The Global Entrepreneurship Index (GEI), which compares the entrepreneurial ecosystems (attitude, resources and infrastructure) of 138 countries, ranked Switzerland second in 2018, after the United States.
This may explain why, according to Switzerland’s leading startup platform, 47,416 new companies were created in 2017, a record number in Switzerland. This is 5 percent higher than 2016.
This increase is mostly due to the current craze in crypto-currencies and technologies related to blockchain.
The canton of Zug, nicknamed Crypto Valley and which has made a name for itself by accepting tax payments in bitcoins, was at the top of the leaderboard with a 19.8 percent increase compared to 2016. One Zug-based company, Bitcoin Suisse, has opened 10 bitcoin ATMs.
Other cantons showing big increases compared to 2016 are Valais (10.3 percent), Aargau (7.5 percent) and Zurich (5.7 percent)
Apart from the large number of technology startups, tobacco substitute companies constituted a big proportion of new company growth. CBD (cannabidiol) companies have, in particular, contributed significantly to the creation of companies all over Switzerland. According to startup.ch CEO and founder, Michele Blascucci, the platform registers two to three new companies in this sector every week.
The canton of Ticino was worst off in 2017 with a drop of 7.5 percent in new companies created. In the past, Ticino benefited from neighbouring Italy’s unfavourable tax system for new business.
