Liverpool named UKs most entrepreneurial city! But where does that leave us now?

Liverpool named UKs most entrepreneurial city! But where does that leave us now?

Liverpool

 

International office space broker, Instant Office, has named Liverpool as the UKs most entrepreneurial city based on new figures released by Companies House.

This backs up the Office for National Statistic Figures that stood in 2013 that showed Liverpool had the highest percentage rate of new startups in the UK with a 48% increase rate on the previous year – almost twice the national average rate of 26%.

This figure was promising but may have had something to do with how little startups there were in the city in the first place.

However, new figures show that Liverpool, with an estimated population 440,000, and 57,323 new businesses being registered in the UK in the last two years, Liverpool is left with an entrepreneurial population percentage of 16%.

These are more good figures in Liverpool’s favour.

Whilst new startup stats are flying, the startup survival rate in Liverpool was not too long ago ranked lowest in the UK. According to 2014 LEP Growth Dashboard figures, only 53% of Liverpool businesses made it to their third birthday.

In good news, these figures also revealed the startups that did survive in Liverpool are among the UK’s most likely to generate a £1m turnover.

Liverpool’s startup scene is currently on the brink of a major boom and there is no better time to start a business in this city than now but with such an entrepreneurial influx we need to have the right support in place.

Although the European Regional Development Fund has recently dried up, there are still some great people in Liverpool providing great support and securing Liverpool’s name of ‘Startup City’. People like Launch22, Smaller Earth, Innovators Hub and many more are all actively working to support startups and boost survival rates.

We in turn need to support organisations like these to make sure we keep getting the stats we are getting!

 

Words: Joe ManGone (Liverpool)

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