A report from Ernst & Young on Forbes said the venture capital community in the US still leads worldwide in giving entrepreneurial businesses access to funding and fostering a culture of entrepreneurship. According to the report, the US ranks very well in three of the five pillars of the EY Global Entrepreneurship Barometer. The categories which countries can use to gauge their progress in entrepreneurship include access to funding, entrepreneurship culture, tax and regulation, education and training and coordinated support, EY's report said.

The US is said to be number one in providing access to funding and entrepreneurship culture. It ranks third in the education and training category. However, it still has room for improvement on the other two categories, EY said. It is in 13th in tax and regulation and is even further at 20th place in coordinated support. EY added that emerging markets like Russia, Brazil and Mexico were higher in the area of coordinated support while countries that ranked higher in tax and regulation include Saudi Arabia, Korea and Canada.

According to the report, government policies are integral in facilitating the appearance of deeper and more varied funding options. One example is that of Saudi Arabia, which has a government program that guarantees half of particular bank loans as well as a corporate venture capital fund backed by the state oil company Saudi Aramco.

As far as coordinated support goes, the report cited the government initiative launched by Indonesia called the National Entrepreneurship Movement. The program fostered strong relationships among entrepreneurs, successful enterprises and schools. This has led Indonesia to rank fourth in the study for coordinated support, EY said.

There is also widespread optimism among emerging markets as far as venture capital access is concerned, EY stated. The report said 48% of entrepreneurs in Russia, 42% in Indonesia and 41% in Brazil think that access to funding has improved.