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Finland vs Israel vs Massachusetts Source: VICTA Report by Ruohonen (2007) Finland Israel Massachusetts Population (M) 5,2 6,9 6,3 Share of Academic degrees 25 25 NA Number of new companies annually 23 000 20 000 27 000 R&D investments % of GDP 3,5 4,1 4,9 Patents filed per million per capita 166 186 300
Finland vs Israel vs Massachusetts Source: VICTA Report by Ruohonen (2007) Finland Israel Massachusetts Avg. initial investment 0,3 2,8 6,2 Total annual volume of VC investments M$ 220 1 650 2 400 Number of companies in Deloitte Fast Growth 500 4 44 36 Annual IPOs 1 35 (H1/2007) 9 Active early stage VC funds 10 60 50 Global R&D centers of major coporations 5-6 30-40 10-20
If we learn anything from the history of economic development, it is that culture makes almost all the difference. You can build as many incubators as you like, but if only 3% of the population want to be entrepreneurs, as in Finland, you will have trouble creating an entrepreneurial economy.
Source: The Economist; Heroic Entrepreneurs (March 12 th , 2009)