Entrepreneurship at a glance 2015

130 Pages·2015·6.284 MB·English

by  OECD

Entrepreneurship at a Glance 2015
Entrepreneurship at a Glance, a product of the OECD-Eurostat Entrepreneurship Indicators Programme,
presents an original collection of indicators for measuring the state of entrepreneurship, along with key
facts and explanations of the policy context. The 2015 edition features a special chapter on the international
activities of SMEs.
Contents
Entrepreneurship at a Glance
Chapter 1. Recent developments in entrepreneurship
Chapter 2. Structure and performance of the enterprise population
2015
Chapter 3. Enterprise birth, death and survival
Chapter 4. Enterprise growth and employment creation
Chapter 5. SMEs and international trade
Chapter 6. The profile of the entrepreneur
Chapter 7. Determinants of entrepreneurship: Selected indicators
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isbn 978-92-64-23220-4
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30 2015 02 1 P

Entrepreneurship
at a Glance
2015
ThisworkispublishedundertheresponsibilityoftheSecretary-GeneraloftheOECD.The
opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial
viewsofOECDmembercountries.
This document and any map included herein are without prejudice to the status of or
sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries
andtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2015),EntrepreneurshipataGlance2015,OECDPublishing,Paris.
http://dx.doi.org/10.1787/entrepreneur_aag-2015-en
ISBN978-92-64-23220-4(print)
ISBN978-92-64-23221-1(PDF)
ISBN978-92-64-23647-9(HTML)
Periodical:EntrepreneurshipataGlance
ISSN2226-6933(print)
ISSN2226-6941(online)
ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityofthe relevantIsraeliauthorities.Theuse
ofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraeli
settlementsintheWestBankunderthetermsofinternationallaw.
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©OECD2015
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FOREWORD
Foreword
E
ntrepreneurshipataGlancepresentskeyindicatorsonentrepreneurship.Untilrecently,most
entrepreneurshipresearchreliedonadhocdatacompilationsdevelopedtosupportspecificprojects
and virtually no official statistics on the subject existed. The collection of harmonised indicators
presented in this publication is the result of the OECD-Eurostat Entrepreneurship Indicators
Programme (EIP). The programme, started in2006, was the first attempt to compile and publish
internationaldataonentrepreneurshipfromofficialgovernmentstatisticalsources.Fromtheoutset
a key feature in the development of these indicators has been to minimise compilation costs for
national statistical offices and also, critically, reporting burdens on business, which is why the
programme focuses attention on exploiting existing sources of data instead of developing new
businesssurveys.
Informingpolicydesignthroughthedevelopmentofpolicy-relevantindicatorsisatthecoreof
theEIPprogramme,andmuchattentionispaidtorespondingtoinformationneeds.Inparticular,the
global financial crisis highlighted the need for more timely information on the situation of small
businesses.Tothatpurpose,EntrepreneurshipataGlancehenceforthfeaturesanopeningsection
onrecenttrendsinentrepreneurship,discussingnewdataonfirmcreations,bankruptciesandself-
employment.Also,thepublicationpresentstimeseriesforthemainindicators,toprovideatemporal
perspectiveandbreakdownsbysector,toillustratethediversityofpatterns.
The publication was prepared by Gueram Sargsyan and Liliana Suchodolska, Frédéric Parrot,
Pavlína Habartová, Mario Piacentini, Camille Urvoy and Belén Zinni in the OECD Statistics
Directorate.MariarosaLunatiprovidedguidanceandco-ordinatedthepublication,whichbenefited
fromadviceandcommentsfromNadimAhmad.
Particular thanks go to Beate Czech and Elisaveta Ushilova of Eurostat and to experts in
National Statistical Offices from Australia, Austria, Belgium, Brazil, Bulgaria, Canada, Chile,
Colombia, Croatia, theCzechRepublic, Denmark, Estonia, Finland, France, Germany, Hungary,
Iceland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Mexico, theNetherlands,
NewZealand, Norway, Poland, Portugal, Romania, theRussianFederation, theSlovakRepublic,
Slovenia,SouthAfrica,Spain,Sweden,Switzerland,theUnitedKingdomandtheUnitedStates;and
toCorneliusMuellerfromtheEuropeanPrivateEquityandVentureCapitalAssociation,andTedLiu
from the Canadian Venture Capital and Private Equity Association for help and advice on equity
capitalstatistics.
ENTREPRENEURSHIPATAGLANCE2015©OECD2015 3

TABLEOFCONTENTS
Table of contents
Executivesummary......................................................... 7
Reader’sguide ............................................................. 9
1.Recentdevelopmentsinentrepreneurship.................................. 15
Newenterprisecreations................................................. 16
Bankruptcies ........................................................... 18
Self-employment ....................................................... 20
2.Structureandperformanceoftheenterprisepopulation...................... 23
Enterprisesbysize ...................................................... 24
Employmentbyenterprisesize ........................................... 28
Valueaddedbyenterprisesize............................................ 34
Turnoverbyenterprisesize............................................... 36
Compensationofemployeesbyenterprisesize.............................. 38
Productivitybyenterprisesize............................................ 40
3.Enterprisebirth,deathandsurvival........................................ 47
Birthrateofemployerenterprises......................................... 48
Deathrateofemployerenterprises........................................ 52
Churnrateofemployerenterprises........................................ 56
Survivalofemployerenterprises.......................................... 58
4.Enterprisegrowthandemploymentcreation................................ 63
Employmentcreationanddestructionbyemployerenterprisebirthsanddeaths 64
Employmentcreationanddestructioninsurvivingenterprises................ 68
High-growthenterprisesrate ............................................. 70
5.SMEsandInternationaltrade.............................................. 77
Tradeconcentration..................................................... 78
Tradebyenterprisesize.................................................. 80
Tradewithemergingeconomies .......................................... 84
Tradebyenterpriseownership............................................ 86
6.Theprofileoftheentrepreneur............................................ 91
Genderdifferencesinself-employmentrates ............................... 92
Self-employmentamongtheyouth........................................ 96
Earningsfromself-employment........................................... 98
7.Determinantsofentrepreneurship:Selectedindicators....................... 101
Accesstofinance:Venturecapital......................................... 102
Marketaccess:Tradebarriers ............................................. 108
Culture:Entrepreneurialperceptionsandattitudes .......................... 110
ENTREPRENEURSHIPATAGLANCE2015©OECD2015 5
TABLEOFCONTENTS
AnnexA.Sourcesofdataontimelyindicatorsofentrepreneurship................ 113
AnnexB.Listofindicatorsofentrepreneurialdeterminants ...................... 117
AnnexC.Internationalcomparabilityofventurecapitaldata ..................... 124
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6 ENTREPRENEURSHIPATAGLANCE2015©OECD2015
EntrepreneurshipataGlance2015
©OECD2015
Executive summary
E
ntrepreneurship at a Glance contains a wide range of internationally comparable
measuresofentrepreneurshipdesignedtoinformanalysisandpolicyonentrepreneurship
andentrepreneurs,reflectingtheirimportantcontributiontoinnovation,employmentand
growth.
Start-up rates have been on an upward trend since the crisis in many countries,
particularlyinAustraliaandtheUnitedKingdom,andmorerecentlyinDenmark,Portugal
andSweden.InmanyEuroareaeconomies,start-upratesnonethelessremainbelowpre-
crisislevels.
Bankruptcieshavebeentrendingdownwardsinmostcountriesinrecentyears,with
rates in Canada, Japan, the United States and South Africa significantly below pre-crisis
levels.
Morethanhalfofstart-upsfailwithinthefirstfiveyears,withratesofsurvivingfirms
varying from less than one in five firms in Lithuania to about two-thirds in Sweden. In
Austria,Belgium,Luxembourg,theNetherlandsandSweden,thesurvivalratesofstart-ups
areconsistentlyhigherthaninothercountries,independentlyfromthebirthyear.
Average employment in newly born enterprises typically ranges between two and
threepersonsemployed.Thesizeofstart-upsissignificantlyhigherintheUnitedStates,
wherenewenterprisesemployonaveragemorethansevenpersons.
Young enterprises (under three years) account for between 4% and 12% of total
employmentinmostcountries.Thecontributionofyoungenterprisestototalemployment
decreased in 2012 compared to 2008, with the notable exceptions of Latvia where shares
almost doubled. Despite the relatively high probability of failure, one-year-old firms in
mostcountriesgeneratemoreemploymentthannewfirms,andtwo-year-oldfirmshave
relativelysimilarshares,reflectingemploymentgrowthinsurvivingfirms.
Whilefewinnumber,fast-growingfirmsemployaconsiderablenumberofpersons.In
2012, 36000 high-growth enterprises in the United States employed more than 8 million
persons.High-growthenterprisesrepresentonaverageasmallshareofthetotalenterprise
population. Typically, when measured on the basis of employment growth, the share
rangesbetween2%and6%formostcountries,withhighershares(between5%and15%)
whenmeasuredonaturnoverbasis.
In all countries, high-growth firms are more prevalent in the services sector than in
the rest of the business economy, apart from Brazil, Canada, Latvia and New Zealand
wherethehighestpercentageofhigh-growthfirmsisintheconstructionsector.
Venture capital investments were higher in 2014 than in 2007 in very few countries,
including Hungary, Korea, the United States, the Russian Federation and SouthAfrica. In
7
EXECUTIVESUMMARY
themajorityofcountries,theaverageinvestmentpercompanyhasdeclinedcomparedto
the pre-crisis level. In Israel and the United States however, it is well above the 2007
average.Generally,venturecapitalprovidesafinancingoptioninlessthan0.1%offirms,
predominantly during their start-up phase. Significant cross-country differences exist in
thetypeofcompanieslikelytoreceiveventurecapitalinvestments.In2014,intheUnited
States, nearly half of all investments were in computer and consumer electronics firms,
over double the rate in Europe, where around one-third of all investments went to life
sciencescompanies.
Thenumberofmanufacturingfirmsacrossallsizeclassesdeclinedbetween2008and
2012 in most OECD countries. In those countries in which the number of small and
medium-sizedenterprises(SMEs)increased,thiswasaccompaniedbyfallsinthenumber
oflargeenterprises,suggestingthatsomeoftheincreaseinSMEsmayhaveoccurredasa
resultoflay-offsin(previously)largefirms.Also,employmentinmanufacturingdecreased
invirtuallyallcountriesapartfromGermanyandBrazil.
Firmsizemattersforproductivity.Largerfirmsareonaveragemoreproductivethan
smaller ones, particularly in the manufacturing sector, partly reflecting gains from
increasing returns to scale, for instance through capital-intensive production. But some
smaller firms often outperform larger ones, pointing to competitive advantages in niche,
high-brandorhigh-intellectualpropertycontentactivities.Thismaybepartlyexplainedby
intensive use of affordable information and communication technologies (ICT),
particularly if the firms are part of a multinational group. Higher productivity levels in
smaller-sized enterprises also point to firm growth dynamics, by which more productive
firmsexpandanddisplacelowerproductivityfirms.
In all countries, micro and small firms are responsible for a limited share of total
exportsandimportseveniftheyrepresentthemajorityoftradingenterprises.SMEstend
to export disproportionally more to neighbouring countries than large firms do, but in
manyOECDcountriesSMEcontributiontotradewithemergingeconomies,notablyChina
andIndia,isneverthelesssignificant.
In2013,ratesofmaleemployersweretwoandahalftimesthoseofwomenemployers
in OECD countries. Self-employed women earned between 10% and 60% less than men
acrossallcountries,eventhough,overtheperiod2006to2011,thegapclosedsignificantly
(more than 10 percentage points) in some, notably in Belgium, Finland, Greece, Iceland,
LuxembourgandtheNetherlands.
Apositiveperceptionofentrepreneurshipseemstocoincidewithavoluntaryattitude
towards entrepreneurship in a country. Yet, the economic context interferes with
individual aspirations. In 2014, perceived entrepreneurial opportunities were relatively
high in the United States, Canada, Norway, Denmark and Mexico, as well as Brazil and
Indonesia. In several Southern European countries, Greece, Spain and Portugal in
particular, the perceived entrepreneurial capabilities were instead significantly higher
than the perceived opportunities. In Japan and, to a lesser extent Korea, both perceived
opportunities and perceived capabilities were especially low compared to other OECD
countries,butsimilartothelowlevelsobservedinthepastinthesetwocountries.
8 ENTREPRENEURSHIPATAGLANCE2015©OECD2015