16 per cent higher than the UK average
Idinvest Partners, a leading investor in SMEs across Europe, today 7th February, announces the results of its second annual study into the UK’s attitudes towards entrepreneurship. Idinvest’s UK Entrepreneurship Barometer measures the concerns of the next generation of entrepreneurial talent and therefore addresses the health of the UK’s innovation ecosystem.
The British public remains positive, despite the uncertainty on the horizon resulting from the Brexit negotiations. In 2018, 33 per cent of the UK population hope to start business, this represents a sharp decline of 20 per cent compared to 2017 when 53 per cent of the population were motivated. However, this national decrease creates a misleading picture. The survey demonstrates that London and the younger generation bucks the wider trend. 49 per cent of Londoners and 53 per cent of younger people (18-29) are motivated to start a business, 16 per cent and 20 per cent higher respectively than the UK average.
Unsurprisingly young respondents were also found to rate ‘ambition’ and ‘risk-tasking’ as more important personal values for entrepreneurs than the older generation. The survey also found that entrepreneurs are 19 per cent more optimistic about the outlook for the UK economy than the general population in 2018, a 1 per cent percent increase from 2017 demonstrating that Brexit has not dampened their ambitions or plans.
- Londoners are 11 per cent more optimistic about the UK’s prospect for entrepreneurship in comparison to Europe than the rest of the UK
- Southern England is the most pessimistic about the UK’s prospect for entrepreneurship
- London was voted as the best place to start a business in 2 years’ time, closely followed by Central, Southern and Northern England
- Northern Ireland and Wales were voted as the least promising location to start a business in 2 years’ time
- 57 per cent of respondents from London are either optimistic or very optimistic about the 12month outlook for the British economy
- 59 per cent of respondents from Scotland are either pessimistic or strongly pessimistic about the 12-month outlook for the British economy
Young British Entrepreneurs (18-29)
- 76 per cent of young people motivated to start a business and living in London say it is “easier” to set up their project compared with older generations
- 80 per cent of young would be entrepreneurs believe that their generation have unique strengths and skills
Christophe Bavière, CEO and Benoist Grossmann, Managing Partner at Idinvest Partners commented:
“While some future entrepreneurs will be considering their options in light of Brexit, the majority continue to see themselves as future business owners and start-up founders. These findings clearly demonstrate the strong entrepreneurial drive that still exists in the UK, most notably in London and the younger generation across the country. We are encouraged by these findings as it shows that’s despite the uncertain geopolitical environment entrepreneurs dedication to their business visions remains resilient.”