Estonia ranks first in the number of new firms created per 1,000 workers in ITIF's survey of 43 nations and regions.

Entrepreneurship is a vital ingredient in economic dynamism. New firms are often first to adopt new business models and innovations in products and services. This, in turn, creates more jobs and economic growth. The United States has long long been an entrepreneurial leader with a talented work force, a high tolerance for risk, access to capital and a relatively low level of regulation. But the ascent of Estonia, Latvia, both former Soviet Republics, Singapore and other countries shows the the entrepreneurial spirit is alive around the world and the United States cannot be complacent. The UK, which has its share of economic problems, was ranked second in this indicator. The United States was ranked eleventh.