Written for EO by Erin Yurday. Erin Yurday is the founder and CEO of NimbleFins, a startup that aims to educate consumers with data-driven research so they can make the best financial decisions for their individual situation. 

While any great business starts with an idea—that “aha!” moment—we all know there’s a lot more to running a successful startup than just the initial inspiration. While many entrepreneurs don’t think about location as a factor, a quick look at the global startup map from startupRANKING shows some countries produce more startups than others. What makes a country more startup-friendly than others?

Using data from the World Bank, World Economic Forum, the United Nations Educational, Scientific and Cultural Organization, and the Organization for Economic Co-operation and Development allow us to take a data-driven approach to determine which countries in Europe are the best for startups. Data can reveal insights into a country’s economic health, cost of doing business, business climate and labor quality.