Five new tech startups launched every hour in 2019
by Startacus Admin
According to analysis by the Centre for Entrepreneurs, business formations reached new record in 2019 with more than five new tech startups launching every hour...
Impressive stats just announced by the Centre for Entrepreneurs with the news that more than five new tech startups launched every hour in 2019 - leading to a record 681,704 new business formations over the year. These findings are the result of their annual analysis of Companies House data.Matt Smith, director of policy and research at the Centre for Entrepreneurs said:
“It is encouraging that despite a politically turbulent year in which business confidence hit new lows, business formations continued to set records. It suggests that entrepreneurial spirit is well and truly embedded across the UK with entrepreneurs continuing to turn their ideas into action”.
Over 45,000 tech startups were launched across the UK in 2019, representing 6.6% of all new businesses.
Whilst 17,401 of these were registered in London, tech startups comprised 28% of all new businesses launched in Bournemouth, Poole and Christchurch. Tech startups were also highly represented in Brighton and Hove (15%), Winchester (12.8%) and Cambridge (12.5%).
This is the first time that this sort of detailed insight has been possible and has arisen as a result of the Centre’s analysis of industry classification codes that describe the nature of each business.
The analysis showed that companies were launched in over 700 different industries and ranged from the raising of llamas and alpacas to the repair of watches and jewelry.
To further prove the impact that food delivery startups and street food are having, 14,363 new take-away food shops and mobile food stands registered in 2019, greatly outnumbering both licensed restaurants, unlicensed restaurants and cafes.
In terms of location, London continues to dominate, with business formations increased by 2.4% to 221,373, Birmingham continues to outperform Manchester in absolute terms although the latter is more entrepreneurial when considering population size. In Scotland however, Glasgow retains an absolute and per capita lead against Edinburgh.
The use of formation agents and virtual offices does however somewhat distort London and other inner-city locations.
“Formation agents and contractor accounting firms will always have a distortionary effect in a handful of areas” said Smith. “But overall, these figures bring to life the entrepreneurial drive that is evident all over the UK”.
The North West is also ahead of its Northern Powerhouse counterparts with strong figures relative to population size in Cheshire East, Salford, Trafford and Stockport leaving the North East and Yorkshire and Humber alongside Wales, Scotland and the South West as the five least entrepreneurial areas of the country.
In all, we reckon these are pretty interesting stats - we wonder what 2020 will bring!
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Published on: 13th January 2020
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