No correlation between the rate of early – stage entrepreneurial activity and the proportion of entrepreneurs who are innovative is revealed by the study. For example, countries such as Colombia, Chile, Peru and Ecuador have high proportions of innovative entrepreneurs, matching their top – quartile rates of early – stage entrepreneurial activity, yet Uganda, despite having the highest early – stage entrepreneurship rate in the 44-country sample lands amidst the bottom five countries for innovative entrepreneurship. On the contrary, Denmark has few early - stage entrepreneurs, but a high proportion of them are them are innovative.