A a new survey by Ernst & Young calls Germany an innovative place to do business. The survey, which questioned 1000 companies, placed Germany in third position worldwide, behind USA and China, thereby securing it top spot in Europe.
However, the survey was linked mainly to traditional businesses such as the car industry. The report did indicate that in terms of entrepreneurs Germany is behind, and has a lot of catching up to do. As I wrote in an early article, Germany has a large lack of German entrepreneurs, but plenty of foreign ones, considering a German ownership growth rate of 14.5% and a foreign one of 75%.
For further insight as to why German struggles, an interesting article written by the Wall Street Journal about one year ago details “Why European economies lag behind the U.S.“. Is this information still true with the current U.S. slowdown? Anyone can be the judge, but there is some truth into the reason why intercontinental economies like Germany will struggle in comparison to countries like Ireland, Canada, and the United States with open seas on both ends.
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