London voted most popular city for young entrepreneurs
With recent exciting news emerging that London has been named the best city in the world to be a young entrepreneur, 2022 is predicted to be a prolific year for entrepreneurs and small businesses throughout the UK.
London beat New York to win the crown with 115 entrepreneurs in the Forbes Under 30s list being based in the capital. The UK also ranked second in the most popular countries list, with 14% of entrepreneurs in the Forbes Under 30 list being based in the UK. In 2021, there were a record 319,000 new businesses registered in the UK, with the number of retailers in the UK increasing by 15%. The number of small businesses in the UK now stands at 5.5 million, with recent research showing that two-thirds of the UK workforce want to start their own company. This shows a continued desire, driven by the pandemic, for individuals to start a business of their own in the UK.
Small businesses and SMEs that are run by young entrepreneurs have adapted in amazing ways in the UK not just to survive, but to flourish, meaning they are now more versatile, robust, and ready for the future. With 16% of UK investors looking to back start-ups and newly formed businesses, it seems they will be given a platform to continue the success and progression of their companies. The community and investors are ready to back small businesses and small businesses are ready to maximise this exciting opportunity not only in London but throughout the entire UK.
It is fantastic to see London being named as the best city in the world for young entrepreneurs, but it is no surprise. Small businesses and SMEs throughout the UK have, in many cases, pivoted and grown throughout the past two years which has been truly inspiring to see. There are now nearly 80 new small businesses registered every hour in the UK – a 32% increase since 2019. SMEs and the individuals that run them are incredibly inventive and versatile with their companies and make sure they are at the forefront of the UK business scene. It is therefore hugely encouraging to see that consumers and investors alike are recognising that SMEs have now become an indispensable part of the UK economy.
There is a huge amount of ambition and talent throughout the UK’s small business ecosystem, not just in London, and it is an exciting time for SMEs, from both an investing and business standpoint. At IW Capital, we are always searching and looking to invest in small businesses in their growth journey to provide them with the opportunity to thrive and succeed. It’s great to see the shift in behaviour from the UK public as consumers increasingly choose small businesses. This paints an optimistic picture for the SME economy throughout the coming months which are normally crucial for businesses.
To find out how IW Capital could maximise your investment opportunities, please contact the team today on 020 7015 2250, or email info@iwcapital.co.uk.