The area sees an increase in funding for enterprise
Yorkshire shows promise for entrepreneurial growth despite a mixed national picture.
With 238 high-growth companies, Yorkshire is mid-range among the regions for high-growth enterprises, behind the North West (320), West Midlands (271), East of England (360), South East (572), South West (239) and London (1,529). It also has strong expansion investment, with £57m invested in the region and 10 companies that have received expansion funding.
Yorkshire has seen a mixed picture with new start-ups. Private equity-backed companies remain relatively strong at 38, though this number decreased from 47 the previous year. More positively, 17 companies received venture capital funding, up year-on-year from 15. While VC funding was down from £70 million in 2014, it increased from the 2015 low of £6 million, to £7 million.
While Yorkshire, like the UK as a whole, has seen decreases in funding for enterprise, its year-on-year increases in venture capital and expansion funding is a positive indicator, hopefully pointing to renewed vigour in the entrepreneurial sector.
National data offers a conflicted snapshot of entrepreneurship, while regional data proffers a promise of diversifying new business activity. London and the South East remain strong incubators, and the North’s entrepreneurial growth is strong.
A barometer of the entrepreneurial environment and activity in the UK. This, the ninth volume, focuses on three main indicators: start-up activity, growth of new business and exits of young enterprises.