Norway 8,0 10,0 Poland 8,0 7,0 Portugal 10,0 10,0 Slovak Republic 10,0 10,0 Slovenia 10,0 8,0 Spain 10,0 10,0 Sweden 8,0 8,0 Switzerland 10,0 10,0 Turkey 8,0 8,0 United Kingdom 10,0 10,0 United States 8,0 8,0

26 28 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Ownership of Banks Price Controls Australia 10,0 10,0 Austria 10,0 10,0 Belgium 10,0 10,0 Canada 10,0 10,0 8,0 8,0 Czech Republic 8,0 10,0 Denmark 10,0 10,0 Estonia 10,0 10,0 Finland 10,0 10,0 France 10,0 10,0 Germany 5,0 5,0 Greece 8,0 8,0 Hungary 8,0 10,0 Iceland 10,0 10,0 Ireland 8,0 8,0 Israel 5,0 5,0 Italy 8,0 8,0 Japan 5,0 8,0 Korea 5,0 8,0 Mexico 10,0 10,0 Netherlands 10,0 10,0 New Zealand 10,0 10,0 Norway 10,0 10,0 Poland 8,0 8,0 Portugal 8,0 5,0 Slovak Republic 10,0 10,0 Slovenia 8,0 8,0 Spain 10,0 10,0 Sweden 10,0 10,0 Switzerland 8,0 8,0 Turkey 5,0 5,0 United Kingdom 10,0 10,0 United States 10,0 10,0 Australia 8,0 7,0 Austria 8,0 9,0 Belgium 5,0 6,0 Canada 8,0 7,0 8,0 10,0 Czech Republic 7,0 8,0 Denmark 7,0 8,0 Estonia 7,0 7,0 Finland 8,0 5,0 France 7,0 5,0 Germany 7,0 7,0 Greece 4,0 4,0 Hungary 6,0 8,0 Iceland 8,0 8,0 Ireland 5,0 7,0 Israel 6,0 6,0 Italy 5,0 5,0 Japan 5,0 5,0 Korea 1,0 3,0 Mexico 4,0 3,0 Netherlands 6,0 7,0 New Zealand 10,0 9,0 Norway 6,0 6,0 Poland 1,0 1,0 Portugal 6,0 6,0 Slovak Republic 5,0 3,0 Slovenia 4,0 3,0 Spain 5,0 5,0 Sweden 7,0 7,0 Switzerland 5,0 6,0 Turkey 5,0 6,0 United Kingdom 5,0 6,0 United States 7,0 6,0

27 Appendix Licensing Restrictions Use of Command & Control Regulation Australia 7,3 7,3 Austria 7,6 7,6 Belgium 8,0 8,0 Canada 9,5 9,5 8,2 8,2 Czech Republic 3,5 4,5 Denmark 9,7 9,7 Estonia 8,9 8,7 Finland 9,8 9,6 France 8,6 8,6 Germany 9,2 9,2 Greece 8,0 8,1 Hungary 7,4 7,8 Iceland 9,6 9,7 Ireland 7,9 7,7 Israel 6,8 6,9 Italy 6,5 6,5 Japan 8,7 7,8 Korea 9,8 9,8 Mexico 8,5 9,0 Netherlands 7,0 7,0 New Zealand 9,8 9,8 Norway 6,7 6,7 Poland 5,6 5,6 Portugal 5,5 6,4 Slovak Republic 6,2 6,2 Slovenia 7,1 7,5 Spain 7,0 7,0 Sweden 8,8 8,8 Switzerland 8,3 8,3 Turkey 7,1 7,4 United Kingdom 8,4 9,2 United States 10,0 10,0 Australia 1,4 1,1 Austria 2,6 0,8 Belgium 4,7 4,4 Canada 1,3 0,7 Czech Republic 2,3 2,2 Denmark 3,9 1,3 Estonia Finland 2,8 1,3 France 4,4 2,9 Germany 3,3 1,2 Greece 5,1 5,0 Hungary 2,3 2,3 Iceland 2,5 0,1 Ireland 3,8 0,8 Israel 4,9 4,9 Italy 3,5 1,3 Japan 4,0 0,3 Korea 1,0 0,7 Mexico 2,1 0,4 Netherlands 1,6 1,3 New Zealand 1,6 1,4 Norway 1,9 0,7 Poland 4,5 1,7 Portugal 3,4 2,0 Slovak Republic 0,1 0,1 Slovenia Spain 4,6 1,7 Sweden 1,6 0,8 Switzerland 1,2 1,1 Turkey 4,9 4,4 United Kingdom 1,7 2,0 United States 1,2 1,3

28 30 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Public Procurement advertised in the Official Journal (as % of GDP) Average Delay in Payment - Public Authorities Australia Austria 2,0 2,3 Belgium 2,3 3,1 Canada Czech Republic 2,7 5,6 Denmark 2,2 4,4 Estonia 7,1 10,6 Finland 3,3 4,6 France 3,0 7,4 Germany 1,6 1,3 Greece 4,9 2,4 Hungary 6,8 5,6 Iceland Ireland 2,6 2,3 Israel Italy 2,7 3,4 Japan Korea Mexico Netherlands 1,6 1,9 New Zealand Norway Poland 7,6 8,7 Portugal 2,1 4,1 Slovak Republic 6,3 11,6 Slovenia 3,2 4,6 Spain 4,3 3,2 Sweden 3,2 4,9 Switzerland Turkey United Kingdom 3,5 6,5 United States Australia Austria 11,0 14,0 Belgium 31,0 28,0 Canada 10,0 12,0 Czech Republic 13,0 12,0 Denmark 6,0 10,0 Estonia 4,0 4,0 Finland 22,0 21,0 France 15,0 11,0 Germany 70,0 114,0 Greece 28,0 27,0 Hungary 13,0 9,0 Iceland 15,0 13,0 Ireland Israel 52,0 90,0 Italy Japan Korea 14,0 18,0 Mexico 22,0 19,0 Netherlands New Zealand 8,0 9,0 Norway 24,0 19,0 Poland 72,0 79,0 Portugal 14,0 32,0 Slovak Republic 15,0 15,0 Slovenia 51,0 80,0 Spain 7,0 7,0 Sweden 16,0 12,0 Switzerland Turkey 20,0 18,0 United Kingdom United States

29 Appendix Buyer Sophistication Private credit Australia 5,3 4,2 Austria 5,4 4,2 Belgium 5,4 4,4 Canada 5,3 4,6 4,7 4,2 Czech Republic 4,2 3,6 Denmark 5,3 4,7 Estonia 4,1 3,2 Finland 5,4 4,6 France 5,3 3,9 Germany 5,3 4,3 Greece 4,1 3,5 Hungary 3,3 2,9 Iceland 4,9 3,8 Ireland 5,4 4,2 Israel 4,9 4,1 Italy 4,6 4,1 Japan 5,6 5,3 Korea 5,7 4,4 Mexico 4,0 3,4 Netherlands 5,3 4,5 New Zealand 5,1 4,2 Norway 5,2 4,3 Poland 3,6 3,5 Portugal 4,2 3,6 Slovak Republic 3,6 2,7 Slovenia 4,8 3,0 Spain 4,7 3,8 Sweden 5,5 4,9 Switzerland 5,7 5,2 Turkey 3,9 3,0 United Kingdom 5,3 4,5 United States 5,3 4,6 Australia 113,4 128,2 Austria 116,4 119,6 Belgium 82,1 93,0 Canada 167,0 128,2 81,9 89,3 Czech Republic 41,0 55,8 Denmark 185,7 209,0 Estonia 82,8 84,6 Finland 78,8 95,6 France 98,4 116,2 Germany 109,6 105,4 Greece 85,1 118,2 Hungary 55,6 65,0 Iceland 319,5 103,1 Ireland 180,5 207,6 Israel 89,7 95,7 Italy 94,5 122,3 Japan 183,5 169,7 Korea 95,0 100,5 Mexico 19,7 26,1 Netherlands 167,2 198,1 New Zealand 122,4 149,0 Norway 70,0 86,2 Poland 33,3 54,9 Portugal 151,9 192,2 Slovak Republic 31,8 44,9 Slovenia 65,9 91,4 Spain 167,2 204,0 Sweden 112,8 136,2 Switzerland 169,5 175,7 Turkey 25,9 50,1 United Kingdom 170,7 187,9 United States 205,4 193,0

30 32 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Interest rate spread Collateral and Bankruptcy Legal Rights Index Australia 5,2 2,9 Austria 0,9 1,1 Belgium 2,0 1,6 Canada 3,9 2,3 Czech Republic 6,5 5,6 Denmark 3,2 4,3 Estonia 2,1 4,6 Finland 2,6 2,0 France 0,8 1,0 Germany 1,3 2,1 Greece 1,5 1,9 Hungary 3,7 5,2 Iceland 7,2 8,0 Ireland 2,2 0,8 Israel 4,4 2,6 Italy 4,6 3,8 Japan 1,7 1,3 Korea 2,2 2,4 Mexico 4,7 5,1 Netherlands 0,7-0,6 New Zealand 4,6 2,6 Norway 2,0 1,0 Poland 2,3 1,8 Portugal 1,5 2,4 Slovak Republic 4,9 1,9 Slovenia 1,3 3,4 Spain 0,8 0,8 Sweden 3,3 0,0 Switzerland 3,0 2,7 Turkey 0,0 0,0 United Kingdom 1,2 0,3 United States 2,8 2,7 Australia 9,0 9,0 Austria 7,0 7,0 Belgium 7,0 7,0 Canada 6,0 7,0 4,0 6,0 Czech Republic 7,0 6,0 Denmark 9,0 9,0 Estonia 6,0 7,0 Finland 7,0 8,0 France 6,0 7,0 Germany 8,0 7,0 Greece 3,0 4,0 Hungary 7,0 7,0 Iceland 7,0 7,0 Ireland 8,0 9,0 Israel 9,0 9,0 Italy 3,0 3,0 Japan 7,0 7,0 Korea 7,0 8,0 Mexico 5,0 6,0 Netherlands 6,0 6,0 New Zealand 10,0 10,0 Norway 7,0 7,0 Poland 8,0 9,0 Portugal 3,0 3,0 Slovak Republic 9,0 9,0 Slovenia 5,0 4,0 Spain 6,0 6,0 Sweden 5,0 7,0 Switzerland 8,0 8,0 Turkey 4,0 4,0 United Kingdom 9,0 10,0 United States 8,0 9,0

31 Appendix Ease of access to loans credit rating Australia 4,9 3,9 Austria 4,1 3,2 Belgium 4,4 4,0 Canada 4,4 3,7 4,2 3,6 Czech Republic 3,7 2,9 Denmark 5,4 3,6 Estonia 4,6 2,9 Finland 5,4 4,5 France 3,7 3,2 Germany 3,8 3,0 Greece 3,6 2,2 Hungary 3,3 2,4 Iceland 4,6 2,6 Ireland 4,6 1,9 Israel 4,1 3,5 Italy 2,5 2,2 Japan 3,4 3,1 Korea 4,4 2,0 Mexico 2,8 2,4 Netherlands 5,2 3,9 New Zealand 4,8 3,8 Norway 5,3 4,6 Poland 3,4 2,7 Portugal 3,9 2,7 Slovak Republic 4,5 3,0 Slovenia 4,2 2,3 Spain 3,7 2,4 Sweden 4,9 4,5 Switzerland 4,1 3,7 Turkey 3,3 2,7 United Kingdom 4,8 3,0 United States 4,8 3,7 Australia 87,6 88,6 Austria 92,9 85,2 Belgium 90,3 81,4 Canada 92,9 93,6 72,6 80,6 Czech Republic 71,7 74,5 Denmark 93,7 86,6 Estonia 68,1 59,5 Finland 93,9 88,6 France 93,3 85,6 Germany 93,1 90,8 Greece 76,2 43,9 Hungary 65,4 56,9 Iceland 80,6 41,0 Ireland 92,2 67,5 Israel 64,3 70,3 Italy 83,9 70,4 Japan 86,8 80,8 Korea 74,8 77,6 Mexico 64,3 67,6 Netherlands 93,9 90,5 New Zealand 85,1 83,0 Norway 94,9 93,8 Poland 67,5 72,2 Portugal 82,6 62,2 Slovak Republic 67,9 71,2 Slovenia 76,6 84,4 Spain 89,5 66,7 Sweden 93,7 88,9 Switzerland 95,4 93,0 Turkey 45,1 55,3 United Kingdom 93,9 81,5 United States 93,7 90,7

32 34 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report na Barriers to FDI Venture capital (early stage) Australia 1,7 1,8 Austria 2,1 1,5 Belgium 1,2 0,9 Canada 1,7 1,5 0,2 0,2 Czech Republic 2,8 1,4 Denmark 1,2 0,2 Estonia 0,7 0,7 Finland 1,7 1,4 France 2,8 1,1 Germany 0,1 1,2 Greece 2,3 1,4 Hungary 2,7 0,2 Iceland 2,3 1,4 Ireland 1,2 0,9 Israel 1,4 1,4 Italy 2,9 2,6 Japan 1,8 1,5 Korea 2,3 1,0 Mexico 2,1 1,5 Netherlands 1,1 0,8 New Zealand 2,2 1,6 Norway 1,9 0,3 Poland 3,6 3,3 Portugal 1,4 1,2 Slovak Republic 2,1 2,2 Slovenia 1,0 1,0 Spain 1,6 0,1 Sweden 1,5 1,5 Switzerland 1,7 0,5 Turkey 2,4 1,7 United Kingdom 0,2 0,2 United States 1,2 1,0 Australia 0, Austria 0, Belgium 0, Canada 0, Czech Republic 0, Denmark 0, Estonia 0, Finland 0, France 0, Germany 0, Greece 0, Hungary 0, Iceland Ireland 0, Israel 0, Italy 0, Japan Korea 0, , Mexico Netherlands 0, New Zealand Norway 0, Poland 0, Portugal 0, Slovak Republic Slovenia 0, Spain 0, Sweden 0, Switzerland 0, Turkey United Kingdom 0, United States 0,000450

33 Appendix na Venture capital (expansion stage) Venture capital availability Australia 0,0004 Austria 0,0001 Belgium 0,0004 Canada 0,0002 Czech Republic 0,0001 Denmark 0,0002 Estonia 0,0000 Finland 0,0002 France 0,0003 Germany 0,0001 Greece 0,0001 Hungary 0,0000 Iceland Ireland 0,0004 Israel 0,0016 Italy 0,0000 Japan Korea 0,0001 Mexico Netherlands 0,0001 New Zealand Norway 0,0002 Poland 0,0000 Portugal 0,0000 Slovak Republic Slovenia 0,0000 Spain 0,0001 Sweden 0,0004 Switzerland 0,0002 Turkey United Kingdom 0,0002 United States 0,0004 Australia 4,7 3,5 Austria 4,2 2,9 Belgium 4,2 3,5 Canada 4,4 3,6 3,9 3,1 Czech Republic 3,0 2,4 Denmark 4,9 3,4 Estonia 4,2 3,2 Finland 5,2 4,2 France 4,1 3,0 Germany 4,4 3,0 Greece 3,1 2,2 Hungary 3,4 2,1 Iceland 4,7 2,6 Ireland 4,9 2,2 Israel 5,2 4,5 Italy 2,9 2,2 Japan 3,9 2,9 Korea 4,5 2,2 Mexico 2,8 2,5 Netherlands 5,2 3,9 New Zealand 4,6 3,4 Norway 5,2 4,4 Poland 3,6 2,4 Portugal 3,7 2,6 Slovak Republic 3,8 2,6 Slovenia 3,5 2,4 Spain 4,2 2,7 Sweden 4,9 4,3 Switzerland 4,3 3,7 Turkey 2,9 2,4 United Kingdom 5,1 3,4 United States 5,3 4,0

34 36 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Investor protection Market capitalization of newly listed companies Australia 5,7 5,7 Austria 4,0 4,0 Belgium 7,0 7,0 Canada 8,3 8,3 6,0 6,3 Czech Republic 5,0 5,0 Denmark 6,3 6,3 Estonia 5,7 5,7 Finland 5,7 5,7 France 5,3 5,3 Germany 5,0 5,0 Greece 3,0 3,3 Hungary 4,3 4,3 Iceland 5,0 6,0 Ireland 8,3 8,3 Israel 8,3 8,3 Italy 5,7 5,7 Japan 7,0 7,0 Korea 5,3 5,3 Mexico 6,0 6,0 Netherlands 4,7 4,7 New Zealand 9,7 9,7 Norway 6,7 6,7 Poland 6,0 6,0 Portugal 6,0 6,0 Slovak Republic 4,7 4,7 Slovenia 6,3 6,7 Spain 5,0 5,0 Sweden 5,7 6,3 Switzerland 3,0 3,0 Turkey 5,3 5,7 United Kingdom 8,0 8,0 United States 8,3 8,3 Australia 0, , Austria 0, , Belgium Canada 0, , Czech Republic Denmark 0, , Estonia Finland 0, , France Germany 0, , Greece 0, , Hungary 0, , Iceland 0, , Ireland 0, , Israel Italy 0, , Japan 0, , Korea 0, , Mexico 0, , Netherlands New Zealand 0, , Norway 0, , Poland 0, , Portugal Slovak Republic Slovenia 0, , Spain 0, , Sweden 0, , Switzerland 0, , Turkey 0, , United Kingdom 0, , United States 0, ,018043

35 Appendix Capitalisation of primary stock market Turnover in Primary Stock Market Australia 1,3 1,4 Austria 0,6 0,2 Belgium Canada 1,2 1,3 Czech Republic 0,2 0,2 Denmark 1,3 0,4 Estonia Finland 1,3 3,4 France 0,7 0,7 Germany 0,6 0,4 Greece 0,9 0,1 Hungary 0,4 0,2 Iceland 0,4 0,4 Ireland 0,6 0,3 Israel Italy 0,5 0,3 Japan 1,3 0,7 Korea 0,9 0,9 Mexico 0,1 0,4 Netherlands New Zealand 0,5 2,8 Norway 0,9 0,5 Poland 0,4 0,3 Portugal Slovak Republic Slovenia 0,1 0,1 Spain 1,1 0,7 Sweden 1,3 0,2 Switzerland 2,6 2,1 Turkey 0,3 0,4 United Kingdom 1,6 1,7 United States 1,1 1,1 Australia 0,8 1,0 Austria 0,4 0,5 Belgium 0,3 0,3 Canada 0,8 0,8 Czech Republic 0,5 0,5 Denmark 1,2 1,0 Estonia Finland 1,2 1,0 France 0,8 0,8 Germany 1,7 1,5 Greece 0,5 0,8 Hungary 0,7 1,0 Iceland 1,2 1,0 Ireland 0,5 0,1 Israel 0,5 0,5 Italy 1,2 1,4 Japan 1,3 1,2 Korea 1,6 2,0 Mexico 0,3 0,3 Netherlands 1,2 1,2 New Zealand 0,4 0,4 Norway 1,5 1,1 Poland 0,4 0,6 Portugal 0,8 0,8 Slovak Republic 1,2 1,2 Slovenia 0,1 0,1 Spain 1,5 1,2 Sweden 1,2 1,0 Switzerland 1,2 0,8 Turkey 1,2 1,3 United Kingdom 2,0 0,9 United States 1,4 0,9

36 38 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Total GOVERD as percent of GDP Total BERD as percent of GDP Australia 0,9 1,3 Austria 0,1 0,1 Belgium 0,2 0,2 Canada 0,2 0,2 0,0 0,0 Czech Republic 0,3 0,3 Denmark 0,2 0,1 Estonia 0,1 0,2 Finland 0,3 0,4 France 0,4 0,4 Germany 0,4 0,4 Greece 0,1 0,1 Hungary 0,3 0,2 Iceland 0,7 0,5 Ireland 0,1 0,1 Israel 0,2 0,2 Italy 0,2 0,2 Japan 0,3 0,3 Korea 0,3 0,5 Mexico 0,1 0,1 Netherlands 0,2 0,2 New Zealand 0,4 0,3 Norway 0,2 0,3 Poland 0,2 0,3 Portugal 0,1 0,1 Slovak Republic 0,1 0,2 Slovenia 0,3 0,4 Spain 0,2 0,3 Sweden 0,2 0,2 Switzerland 0,0 0,0 Turkey 0,1 0,1 United Kingdom 0,2 0,2 United States 0,3 0,3 Australia 0,9 1,3 Austria 1,7 1,9 Belgium 1,2 1,3 Canada 1,1 0,9 0,1 0,2 Czech Republic 0,9 1,0 Denmark 1,7 2,1 Estonia 0,4 0,8 Finland 2,5 2,7 France 1,3 1,4 Germany 1,8 1,9 Greece 0,2 0,2 Hungary 0,4 0,7 Iceland 1,7 1,4 Ireland 0,8 1,2 Israel 3,4 3,5 Italy 0,5 0,7 Japan 2,5 2,5 Korea 2,1 2,8 Mexico 0,1 0,2 Netherlands 1,0 0,9 New Zealand 0,3 0,5 Norway 0,8 0,9 Poland 0,2 0,2 Portugal 0,3 0,7 Slovak Republic 0,3 0,3 Slovenia 0,8 1,4 Spain 0,6 0,7 Sweden 2,6 2,3 Switzerland 1,9 2,2 Turkey 0,2 0,4 United Kingdom 1,1 1,1 United States 1,8 2,0

37 Appendix Total HERD as percent of GDP Public Funding of R&D Activity as percentage of GDP Australia 0,9 1,3 Austria 0,6 0,7 Belgium 0,4 0,5 Canada 0,7 0,7 0,1 0,2 Czech Republic 0,2 0,3 Denmark 0,6 0,9 Estonia 0,4 0,6 Finland 0,7 0,8 France 0,4 0,5 Germany 0,4 0,5 Greece 0,3 0,3 Hungary 0,2 0,2 Iceland 0,5 0,7 Ireland 0,3 0,5 Israel 0,6 0,6 Italy 0,3 0,4 Japan 0,4 0,4 Korea 0,3 0,4 Mexico 0,2 0,1 Netherlands 0,7 0,7 New Zealand 0,3 0,4 Norway 0,5 0,5 Poland 0,2 0,3 Portugal 0,3 0,6 Slovak Republic 0,1 0,2 Slovenia 0,2 0,3 Spain 0,3 0,4 Sweden 0,8 0,9 Switzerland 0,6 0,8 Turkey 0,3 0,4 United Kingdom 0,4 0,5 United States 0,4 0,4 Australia 0,7 0,8 Austria 0,9 1,1 Belgium 0,5 0,5 Canada 0,6 0,6 0,1 0,1 Czech Republic 0,6 0,6 Denmark 0,7 0,8 Estonia 0,4 0,7 Finland 0,9 1,0 France 0,8 0,9 Germany 0,8 0,8 Greece 0,3 0,3 Hungary 0,5 0,5 Iceland 1,0 1,0 Ireland 0,4 0,5 Israel 1,0 0,7 Italy 0,6 0,5 Japan 0,6 0,6 Korea 0,6 1,0 Mexico 0,2 0,2 Netherlands 0,7 0,7 New Zealand 0,5 0,6 Norway 0,6 0,8 Poland 0,3 0,4 Portugal 0,4 0,7 Slovak Republic 0,3 0,3 Slovenia 0,5 0,7 Spain 0,4 0,7 Sweden 0,9 1,0 Switzerland 0,6 0,7 Turkey 0,3 0,3 United Kingdom 0,6 0,6 United States 0,8 0,9

38 40 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Private Funding of R&D Activity as percentage of GDP International co-operation Between Patent Applications at EPO Australia 0,9 1,4 Austria 1,2 1,2 Belgium 1,1 1,2 Canada 1,0 0,8 0,1 0,2 Czech Republic 0,7 0,8 Denmark 1,5 1,8 Estonia 0,4 0,7 Finland 2,3 2,6 France 1,1 1,1 Germany 1,7 1,9 Greece 0,1 0,2 Hungary 0,4 0,5 Iceland 1,4 1,3 Ireland 0,7 0,9 Israel 2,1 2,5 Italy 0,4 0,6 Japan 2,5 2,5 Korea 2,1 2,7 Mexico 0,3 0,5 Netherlands 0,8 0,8 New Zealand 0,2 0,2 Norway 0,3 0,7 Poland 0,2 0,2 Portugal 0,8 1,2 Slovak Republic 0,5 0,6 Slovenia 2,4 2,1 Spain 1,7 2,0 Sweden 0,3 0,4 Switzerland 0,7 0,8 Turkey 1,6 1,8 United Kingdom 0,9 1,0 United States 0,9 1,0 Australia 14,8 15,9 Austria 25,7 22,6 Belgium 44,1 43,2 Canada 27,6 29,9 45,5 17,0 Czech Republic 28,7 34,9 Denmark 21,6 22,4 Estonia 25,0 17,6 Finland 13,7 18,1 France 21,2 19,2 Germany 15,8 16,5 Greece 32,5 37,3 Hungary 32,6 33,5 Iceland 29,5 23,1 Ireland 31,8 31,7 Israel 15,8 14,5 Italy 14,6 14,1 Japan 3,1 2,3 Korea 4,5 3,4 Mexico 28,5 31,7 Netherlands 18,2 19,2 New Zealand 16,2 19,4 Norway 17,3 18,7 Poland 36,1 33,8 Portugal 35,6 29,7 Slovak Republic 31,7 46,0 Slovenia 14,0 13,2 Spain 20,7 16,3 Sweden 18,5 17,7 Switzerland 43,7 41,0 Turkey 15,2 7,8 United Kingdom 24,9 25,6 United States 10,9 11,8

39 Appendix Patents Awarded based on Inventors Residence Uni/Industry Research Collaboration Australia 0,0001 0,0001 Austria 0,0003 0,0002 Belgium 0,0003 0,0002 Canada 0,0002 0,0001 0,0000 0,0000 Czech Republic 0,0000 0,0000 Denmark 0,0003 0,0003 Estonia 0,0000 0,0000 Finland 0,0004 0,0003 France 0,0002 0,0002 Germany 0,0004 0,0003 Greece 0,0000 0,0000 Hungary 0,0000 0,0000 Iceland 0,0002 0,0001 Ireland 0,0001 0,0001 Israel 0,0004 0,0002 Italy 0,0001 0,0001 Japan 0,0005 0,0002 Korea 0,0003 0,0001 Mexico 0,0000 0,0000 Netherlands 0,0004 0,0003 New Zealand 0,0001 0,0001 Norway 0,0001 0,0001 Poland 0,0000 0,0000 Portugal 0,0000 0,0000 Slovak Republic 0,0000 0,0000 Slovenia 0,0001 0,0001 Spain 0,0000 0,0000 Sweden 0,0004 0,0004 Switzerland 0,0007 0,0005 Turkey 0,0000 0,0000 United Kingdom 0,0002 0,0001 United States 0,0005 0,0002 Australia 4,4 5,2 Austria 4,8 5,0 Belgium 5,1 5,3 Canada 4,9 5,2 3,9 4,1 Czech Republic 4,1 4,5 Denmark 5,0 5,2 Estonia 4,1 4,3 Finland 5,5 5,6 France 3,9 4,2 Germany 5,3 5,2 Greece 2,9 2,9 Hungary 3,7 4,4 Iceland 4,7 5,0 Ireland 4,8 5,0 Israel 5,2 5,4 Italy 3,0 3,5 Japan 4,9 5,1 Korea 5,4 4,7 Mexico 3,2 4,0 Netherlands 5,0 5,3 New Zealand 4,4 4,7 Norway 4,8 4,8 Poland 3,2 3,6 Portugal 3,6 4,6 Slovak Republic 3,7 3,2 Slovenia 4,2 4,0 Spain 3,4 4,1 Sweden 5,6 5,5 Switzerland 5,6 5,8 Turkey 3,3 3,5 United Kingdom 5,0 5,8 United States 5,6 5,7

40 42 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Research in Higher Education Sector Financed by Business Australia 0,9 1,3 Austria 0,6 0,7 Belgium 0,4 0,5 Canada 0,7 0,7 0,1 0,2 Czech Republic 0,2 0,3 Denmark 0,6 0,9 Estonia 0,4 0,6 Finland 0,7 0,8 France 0,4 0,5 Germany 0,4 0,5 Greece 0,3 0,3 Hungary 0,2 0,2 Iceland 0,5 0,7 Ireland 0,3 0,5 Israel 0,6 0,6 Italy 0,3 0,4 Japan 0,4 0,4 Korea 0,3 0,4 Mexico 0,2 0,1 Netherlands 0,7 0,7 New Zealand 0,3 0,4 Norway 0,5 0,5 Poland 0,2 0,3 Portugal 0,3 0,6 Slovak Republic 0,1 0,2 Slovenia 0,2 0,3 Spain 0,3 0,4 Sweden 0,8 0,9 Switzerland 0,6 0,8 Turkey 0,3 0,4 United Kingdom 0,4 0,5 United States 0,4 0,4 Number of Patent Applications by Universities & Government Institutions Australia 5,2 4,8 Austria 0,0 2,6 Belgium 5,4 6,6 Canada 7,3 5,4 Czech Republic 2,2 2,2 Denmark 0,2 3,0 Estonia Finland 0,7 0,2 France 2,6 4,4 Germany 0,3 1,7 Greece Hungary 0,8 0,8 Iceland Ireland 2,8 9,5 Israel Italy 0,9 3,3 Japan 0,1 2,6 Korea 0,6 2,3 Mexico 5,4 5,4 Netherlands 1,9 1,3 New Zealand 1,6 1,7 Norway 0,3 1,1 Poland Portugal Slovak Republic Slovenia Spain 5,2 8,6 Sweden 0,0 0,0 Switzerland 6,0 6,0 Turkey 6,0 6,0 United Kingdom 6,0 6,0 United States 6,0 6,0

41 Appendix Australia Percent of SME's stating cooperation as the source of Innovation Austria 0,1 0,3 Belgium 0,3 0,5 Canada Czech Republic 0,3 0,3 Denmark 0,4 0,5 Estonia Finland 0,4 0,3 France 0,4 0,4 Germany 0,1 0,1 Greece 0,2 0,3 Hungary 0,3 0,3 Iceland Ireland 0,3 0,2 Israel Italy 0,1 0,1 Japan Korea Mexico Netherlands 0,3 0,3 New Zealand Norway 0,3 0,3 Poland 0,3 0,3 Portugal 0,2 0,2 Slovak Republic 0,3 0,3 Slovenia Spain 0,1 0,1 Sweden 0,4 0,4 Switzerland Turkey 0,2 0,2 United Kingdom 0,3 0,3 United States Australia Percentages of Enterprises using egovernment Austria 75,0 75,0 Belgium 80,0 80,0 Canada Czech Republic 76,0 89,0 Denmark 90,0 92,0 Estonia 69,0 80,0 Finland 95,0 95,0 France 73,0 78,0 Germany 44,0 67,0 Greece 79,0 77,0 Hungary 52,0 71,0 Iceland 90,0 90,0 Ireland 84,0 87,0 Israel Italy 81,0 84,0 Japan Korea Mexico Netherlands 82,0 95,0 New Zealand Norway 82,0 79,0 Poland 64,0 89,0 Portugal 75,0 75,0 Slovak Republic 55,0 88,0 Slovenia 72,0 88,0 Spain 64,0 67,0 Sweden 86,0 90,0 Switzerland Turkey 66,0 66,0 United Kingdom 65,0 67,0 United States

42 44 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report E-commerce as percentage of total turnover of enterprises ICT expenditure on IT as percentage of GDP Australia Austria 7,0 13,0 Belgium 7,0 18,0 Canada 8,0 19,0 Czech Republic 8,0 17,0 Denmark 14,0 18,0 Estonia 12,0 13,0 Finland 11,0 18,0 France 1,0 3,0 Germany 3,0 16,0 Greece 6,0 18,0 Hungary 20,0 24,0 Iceland 2,0 2,0 Ireland 5,0 5,0 Israel Italy Japan Korea 14,0 13,0 Mexico 5,0 8,0 Netherlands 0,0 12,0 New Zealand 3,0 11,0 Norway 12,0 11,0 Poland 18,0 18,0 Portugal Slovak Republic 14,0 16,0 Slovenia 17,0 17,0 Spain Sweden Switzerland Turkey United Kingdom United States Australia Austria 2,0 2,0 Belgium 2,3 2,4 Canada Czech Republic 2,3 2,2 Denmark 2,9 2,9 Estonia 1,4 1,4 Finland 3,3 3,3 France 2,6 2,6 Germany 2,7 2,6 Greece 1,0 1,2 Hungary 1,8 1,8 Iceland Ireland 2,4 2,8 Israel Italy 1,5 1,6 Japan 2,5 2,8 Korea Mexico Netherlands 2,9 2,8 New Zealand Norway 1,9 1,7 Poland 1,8 1,7 Portugal 1,9 2,1 Slovak Republic 2,3 1,9 Slovenia 1,6 2,0 Spain 1,6 1,8 Sweden 3,2 2,9 Switzerland 3,0 2,9 Turkey 0,9 0,9 United Kingdom 3,2 3,8 United States 2,8 3,3

43 Appendix ICT expenditure in Communications as percentage of GDP Perceived Capabilities Australia Austria 2,5 2,1 Belgium 3,0 2,5 Canada Czech Republic 4,0 3,0 Denmark 2,4 2,3 Estonia 5,8 5,5 Finland 2,5 2,2 France 2,8 2,9 Germany 2,9 2,6 Greece 3,5 3,0 Hungary 4,7 4,1 Iceland Ireland 2,5 2,8 Israel Italy 2,8 2,6 Japan 3,5 3,5 Korea Mexico Netherlands 2,7 2,5 New Zealand Norway 1,8 1,6 Poland 4,3 2,8 Portugal 4,2 4,3 Slovak Republic 4,6 3,8 Slovenia 3,2 3,3 Spain 3,4 3,0 Sweden 2,2 3,1 Switzerland 2,6 2,5 Turkey 2,5 2,7 United Kingdom 2,9 3,2 United States 2,8 3,3 Australia 56,0 51,0 Austria 46,0 46,0 Belgium 37,0 44,0 Canada 57,0 53,0 64,0 67,0 Czech Republic 38,0 38,0 Denmark 36,0 38,0 Estonia Finland 40,0 36,0 France 33,0 36,0 Germany 39,0 36,0 Greece 48,0 45,0 Hungary 44,0 15,0 Iceland 50,0 47,0 Ireland 51,0 48,0 Israel 42,0 47,0 Italy 44,0 32,0 Japan 15,0 13,0 Korea 31,0 29,0 Mexico 46,0 56,0 Netherlands 39,0 42,0 New Zealand 70,0 70,0 Norway 36,0 42,0 Poland 38,0 38,0 Portugal 42,0 42,0 Slovak Republic 53,0 53,0 Slovenia 48,0 35,0 Spain 45,0 48,0 Sweden 45,0 42,0 Switzerland 51,0 49,0 Turkey 55,0 55,0 United Kingdom 49,0 51,0 United States 48,0 52,0

44 46 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Inflows of Foreign Labour Stocks of Foreign Labour Australia 0,7 1,5 Austria 0,6 0,8 Belgium 0,1 0,5 Canada 0,6 1,1 Czech Republic Denmark 0,1 0,3 Estonia Finland 0,5 0,9 France 0,1 0,1 Germany 0,8 1,0 Greece Hungary 1,4 1,0 Iceland Ireland 2,5 0,6 Israel Italy 0,2 0,6 Japan 0,2 0,1 Korea Mexico Netherlands 0,4 0,2 New Zealand 3,6 6,5 Norway 1,1 2,0 Poland 0,1 0,1 Portugal 2,6 0,2 Slovak Republic 0,1 0,6 Slovenia Spain 0,5 0,5 Sweden 0,2 0,2 Switzerland 0,8 1,6 Turkey United Kingdom 0,3 0,2 United States 0,3 0,4 Australia Austria 15,3 16,3 Belgium 11,5 13,8 Canada 19,9 21,2 Czech Republic Denmark 5,9 6,9 Estonia 13,8 13,8 Finland 3,1 4,6 France 11,3 11,6 Germany Greece 8,5 11,8 Hungary 2,1 2,3 Iceland Ireland 9,9 19,0 Israel Italy 7,9 11,3 Japan Korea Mexico 0,4 0,4 Netherlands 11,2 11,5 New Zealand 19,9 19,9 Norway 7,1 9,5 Poland 0,4 0,3 Portugal 7,4 9,4 Slovak Republic Slovenia 8,7 8,7 Spain 11,2 18,5 Sweden 10,0 11,2 Switzerland 26,3 26,3 Turkey United Kingdom 11,0 12,9 United States 15,1 16,2

45 Appendix na Self-employment by Place of Birth Immigrants with High Education as percentage of Total Immigrants Australia 18,8 11,5 Austria 8,4 8,1 Belgium 15,5 14,7 Canada 17,5 17,5 Czech Republic 19,6 20,3 Denmark 9,6 10,0 Estonia Finland 14,1 14,1 France 10,8 10,6 Germany 9,5 9,3 Greece 10,6 10,2 Hungary 16,4 15,2 Iceland Ireland 9,3 8,7 Israel 8,6 8,6 Italy 17,5 17,0 Japan Korea Mexico Netherlands 11,0 10,7 New Zealand Norway 6,9 7,4 Poland 29,2 29,4 Portugal 12,1 12,6 Slovak Republic 26,4 23,6 Slovenia Spain 11,7 11,9 Sweden 10,0 10,0 Switzerland 9,1 8,8 Turkey 18,2 18,2 United Kingdom 13,4 14,2 United States 10,2 10,0 Australia 25,8 Austria 11,3 Belgium 23,0 Canada 38,0 Czech Republic 12,8 Denmark 23,9 Estonia Finland 18,9 France 18,1 Germany 14,9 Greece 15,9 Hungary 19,8 Iceland Ireland 41,1 Israel Italy 12,2 Japan 30,0 Korea Mexico 34,8 Netherlands 19,2 New Zealand 31,0 Norway 30,5 Poland 11,9 Portugal 19,3 Slovak Republic 15,7 Slovenia Spain 21,1 Sweden 24,3 Switzerland Turkey 15,2 United Kingdom 34,8 United States 26,1

46 48 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Image of Entrepreneurs Desirability of becoming selfemployed Australia Austria 31,9 48,2 Belgium 24,6 49,7 Canada Czech Republic 14,6 43,8 Denmark 19,6 82,6 Estonia 49,4 49,4 Finland 24,1 78,2 France 23,2 61,5 Germany 33,1 43,3 Greece 48,2 39,5 Hungary 8,4 26,0 Iceland 32,4 81,7 Ireland 38,5 64,1 Israel Italy 37,6 58,9 Japan 31,5 31,5 Korea 30,3 30,3 Mexico Netherlands 43,3 56,3 New Zealand Norway 24,6 62,1 Poland 31,1 32,5 Portugal 35,0 60,5 Slovak Republic 22,1 33,7 Slovenia 42,9 42,9 Spain 36,6 48,0 Sweden 27,6 50,9 Switzerland 55,0 55,0 Turkey 61,9 61,9 United Kingdom 33,8 46,8 United States 40,3 73,4 Australia Austria 0,18 0,16 Belgium 0,19 0,18 Canada Czech Republic 0,22 0,30 Denmark 0,26 0,20 Estonia 0,30 0,30 Finland 0,15 0,31 France 0,38 0,28 Germany 0,23 0,19 Greece 0,39 0,47 Hungary 0,35 0,26 Iceland 0,41 0,41 Ireland 0,38 0,37 Israel Italy 0,38 0,39 Japan Korea Mexico Netherlands 0,26 0,21 New Zealand Norway 0,23 0,23 Poland 0,50 0,48 Portugal 0,48 0,30 Slovak Republic 0,15 0,28 Slovenia 0,27 0,27 Spain 0,49 0,29 Sweden 0,20 0,21 Switzerland Turkey United Kingdom 0,25 0,29 United States 0,46 0,42

47 Appendix Entrepreneurship as a Good Career Choice High Status to Successful Entrepreneurs Australia 54,0 54,0 Austria 40,0 35,0 Belgium 47,0 64,0 Canada 63,0 71,0 68,0 73,0 Czech Republic 65,0 65,0 Denmark 51,0 57,0 Estonia Finland 37,0 46,0 France 64,0 66,0 Germany 56,0 55,0 Greece 64,0 61,0 Hungary 56,0 54,0 Iceland 62,0 51,0 Ireland 69,0 46,0 Israel 62,0 60,0 Italy 47,0 69,0 Japan 25,0 26,0 Korea 69,0 61,0 Mexico 55,0 57,0 Netherlands 80,0 83,0 New Zealand 61,0 61,0 Norway 61,0 53,0 Poland 65,0 73,0 Portugal 64,0 67,0 Slovak Republic 55,0 55,0 Slovenia 57,0 54,0 Spain 71,0 65,0 Sweden 53,0 52,0 Switzerland 52,0 65,0 Turkey 77,0 71,0 United Kingdom 54,0 52,0 United States 59,0 65,0 Australia 65,0 68,0 Austria 70,0 71,0 Belgium 53,0 55,0 Canada 65,0 70,0 72,0 69,0 Czech Republic 47,0 49,0 Denmark 75,0 76,0 Estonia Finland 88,0 83,0 France 68,0 68,0 Germany 76,0 78,0 Greece 66,0 69,0 Hungary 68,0 78,0 Iceland 72,0 61,0 Ireland 79,0 83,0 Israel 64,0 73,0 Italy 50,0 69,0 Japan 45,0 55,0 Korea 69,0 67,0 Mexico 61,0 58,0 Netherlands 65,0 67,0 New Zealand 68,0 73,0 Norway 69,0 80,0 Poland 58,0 64,0 Portugal 61,0 71,0 Slovak Republic 64,0 64,0 Slovenia 76,0 70,0 Spain 60,0 66,0 Sweden 62,0 71,0 Switzerland 67,0 76,0 Turkey 86,0 76,0 United Kingdom 73,0 81,0 United States 61,0 76,0

48 50 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Media Attention for Entrepreneurship Entrepreneurship among managers Australia 68,0 70,0 Austria 59,0 57,0 Belgium 37,0 47,0 Canada 72,0 76,0 56,0 65,0 Czech Republic 63,0 63,0 Denmark 52,0 32,0 Estonia Finland 71,0 67,0 France 38,0 47,0 Germany 42,0 50,0 Greece 40,0 32,0 Hungary 23,0 34,0 Iceland 83,0 67,0 Ireland 83,0 56,0 Israel 46,0 53,0 Italy 26,0 38,0 Japan 54,0 57,0 Korea 67,0 62,0 Mexico 57,0 48,0 Netherlands 59,0 62,0 New Zealand 76,0 76,0 Norway 77,0 60,0 Poland 36,0 58,0 Portugal 35,0 53,0 Slovak Republic 55,0 55,0 Slovenia 58,0 45,0 Spain 45,0 45,0 Sweden 54,0 62,0 Switzerland 49,0 51,0 Turkey 64,0 62,0 United Kingdom 55,0 47,0 United States 63,0 68,0 Australia 6,1 6,5 Austria 7,1 6,2 Belgium 5,9 5,9 Canada 6,4 6,7 6,3 6,9 Czech Republic 5,4 5,2 Denmark 6,6 5,9 Estonia 6,8 6,7 Finland 5,8 5,9 France 5,5 5,4 Germany 5,7 5,0 Greece 6,0 5,5 Hungary 5,7 5,8 Iceland 7,4 6,9 Ireland 6,3 6,4 Israel 7,1 7,5 Italy 5,1 5,1 Japan 4,6 4,2 Korea 5,2 6,0 Mexico 5,0 4,8 Netherlands 5,7 5,6 New Zealand 6,2 6,4 Norway 5,7 4,9 Poland 5,5 5,3 Portugal 4,1 4,3 Slovak Republic 6,1 5,8 Slovenia 6,2 6,4 Spain 4,8 5,1 Sweden 5,5 5,6 Switzerland 6,6 5,9 Turkey 6,1 6,3 United Kingdom 5,0 5,0 United States 6,7 7,4

49 Appendix Selfemployment preference Risk Australia Austria 0,4 0,4 Belgium 0,3 0,3 Canada Czech Republic 0,3 0,3 Denmark 0,4 0,3 Estonia 0,4 0,4 Finland 0,3 0,4 France 0,4 0,5 Germany 0,4 0,4 Greece 0,5 0,6 Hungary 0,4 0,4 Iceland 0,6 0,5 Ireland 0,6 0,5 Israel Italy 0,6 0,5 Japan 0,4 0,4 Korea Mexico Netherlands 0,4 0,4 New Zealand Norway 0,4 0,4 Poland 0,5 0,5 Portugal 0,7 0,5 Slovak Republic 0,3 0,3 Slovenia 0,3 0,5 Spain 0,6 0,4 Sweden 0,3 0,3 Switzerland 0,4 0,4 Turkey 0,5 0,5 United Kingdom 0,5 0,5 United States 0,6 0,5 Australia Austria 0,54 0,53 Belgium 0,54 0,44 Canada Czech Republic 0,61 0,52 Denmark 0,39 0,31 Estonia 0,58 0,63 Finland 0,43 0,39 France 0,38 0,38 Germany 0,52 0,56 Greece 0,42 0,47 Hungary 0,80 0,67 Iceland 0,43 0,39 Ireland 0,25 0,31 Israel Italy 0,46 0,54 Japan 0,61 0,61 Korea Mexico Netherlands 0,44 0,48 New Zealand Norway 0,63 0,37 Poland 0,56 0,64 Portugal 0,57 0,56 Slovak Republic 0,60 0,57 Slovenia 0,69 0,63 Spain 0,40 0,49 Sweden 0,51 0,48 Switzerland 0,40 0,40 Turkey 0,70 0,70 United Kingdom 0,34 0,36 United States 0,29 0,26

50 52 Appendix The Nordic Growth Entrepreneurship Review 2012 Final report Fear of failure in starting a business Perceived Opportunities Australia 36,0 43,0 Austria 30,0 34,0 Belgium 36,0 41,0 Canada 27,0 26,0 28,0 27,0 Czech Republic 31,0 35,0 Denmark 39,0 41,0 Estonia Finland 36,0 32,0 France 43,0 37,0 Germany 40,0 42,0 Greece 48,0 38,0 Hungary 15,0 35,0 Iceland 42,0 34,0 Ireland 34,0 33,0 Israel 38,0 47,0 Italy 30,0 37,0 Japan 29,0 42,0 Korea 44,0 45,0 Mexico 16,0 27,0 Netherlands 32,0 35,0 New Zealand 26,0 22,0 Norway 25,0 41,0 Poland 44,0 43,0 Portugal 31,0 40,0 Slovak Republic 32,0 32,0 Slovenia 28,0 31,0 Spain 44,0 39,0 Sweden 32,0 35,0 Switzerland 30,0 31,0 Turkey 27,0 22,0 United Kingdom 33,0 36,0 United States 26,0 31,0 Australia 52,0 48,0 Austria 29,0 51,0 Belgium 15,0 43,0 Canada 35,0 45,0 42,0 57,0 Czech Republic 27,0 24,0 Denmark 65,0 47,0 Estonia Finland 50,0 61,0 France 21,0 35,0 Germany 18,0 35,0 Greece 22,0 11,0 Hungary 16,0 14,0 Iceland 62,0 49,0 Ireland 52,0 26,0 Israel 26,0 34,0 Italy 15,0 25,0 Japan 9,0 6,0 Korea 12,0 11,0 Mexico 51,0 43,0 Netherlands 46,0 48,0 New Zealand 48,0 57,0 Norway 51,0 67,0 Poland 14,0 33,0 Portugal 22,0 17,0 Slovak Republic 23,0 23,0 Slovenia 39,0 18,0 Spain 33,0 14,0 Sweden 41,0 71,0 Switzerland 25,0 47,0 Turkey 34,0 32,0 United Kingdom 37,0 33,0 United States 24,0 36,0

51 Sign up for our newsletter! Scan the QR-code or visit: The Nordic Growth Entrepreneurship Review 2012 Final report The objective of the Nordic Growth Entrepreneurship Review is to feed new policy relevant and fact based information and analysis of Nordic growth entrepreneurship into the Nordic Knowledge Centre for Entrepreneurship. The NGER aims to provide policymakers across the Nordic countries with a better understanding of growth entrepreneurship performance and challenges in the Nordic region. These objectives are achieved by comparing the latest available data and some new indicators for growth entrepreneurship performance and framework conditions. Furthermore, certain policy recommendations are made to address the Nordic challenges in these areas. Nordic Innovation is an institution under Nordic Council of Ministers that facilitates sustainable growth in the Nordic region. Our mission is to orchestrate increased value creation through international cooperation. We stimulate innovation, remove barriers and build relations through Nordic cooperation NORDIC INNOVATION, Stensberggata 25, NO-0170 Oslo, Norway // Phone (+47) // Fax (+47) info@nordicinnovation.org // // // Facebook.com/nordicinnovation.org