UK start-up programmes more than doubled in last three years
19th December 2014 | News
A recent report by O2 has revealed a 110 per cent rise in the number of formal programmes designed to give UK start-ups the support and guidance they need in the last three years.
The study found that not only are incubated and accelerated start-ups likely to secure significant financial investment – up to £68,000 on average – the support and guidance they receive provides them with a vital edge against their competitors.
The survival rate for start-ups involved in such programmes is also impressive at around 92 per cent, compared to a two-year survival rate of 75.6 per cent for all small businesses.
This year alone, some 59 start-up programmes have supported more than 1,100 UK start-ups, with a third of programmes now receiving backing from public sector organisations.
Although two-thirds of start-up incubators and accelerators are based in London, cities such as Edinburgh and Birmingham are also experiencing growth, doubling the number of programmes they’re operating in the last two years to three and four respectively.
Feilim Mackle, sales and service director, O2, said: “The rise in UK start-up programmes creates a unique opportunity for the entrepreneurs, but only if businesses and the Government take responsibility for investing in these programmes to ensure they offer long-term, quality support.
“A loss in momentum could see some of the UK’s best entrepreneurial talent go to waste.”
Matthew Hancock, Business Minister, spoke of his excitement at the UK becoming one of the world leaders for fostering new business and innovation.
“With more than double the number of incubators and accelerators today than in 2011, the UK is fast becoming the best place in the world to start and grow a business,” said Hancock.
“From London’s Tech City to exciting new clusters in Birmingham, Edinburgh and Manchester, large companies and Government are coming together to help foster exciting new businesses. We’re creating an environment where entrepreneurs can hone their ideas and thrive.”