UK ranks second in best European countries for startups

Germany, Ireland and Switzerland also made the top 12 highest ranking nations

startup

The United Kingdom has been ranked as the second-best country in Europe for startups, according to an analysis by NimbleFins.

The nation's venture capital accessibility and relative ease of doing business made up for its economic measures, such as lower GDP expectations and GDP per capita, and earned it a composite score of 5.9.

Germany snagged the top spot with a composite score of 5.5 (the lower the score, the better). The analysis cited the country's healthy economy and market dominance as reasons for the score.

Despite ranking the worst out of the top 12 for access to venture capital, Ireland still ranked third with a score of 6.2 because it has the lowest corporate tax rates in Europe (12.5%).

To create the rankings, NimbleFins collected data on general economic factors from the World Bank, World Economic Forum, UNESCO, OECD and tax consultancies. It specifically focused on four categories: economic health, cost of doing business, business climate and labour force quality.

Economic health data included GDP per capita, GDP growth rates and unemployment rates. Cost of doing business data included corporate taxes, cost of living ranks and salary expectation ranks.

Business climate focused on ease of starting a business, trust in the justice system and availability of venture capital funding and labour force quality examined primary and secondary education attainment rates and local availability of training.

From there, NimbleFins used these metrics to rank the top 50 European countries and calculated an average score for each. The composite score is an average of each category's score.

In order, Germany, UK, Ireland, Switzerland (6.3), Estonia (6.4), Czech Republic(6.6), Sweden (6.7), Norway (6.8), Finland (6.8), Netherlands (6.8), Austria (7.0) and Denmark (7.0) made up the final top 12.

Featured Resources

Unlocking collaboration: Making software work better together

How to improve collaboration and agility with the right tech

Download now

Four steps to field service excellence

How to thrive in the experience economy

Download now

Six things a developer should know about Postgres

Why enterprises are choosing PostgreSQL

Download now

The path to CX excellence for B2B services

The four stages to thrive in the experience economy

Download now

Recommended

So you want to work for a tech startup? It’s not all ping-pong tables and yoga
startups

So you want to work for a tech startup? It’s not all ping-pong tables and yoga

22 Dec 2020
The IT Pro Podcast: Is the sun setting on Silicon Valley?
Business strategy

The IT Pro Podcast: Is the sun setting on Silicon Valley?

18 Dec 2020
UK tech startups to watch in 2021
startups

UK tech startups to watch in 2021

15 Dec 2020
TechUK urges government to level digital divide
digital divide

TechUK urges government to level digital divide

7 Dec 2020

Most Popular

University of Hertfordshire's entire IT system offline after cyber attack
cyber attacks

University of Hertfordshire's entire IT system offline after cyber attack

15 Apr 2021
Microsoft is submerging servers in boiling liquid to prevent Teams outages
data centres

Microsoft is submerging servers in boiling liquid to prevent Teams outages

7 Apr 2021
How to find RAM speed, size and type
Laptops

How to find RAM speed, size and type

8 Apr 2021