entrepreneurs speak out · than 1,000 entrepreneurs during the last five years, using four score...

Growing Beyond

Entrepreneurs speak outA call to action for G20 governments

The Nice Côte d'Azur 2011 Entrepreneurship Barometer

Produced for the G20 Young Entrepreneur Summit, October 2011

Country digestArgentinaAustraliaBrazil•CanadaChinaFranceGermanyIndiaIndonesiaItalyJapanMexicoRussiaSaudi ArabiaSouth AfricaSouth KoreaTurkeyUnited KingdomUnited StatesEuropean Union

TendencyWeighted score:

higher quartileWeighted score: lower quartile

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+

Dete

riorated

Improved

ViewpointJames Temerty Board Chair of Northland Power, Canada

James Temerty founded Northland Power in 1987. It uses raw materials such as biomass, natural gas, wind and

solar to create sustainable energy. Northland Power is now one of Canada’s largest independent power producers, with a market cap of CAN$1.6 billion.

“There is no lack of opportunity in Canada for start-ups. Entrepreneurs are perceived extremely well here, and there are many events and programs that encourage young people to meet and bounce ideas off each other.

In terms of direct Government support for start-ups, there is none that I’m aware of, so people rely on their network of friends and associates. But Canada ranks well in terms of red tape for entrepreneurs, so this isn’t necessarily a bad thing. Plus, there are all sorts of support programs for entrepreneurs once they get further down the line.

In fact, I don’t think there are any changes to the regulatory and tax regimes in Canada that would help young entrepreneurs — it is a very healthy entrepreneurial environment. One thing the Government might want to do is to focus on certain sectors that it feels have significant economic prospects, and offer assistance in those sectors.

There is a good amount of publicity and recognition for entrepreneurs, so we should stay on course and spread the net wider and wider. We should also have educational programs that are dedicated to young entrepreneurs.”

The perception barometerThis study focuses on the entrepreneurship environment of G20 countries through the lens of five fundamental enablers: entrepreneurship culture; education and training; access to funding; regulation and taxation; and coordinated support.

Through these enablers, we explore the climate for entrepreneurs in the G20 countries and the likely direction things will take.

Our original approach is based on:

• Quantitative economic indicators• The opinions of entrepreneurs on the progress and impact of

specificenablers

Our perception barometer sums up progress as evaluated by more than 1,000 entrepreneurs during the last five years, using four score ranges.

The analysis of these indicators and opinions also highlights how entrepreneurs’ perceptions may differ from the latest economic figures; a divergence that may be due to cultural bias, derivative ideas or lack of information. Bureaucratic red tape can also present challenges when it comes to accessing sources of funding.

These gaps in perception raise a call for actions to governments to tackle these specific issues.

1Entrepreneurs speak out The Nice Côte d'Azur 2011 Entrepreneurship Barometer | Canada digest

Strengths• Improvement reported in coaching programs

for young entrepreneurs• Low business start-up costs• Funding from public aid is perceived on a positive

trajectory• A well-regulated banking sector• High standards of education with a well-educated

workforce

Weaknesses• Access to funding from bank loans and venture

capital (VC) is seen to have deteriorated • Less mature VC/PE market than the US• Relatively lengthy and costly enforcement contracts

Opportunities• Simplifying business procedures and improving

laborflexibilitycouldhaveahighimpact• An underserved private equity (PE) market• Proximity to the US gives Canada access to the

largest VC/PE market in the world

Threats• Strong exchange rate could weaken small

and medium enterprise (SME) exporters• The slowdown in the US economy is leading

to decreased demand for Canadian exports

The Nice Côte d'Azur 2011 Entrepreneurship Barometer by Ernst & Young

Generalandspecificfactorsinfluencingtheentrepreneurship environment

Canada Ideal settings and a proactive frame of mindCanada’s new business registrations out-perform both those of mature market G20 countries and the whole G20. New business densityfigureshaveconfirmedthisgoodperformance.Thisresultpartly follows that of the country’s regulatory environment, which rates top on a number of comparative indicators.

The biggest challenge for Canadian entrepreneurs may be access to funding at the start-up phase, about which there has been a strongperceptionofdeteriorationoverthelastfiveyears.However, on the plus side, the coordination of support to entrepreneurs is widely seen to have improved over this period, an uncommon perception in the mature market G20 countries.

New business density(new registrations per 1,000 people ages 15-64)

Source: World Bank. Data not available for US, China and Saudi Arabia

0

1

2

3

4

5

6

7

8

9

10

2005 2006 2007 2008 2009

Canada Mature market average G20 average

2 Entrepreneurs speak out The Nice Côte d'Azur 2011 Entrepreneurship Barometer | Canada digest

The research and development (R&D) expenditure is 1.8% of GDP, lower than the average for mature market G20 countries of 2.2%, but higher than the average for G20 countries as a whole. However, in 2007, the number of researchers in R&D per million of population was higher than the average for mature market G20 countries.

When asked about what has had the most impact on the perception of entrepreneurship over the last five years, the largest percentage — 56% — stated the positive influence of the direct environment. A majority reported that there were specific efforts by the media and specific programs at university to promote young

entrepreneur success stories. The overall view of the culture was that 88% thought it encourages entrepreneurship — higher than the average for G20 countries and the mature markets within the group. Moreover, Canada has long-term commitments to foster entrepreneurship culture across the genders. To help remove operational barriers, Western Economic Diversification Canada (WD) established the Women's Enterprise Initiative (WEI) to provide business information and services to women entrepreneurs. The WEI has offices in each of the four western provinces. These non-profit centers provide a variety of unique products for women entrepreneurs, including advisory services, training options, networking opportunities, business loans and referrals to complementary services.

Looking ahead, a majority thought improving communication around entrepreneur success stories, promoting the career opportunities offered by entrepreneurship, and promoting the role of entrepreneurs in creating new jobs would have a high impact on Canada’s entrepreneurship culture over the next three years.

Canada is characterized by a strong entrepreneurial culture. For the years to come, entrepreneurs feel this advantage needs to be cultivated to grow even more. The best recipe to achieve this, they say, lies in promoting the role of entrepreneurs in creating new jobs.

Entrepreneurship culture Astrongadvantagetocultivate

Doyouthinkthatthecultureofyourcountryencourages entrepreneurship?

Source: The Nice Côte d'Azur 2011 Entrepreneurship Barometer by Ernst & Young

Agree88%

Disagree 12%

Mature markets: 72%Rapid-growth markets: 80%

1. Average based on the 17 countries for which data is available for 20072.DataforCanadaisbasedon2006figuresforwhichdataisavailable.G20averagebasedonthe13countriesforwhichthisis

available for 2007

88% ofrespondentsbelievetheircountry’scultureencouragesentrepreneurship

Canada G20 average

Innovative environment 2007 Change 2005–07

2007 Change 2005–07

R&D expenditure (%GDP) 2005-081 1.8 -0.21 p.p. 1.5 +0.14 p.p.

Scientificandtechnicaljournalarticles (number of publications) 27,800 +7.5% 31,376 +6%

Researchers in R&D (per million of population)2 4260 n.a. 2,340 +0.5%

Howdoyouthinkbusinessfailureisperceivedinyourcountrybyinvestors?


0%

10%

20%

30%

40%

It has no impact onfuture business projects

It's a learningopportunity

It's a barrier for futurebusiness projects

It's a career failure

It's a lack ofappropriate skills

Mature markets

Canada

n.a : Data not availablep.p.: percentage points

88% thinkpromotingtheroleofentrepreneursincreatingnewjobswillfeedthecultureperception


Education and training Education encourages entrepreneurship

An improvement in coaching programs over the last five years was reported by 72% of those we asked. Moreover, for half of the Canadian entrepreneurs, improving coaching programs needs to be a priority over the next three years to improve student perception of entrepreneurship as a career option.

There was quite an even split between those who thought students did need to follow specific programs to become entrepreneurs and those who didn’t, at 46% and 54% respectively. One program in Canada that provides some training is the Small Business Internship Program (SBIP), which provides SMEs support to hire a student intern to assist them in their adoption of e-business strategies. This gives students the opportunity to gain first-hand experience with successful businesses and encourages their entrepreneurial spirit.

Canada G20 average

2008 Change 2005–08

2008 Change 2005–08

Public spending on education, total (% of GDP) 2005–07 4.9 0 p.p. 4.8 +0.3p.p.

School enrollment, secondary (% gross) 2005–06 101.3 +0.6 p.p. 95.9 +1.6 p.p.

School enrollment, tertiary (% gross) n.a. n.a. 53.5 +1.0 p.p.

Tertiary-type A and advanced research programs (number of graduates)3 227,368 +13% n.a. 8%

3.Basedon11countriesforwhichdataisavailable

Doyouthinkthatstudentsneedtofollowspecifictraining to become entrepreneurs?


Yes

46%

No

54%

Mature markets: 59%Rapid-growth markets: 80%Canadian entrepreneurs see education and training as

encouraging entrepreneurship in the country.

50%ofrespondentslabelcoachingprogramsasthe number one priority to improve student perception of an entrepreneurship career


4.9%Publicspendingoneducation(4.9%)andsecondaryschoolenrollments(101.3)arein linewiththeG20average


Access to funding through bank lending was reported to have deteriorated by 38% of the Canadian entrepreneurs we talked to, as opposed to 54% on average for mature market members of the group. VC was reported as having worsened by half of respondents. Yet, since both of these funding instruments are important at the early stages of enterprise development, entrepreneurs in Canada hoping to start a business may be facing worse conditions than in the past. Positive attempts have been made to mitigate this; for example, through the Canada Small Business Financing Program (CSBFB), which aims to assist businesses with annual revenues less than CAN$5 million through increasing the availability of loans for establishing, expanding, modernizing and improving small businesses.

The survey results painted a less clear picture of access to other funding instruments – public aid, IPO, PE and the stock market – with a more even division between those entrepreneurs reporting improvement and those reporting deterioration over the last five years.

However, the data for these instruments do show some trends that are relevant for established SMEs at the equity investment

stage. Trading of SME shares on Canada’s TSX Venture Exchange is up on its 2005 level, and is showing strong recovery from its 2009 trough. Yet, the number of companies with shares traded has not shown recovery since the post-2008 drop, which suggests SMEs are facing constraints in access to funding at the later stages of their development when stock market flotation becomes viable. On the other hand, the number of IPOs on the TSX Venture Exchange was 42 in 2010 – more than double the number in the previous year.

Despite this general picture of either decline in access to funding or lack of change from the different funding instruments, funding from public aid was an instrument that had 60% of entrepreneurs reporting improvement. Indeed, looking ahead, public aid was viewed by most as the funding instrument likely to have a high impact in the next three years.

Overall, while the access to funding for the start-up phase may have worsened in terms of bank lending and VC, perceived improvement in public aid is a positive sign for Canadian entrepreneurs.

Canada Perception barometer 2005–10

G20 average Perception barometer 2005–10

2010 Change 2005-10

2010 Change 2005-10

Business angels (number of networks)4 n.a. n.a. + n.a. +48% +

Venture capital (US$m) 1,226 -3.6% + n.a. +17% +

SME bank loans (% of GDP)5 n.a. n.a. - 14.1% n.a. +

Private equity (US$m) 973 -38% + n.a. -22% +

SME stock markets (number of listed companies) 2376 7.0% + n.a. +22% +

IPOs in main stock market (number of deals) 31 -53% + n.a. +12% +

IPOs in SME stock market (number of deals) 42 425% n.a. -33%

Funding your company is perceived as easier in Canada than in other mature market countries. However, young entrepreneurs described some barriers to funding.

Access to funding Raising SMEs stock market

Canada's TSX Venture market

Source: World federation of exchanges

2,100

2,150

2,200

2,250

2,300

2,350

2,400

2,450

2,500

2,550

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2005 2006 2007 2008 2009 2010

Number of companies withshares traded, right scale

Value of shares trading, US$m, left scale

n.a : Data not available4. G20 average of the seven countries for which data is available through the European Trade Association for Business Angels (EBAN)5. G20 average of the 14 countries for which the indicator is available

52% of respondents described an easy access to fundinginCanadacomparedwith36%intheG20425%

increaseininitialpublicofferings(IPOs)hit the SMEs stock market between 2005and2010


With just one procedure required to start a business, Canada comes out top of the G20 countries on this indicator too. It only takes on average five days to start a business in Canada, fewer than in most other G20 countries. For example, BizPaL is an online service that simplifies the business permit and license process for entrepreneurs, businesses, Governments and third-party business service providers.

This good environment for doing business is acknowledged by the Canadian entrepreneurs we interviewed, 82% of whom felt Canada possesses efficient regulation for starting up a new business. In 2011, the Government of Canada created the Red Tape Reduction Commission to address the compliance burden on businesses, especially on

small businesses. Focusing on irritants that have a clear detrimental effect on growth, competitiveness and innovation, the committee hears directly from small business owners to provide long-term recommendations to tackle these impediments. In total, 64% of the Canadian entrepreneurs we asked told us that the ease of starting a business has improved over the period. Business regulations improved since 2005, according to 46% of Canadian entrepreneurs. Labor market rigidity improved, too, according to 54% of respondents to our survey. Likewise, for 54%, tax incentives have improved. Lastly, innovation incentives drew a notably positive response, with 70% believing that this aspect of the environment for entrepreneurs had improved over the last five years.

However, on tax incentives, entrepreneurs were split 56% in favor to 44% against the proposition that there are enough tax incentives for starting up a new business. When we asked them to recommend one key measure to improve the taxation in Canada for entrepreneurs, 27% said lowering corporate taxes.

Looking ahead, the majority of Canadian entrepreneurs reported simplifying business procedures and improving labor flexibility as measures that would have a high impact on long-term growth of entrepreneurs and entrepreneurship over the next three years.

Canada G20 Canada G20 average

Perception barometer 2005–10

2010 Change 2005–10

2010 Change 2005–10

Innovation incentives + + Tax subsidy rate for US$1 of R&D, SMEs — 2008 0.326 n.a. 0.148 n.a.

Tax incentives + + Start-up incentives (% of GDP) 2005–08 0.01 0 n.a. n.a.

Ease of starting a business

+ + Number of procedures to start a business 1 -1 7.7 -1.4

Time to start a business (days) 5 +2 22.3 -18.1

Cost to start a business (% income per capita) 0.4 -0.5 10.6 -9.8 p.p.

Intellectualproperty(IP)protection

+ + Number of patents 2005–096 37,477 -6.0% 126,375 +9.6%

Businessregulation + + Time spent on tax issues (hours per year) 131 12 367.1 -72.4

Labor market rigidity + + Cost of hiring 0.34 n.a. 0.3 n.a.

Notice period 7 n.a. 5 n.a.

Severance cost 5 n.a. 12.2 n.a.


6.G20averagebasedon12countriesandEuropeanPatentOfficeforwhichdataisavailablein2005and2009

Canada does sound like the start-up paradise for G20 counterparts. The start-up costs are the cheapest of the group at 0.4% of per capita income. Furthermore, these costs have been significantlyreducedovertheperiod,droppingby0.5%ofpercapitaincomesince2005.

Regulation and taxation The cheapest start-up costs

82% 1ofentrepreneursreportedefficientregulationfor starting a new business

Onlyoneprocedureisrequiredtocreateacompany,thelowestintheG20


Coordinated support Cooperation has progressed

Support has become more coordinated over the last fiveyears,sayourCanadianrespondents.

The majority of Canadian entrepreneurs told us that incubators and Government agencies had improved. For example, the Canadian Innovation Commercialization Program (CICP), launched in 2010, provides a CAN$40 million fund to help SMEs bridge the pre-commercialization gap for their innovative products and services. To reach this goal, the CICP test and provide feedback to entrepreneurs on the performance of their solutions

and ideas; provides innovators with the opportunity to enter the marketplace with a successful application of their products or services; and awards contracts through a fair procurement process to entrepreneurs with pre-commercialization innovations. More than two-thirds reported improvement in entrepreneurs’ clubs and associations and mentoring programs. Collaboration and cooperation between these organizations was reported to have

improved by 60% of the Canadian entrepreneurs we talked to. Mentoring programs were seen as having a high impact for long-term growth. Eighty percent thought that tailored support is beneficial to young entrepreneurs in Canada, and 95% viewed this tailored support as efficient, higher than in any other mature market G20 country.

Coordinated support entrepreneurs' perception of progress and future impact


Chamber of Commerce

Government agencies Incubators

Mentoring program

20.0

40.0

60.0

80.0

10.0 20.0 30.0 40.0 50.0

Entrepreneurs' clubs and associations

Impa

ct o

f nex

t thr

ee y

ears

Progress of last five years

80%foundyoungentrepreneursbenefitedfromtailoredsupportand95%defined itasefficient

Doyoungentrepreneursbenefitfromtailoredsupport in your country?

Source: Ernst & Young 2011 entrepreneurship barometer

Yes

80%

No

16%

Can’t say

4%

Mature markets: 42%Rapid-growth markets: 56%

88%wereoftheviewthatmentoringprogramswillsignificantlyimprovethelevelofsupportover the next three years


Launch date

Mainapplication area

BeYourOwnBoss.org(self-employmentassistance)

BeYourOwnBoss.org is a portal provided by the BC Urban Entrepreneur Development Association (BCUEDA), which assists new entrepreneurs by providing resources and direction as they make an effort to be their own boss.BCUEDAisnon-profitorganizationcomprisingsevenprovinciallyfundedself-employmentprogramsintheNorth Vancouver area.

n.a. Entrepreneurial culture, education and training

BizPaL(businesspermitsandlicenses)

BizPaLisanonlineservicethatsimplifiesthebusinesspermitandlicenseprocessforentrepreneurs,businesses, Governments and third-party business service providers. Users simply answer a series of questions on their type of business and BizPaL will automatically generate a list of permits and licenses from all levels of Government (federal, provincial, territorial and municipal), with basic information on each, as well as links to Government sites where users can learn more and, in some cases, apply online.

2005 Coordinated support, regulation and taxation

CanadaSmallBusinessFinancingProgram(CSBFP)(financialassistance)

The Canada Small Business Financing Program (CSBFP) aims to increase the availability of loans for establishing,expanding,modernizingandimprovingsmallbusinesses.Itencouragesfinancialinstitutionstofinancesmallbusinessesbysharingtherisk.BusinesseswithannualrevenuesoflessthanCAN$5millionare eligible for the assistance.

1961 Access to funding

CanadianInnovationCommercializationProgram(CICP)

The Canadian Innovation Commercialization Program (CICP) is a CAN$40 million initiative. The targets are SMEs, which are an important component of the Canadian economy. Created to bolster innovation in Canada’s business sector, the CICP is designed to help companies bridge the pre-commercialization gap for their innovative products and services.

2010 Entrepreneurial culture, regulation and taxation

OneStopBusinessRegistry(businesspermitsandlicenses)

The OneStop Business Registry program is offered by the Ministry of Small Business, Tourism and Culture, and WesternEconomicDiversificationCanada(WD).Aneasy-to-usecomputerprogram,itallowsbusinessownerstocompleteimportantGovernmentapplicationsquicklyandefficiently,atonetimeandatonelocation.


Red Tape Reduction Commission

The Government of Canada has created the Red Tape Reduction Commission with the following mandate: identify irritants to business that stem from federal regulatory requirements, recommend options that address the irritants and that will control and reduce the compliance burden. To hear directly from those most affected by red tape, particularly small business owners, the Commission scheduled consultation roundtables across Canada from December 2010-March 2011. At the same time, an online consultation allowed a wide range of Canadians in the business community to provide input to the Commission.


Service Canada

Service Canada was created in 2005 to improve the delivery of Government programs and services to Canadians, by making access to them faster, easier and more convenient.Service Canada offers single-window access to a wide range of Government of Canada programs and services for citizens through more than 600 points of service located across the country, call centers, and the internet.

2005 Coordinated support

SmallBusinessInternshipProgram(SBIP)

TheSmallBusinessInternshipProgram(SBIP)providesSMEsfinancialsupporttohireapost-secondarystudent intern to assist them in their adoption of e-business strategies to increase their productivity and competitiveness.Firmswillreceivefinancialsupporttowardthecostsoftheinternship.

2009 Entrepreneurial culture, education and training

Summer Company

This Ontario-based program allows students, from 15 to 29 years old, who want to start and run their own summer businesses, to obtain hands-on business coaching, training and mentoring as well as CAN$1,500 to put toward start-up costs and up to CAN$1,500 upon successful completion of the program.

2002 Coordinated support, entrepreneurial culture, education and training

Women'sEnterpriseInitiative(WEI)

Tohelpremoveoperationalbarriers,WesternEconomicDiversificationCanada(WD)establishedtheWomen's Enterprise Initiative (WEI) to provide business information and services to women entrepreneurs.TheWEIhasofficesineachofthefourwesternprovinces.Thesenon-profitcentersprovideavarietyofunique products for women entrepreneurs including advisory services, training options, networking opportunities, business loans and referrals to complementary services.

1994/95 Access to funding, coordinated support, education and training

SelectionofGovernmentleadingpractices


Methodology

For this first edition of this entrepreneurship barometer, our analysis of the G20 country environment is articulated around the five enablers (access to funding, regulation and taxation, education and training, entrepreneurship culture, coordinated support) defined by the G20 Young Entrepreneurs’ Alliance (YEA) in Toronto, Canada (20–22 June 2010). Our analysis is based on four building blocks: macroeconomic indicators, a perception survey conducted across the G20 countries, qualitative interviews of emblematic entrepreneurs and an analysis of G20 governments’ leading practices.

Throughout this report, we have used the following definitions:

• Young entrepreneurs are young women and men aged between 18 and 40

• The split of country groupings between mature markets (MMs) and rapid growth markets (RGMs) is based on the definition provided by the International Monetary Fund (IMF)

• As no single definition is shared across all the G20 countries for small and medium enterprises (SMEs), we have adopted each country’s respective definition

We conducted a perception survey with an international panel of 1,001 entrepreneurs across the G20 countries (50 interviews per country). The field research was conducted by CSA Institute between 27 May and 7 July 2011. The perception barometer was calculated using a weighted average of country performance scores.

Our quantitative analysis is based on the following economic indicators:

AccesstoFunding

Businessangels• Number of business angel networks [EBAN]Venturecapital(VC)fund-raising• Equity invested (US$m) [TO]SMElending• Loan value (% of GDP) [WB] Privateequity(PE)• Deal value (US$m) [DL]

SME stock markets• Value of shares trading (US$m) [WFE]• Number of listed companies [WFE]Broadpublicstockmarket• Value of shares trading (US$m) [WFE]• Number of listed companies [WFE] Initialpublicoffering(IPO)broadandjuniormarket activity• IPO number of deals [DL]• IPO capital raised [DL]

Entrepreneurshipculture

Innovative environment • Research and development expenditure (% of GDP) [WB]• Scientific and technical journal articles (per million of population) [WB]• Researchers in R&D (per million of population) [WB]

RegulationandTaxation

Tax subsidy rate for US$1 of R&D SMEs [OECD]Start-up incentives (% of GDP) [OECD]

Starting a business• Number of procedures [WB]• Time (days) [WB]• Cost (% income per capital) [WB]• Minimum capital (% income per capital) [WB]

Number of patents [WIPO]Time spent on tax issues (hours/year) [WB]Cost of hiring, severance cost and notice period [WB]

Education and Training

Public spending on education, total (% of GDP) [WB]School enrollment, secondary (% growth) [WB]School enrollment, tertiary (% growth) [WB] Tertiary-type A and advanced research program (number of graduates) [OECD]

Sources: Dealogic (DL), World Bank (WB), EBAN: European Business Angel Association, WFE: World Federation of Exchanges, WIPO: World Intellectual Property Organization, CIQ: Capital IQ data, OECD: Organization for Economic Cooperation and Development, ThomsonOne (TO).

Further details can be found in the methodology section of The Nice Côte d'Azur 2011 Entrepreneurship Barometer by Ernst & Young

1Throughfivekeyenablers,theentrepreneurshipbarometeranalyzesentrepreneurs’ perception as well as government leading practices in

order to provide key ecommendations to governments and entrepreneurs.

2 Thecountryprofilesexplorethespecificitiesofcountryentrepreneurship environment to provide a better understanding to

entrepreneurs considering international expansion.

3Highlighting the main conclusions of the report, the barometer website provides further Government leading practices and entrepreneurs

success stories. • www.ey.com/entrepreneurship-barometer

Entrepreneurs speak outA call to action for G20 governments

Contact

Colleen McMorrowCanada Strategic Growth Markets LeaderTel.: +1 416 943 2718E-mail: [email protected]

Linda MossCanada Entrepreneur Of The Year Program DirectorTel.: +1 416 943 3451E-mail: [email protected]

Ernst & Young

Assurance | Tax | Transactions | Advisory

About Ernst & Young

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© 2011 EYGM Limited. All Rights Reserved.

EYG No. CY0190

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This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.

The opinions of third parties set out in this publication are not necessarily the opinions of the global Ernst & Young organization or its member firms. Moreover, they should be seen in the context of the time they were expressed.

Growing Beyond

In these challenging economic times, opportunities still exist for growth. In Growing Beyond, we’re exploring how companies can best exploit these opportunities — by expanding into new markets, finding new ways to innovate and taking new approaches to talent. You’ll gain practical insights into what you need to do to grow. Join the debate at www.ey.com/growingbeyond.

This report has been produced in collaboration with Oxford Analytica (www.oxan.com), an independent consultancy that has for over 35 years provided authoritative analysis of the macro environment.

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