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Australia,United States : AUSTRALIA ranks second in the world in female entrepreneurship

June 5, 2014

Australia was placed second among 30 countries as one of the best places for female entrepreneurship.

The second annual index compiled by Dell collates data from the World Bank, the UN, UNESCO, the IFC, and other international bodies, to rank which countries are excelling, and which ones are falling behind.

The 2014 Gender-Global Entrepreneurship and Development Index (GEDI) revealed the following insights:

- Australia named one of 3 best places for female entrepreneurship, together with the US and newcomer Sweden.

- Policymakers need to do more; more than 75% of countries surveyed are not meeting the most fundamental conditions required for female entrepreneurs to prosper.

The index takes into account the underlying factors that are considered ripe conditions for female entrepreneurship, not women s propensity to take up entrepreneurial pursuits.

The GEDI measures high potential female entrepreneurship by analysing entrepreneurial ecosystems, business environments and individual aspirations across 30 developed and developing economies spanning multiple regions, and provides for cross-country comparison, benchmarking, and identifies data gaps.

The Index provides insights designed to help countries advance female entrepreneurship and strengthen the global economy.

Among the 17 countries in both the 2013 and 2014, 4 increased their rankings, including India and Japan, while 4 showed a decline (Malaysia, Egypt, Mexico and Morocco), and the others ranked comparatively both years.

To harness the full potential, the Gender-GEDI results demonstrate that basic improvements are required to access equal legal rights and education as well as acceptance of women s social and economic empowerment. For countries with moderate scores, to improve their rankings, they should focus both on current women s enterprise development interventions and support as well as basic improvements in the business-enabling environment.

Key factors towards change:

- Access to capital continues to be crucial. Access to a formal bank account is critical for entrepreneurs, since it is a necessary precursor to the finances that fuels business growth.

- Many industries remain male-dominated. Occupation crowding, or the existence of male and female jobs in a country s economy, contributes to the gender wage gap but results in the concentration of women s entrepreneurial activity within specific sectors.

- Female start-up activity is on the rise in emerging markets.

- Women s rights must be addressed first.

- More women needed in management roles.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

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