June 25, 2024

Draper Innovation Index Global June 2024

BizWorld Updates Monthly Draper Innovation Index Global
Nations Compete to Land in Top Ten of Best Places Globally
to Launch a Startup

Canada, Australia and Finland Climb in the DII Global Top 10
Sweden Declines from 5th to 8th
New Zealand Passes Netherlands to Reclaim Top 10 Spot
France Breaks into DII Global Top 20
China Drops Again to 59th
Russia Remains Near the Bottom
Turkey, Panama, Lebanon, El Salvador and Argentina Rise
Belize and Oman Fall

Oakland, California – BizWorld announces the June 2024 update to the Draper Innovation Index Global (DII Global), which evaluates each nation’s ability to develop, support, and retain entrepreneurs, innovators, startups, and investors. First published in 2021, the DII Global provides the most well-rounded and up-to-date look at entrepreneurial environments across the globe.

“The recent quarterly update to the World Uncertainty Index has had a significant impact on the rankings, especially positive for many South American countries” said BizWorld founder Tim Draper. “Argentina and France have risen due to their performance on this index, while China and Sweden have fallen. Certainty, stability, and economic freedom are of course essential components of any successful start-up and investment climate and maintaining economic stability should be a key policy goal for any nation.”


Top Takeaways from the DII Global June 2024 Update:

  • Sweden’s comparatively weak performance on the World Uncertainty Index as well as its currency’s weakness against bitcoin pushed it down from 5th place to 8th in the DII Global.
  • Sweden’s decline allowed Canada (5th), Australia (6th) and Finland (7th) to each move up one place in the DII Global rankings.
    Outperformance on the World Uncertainty Index rankings and better local currency to bitcoin performance allowed New Zealand to pass Netherlands for 10th place in the DII Global.
  • Despite seeing a downgrade in its S&P Country Credit Rating from ‘AA’ to ‘AA-‘, France was able to maintain a ‘stable’ outlook and saw a large improvement in its World Uncertainty Index helping to push it from 23rd to 18th in the DII Global.
  • China’s deteriorating performance on the quarterly World Uncertainty Index led to drops in the DII Global Balanced (55th to 59th) and Emerging Innovation (22nd to 25th) scenarios.
  • Russia remains near the bottom of the rankings, 211th in the DII Global.
    Turkey also received a ‘positive’ outlook from the S&P Country Credit Rating. This, combined with an improved World Uncertainty Index, allowed it to rebound 26 ranks
  • Thanks to a dramatic improvement in its World Uncertainty Index, Panama rose 16 places, from 99th to 83rd.
  • El Salvador rose due to its currency’s improved performance against bitcoin.
  • Argentina also benefited from its currency’s performance relative to bitcoin. This improvement, alongside a stronger performance on the World Uncertainty Index, due to reforms that President Javier Milei has instituted, fueled its rise in the DII Global.
  • Lebanon rose due to its currency’s strong performance against bitcoin.
  • On the other hand, both Oman fell due to their currencies’ weaker performance against bitcoin.
    Weakness in local currency to bitcoin performance as well as a ‘negative’ outlook from S&P Country Credit Ratings caused Belize to decline from 108th to 128th in the DII Global.

“Individual currencies’ performances relative to bitcoin were key factors in all three scenarios,” said BizWorld Chief Economic Advisor Dr. Wallace Walrod. “While this reflects the ongoing economic impact of cryptocurrency, it also speaks to something much more fundamental, which is that sound fiscal policy is the key foundation of any business climate. As Tim pointed out, stability is a key to business and investment decisions, and that is especially true of fiscal stability.”

The DII Global will release monthly updates to continually reflect the latest developments in global innovation and entrepreneurship, available here.

About BizWorld is a global non-profit organization based in Oakland, CA, whose mission is to enable youth from all backgrounds to unlock the power of entrepreneurship to create career opportunities, inspire self-reliance, and build confidence that drives economic prosperity globally. Founded over 25 years ago by Silicon Valley venture capitalist Tim Draper, programs teach students real-world 21st century skills and leadership that encourage them to become responsible leaders and entrepreneurs of tomorrow. More than 850,000 students in more than 100 countries have participated in BizWorld programs.

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