The entrepreneurial spirit has busted all over the UK. In 2017, for instance, the nation saw an approximate of 80 businesses launched every hour. Happy times for most new entrepreneurs. With this economic advancement, it is no surprise that you can now start a business anywhere in the UK. Nonetheless, a startup will naturally have higher odds of thriving in specific locations compared to others. With that fact in mind, where can you find the best combination of creativity, support, and talent that will let your business survive and flourish beyond your wildest imaginations?
According to a 2017 survey executed by UK’s domain name registry, Nominet UK, Oxford is Britain’s current hotspot for startups. This comes as no surprise, in light of the fact that startups in the city have access to more than 20,000 of Oxford’s hardworking and smartest individuals.
The reputable Oxford University offers the city a never-ending supply of fresh graduates seeking the next big opportunities, particularly in the science and technology sectors. Better yet, in case you would like to take a short break from launching your business, Oxford boasts excellent standards of living you can avail. Being a historic city, Oxford features a mesmerizing scenery and architecture, as well as sovereign bars and shops. Nonetheless, note that Oxford is by far, not the cheapest city in this blog post, because its housing prices skyrocket way above the United Kingdom Average. Here is a fun fact though; “Survival rates of startup businesses in Oxford from 2010 to 2017 have hit a rather impressive 41%.”
After London, Leeds has been regarded to as the number two financial capital in the UK since it generates an estimated 4% of the nation’s total output. According to a 2015 study by the Centre of Entrepreneurs, Leeds had the fourth highest number of startups. Even better, in 2017 (two years down the line), EY named Leeds the best destination for FDI (Foreign Direct Investments) in the North. We can attribute Leed’s astounding success to its close connections with Manchester and the fact that Startups have access to one of the highest population of brilliant minds in the nation. Leeds is home to 3 prominent universities including, The University of Leeds, The University of Law, and Leeds Becket University.
Startups in Leeds have a survival rate of 42%.
With Cardiff Enterprise Zone focusing its attention on Life Sciences, Creative Sector, Cybersecurity, and Fintech, City of Arcades works hard to lure startup businesses with its government incentives such business rates relief schemes. According to Mr. Chris Sutton, Chairman of the Central Cardiff Enterprise Zone, startups in the city will avail different forms of perks, such as close supports and local research into legal tech and Fintech.
Just like Oxford, Cambridge has been making grounds in the digital and technology sectors, thanks to its readily available workforce streaming-in from the gates of Cambridge University Year after Year. The incentives do not stop there. Cambridge University came up with a program aimed at equipping local business owners with the best business tips from world-class academics. While Cambridge is a small city, its business-friendly attributes say otherwise. No wonder it’s the City of perspiring dreams.
According to a recent report from Tech Nation, Bournemouth is currently experiencing the highest growth proportion of “Tech-related businesses” compared to any other location in the nation. The City’s tech industry is now worth £352 million, and it employs more than 15,000 individuals.
The fact Bournemouth is not too stuffy and is filled with creative minds makes it an ideal Location for startups. Even better the city features countless places to relax, in case you need to take a break from your routine activities.
Location significantly impacts the success rate of a startup business. That said, entrepreneurs need to ensure that they are placing themselves in environments with business-friendly regulations and where customers can easily find them.