Sure, that's reasonable. I guess my point was there are likely better naive correlates for amount of startup funding than population. Perhaps number of STEM o

Sure, that's reasonable. I guess my point was there are likely better naive correlates for amount of startup funding than population. Perhaps number of STEM or college educated adults, perhaps levels of general economic growth, perhaps GDP, perhaps levels of business freedom, perhaps population (I'm not ruling it out). Also Nigeria was a particularly bad example because they're developing spectacularly well, should have picked a large population country with a poor business climate.