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Southampton ranked 7th in UK for “entrepreneurial potential”

Tuesday January 7th, 2020

 

Southampton has been named one of the top places in Britain for its potential to support those wanting to start and grow a business.

A report by a former Bank of England economist has rated the UK’s towns and cities by their “entrepreneurial potential”.

The research, for digital firm Atos, estimates that the UK economy would benefit by £34billion a year by 2030 if local economies were to realise their full entrepreneurial potential over the next decade.

Southampton came seventh overall, behind Reading, Brighton and Hove, Cambridge, Cheltenham, Oxford and Northampton in the Great British Enterprise Opportunity report, by Steve Hughes.

It was rated among the top places in the UK for five out of six factors: the qualifications held by the local labour force, businesses stock per head of population, population diversity, the number of new business start-ups and the rate of business survival.

Adrian Gregory, group senior executive vice-president with Atos, said: “We should be proud that the UK is a dynamic entrepreneurial nation, but we can always do more to help the whole country fulfil its entrepreneurial potential.

“Embracing digital technology and helping businesses use it more effectively is key. If we can do that, then Great Britain could benefit from a £34bn boost to the economy, as well as helping the whole country fulfil its entrepreneurial potential.”

The report found that digital technology was critical to unleashing the potential of start-ups and small businesses, because even non-tech start-ups need to embrace digital to compete.

 

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