The United Kingdom is considered to be one of the top spots for startups, and new entrepreneurs continue to begin their businesses in the UK. At Market Inspector, we created a list of The Best Places for StartUps in the UK.
Businesses in London account for 30.5% of growth in the UK. our findings show a large increase of startups outside of London.
In order to get a better idea of which places are best for new business, Market Inspector has categorised them based on a point-based ranking system, with points being distributed per category based on the position.
The first 3 get 10 point, the next 3 get 9 points, and so on. If 2 cities score the same amount of points, the one with the most winning categories gets the higher spot.
The list includes a number of factors which are relevant for any startup:
- New business created in 2015
- Businesses that went under in 2015
- Total number of active businesses in 2015
- Ratio of business births and deaths in 2015
- Total population
- 1 year survival percentage (for business started in 2010)
- 5 year survival percentage (for business started in 2010)
- Property prices
- Average internet speed
- Average weekly income
On this map you can find the best places for startups in the UK.
Map by Market Inspector
To recap on the following findings, we decided to create a video, explaining in detail the benefits of starting a startup in the following places in the UK. We compiled a report with our findings.
These are the top ranking places for startups in the UK
1. Leeds
Market inspector’s startup score: 66/100
New businesses in 2015: 4140
5 year survival: 41.7%
Average weekly income: £429.00
Leeds has more than 6,000 small to medium sized businesses, this makes up for over half of employment in the city. Leeds was cited as one of five “cities to watch” by an article from the Centre for Cities in January 2011.
2. Bristol
Market inspector’s startup score: 65/100
New businesses in 2015: 2600
5 year survival: 42.3%
Average weekly income: £454.60
Bristol is one of the eight largest regional cities in the UK. Bristol was nominated as one of Britain’s most sustainable city, according to Future’s 2008 Sustainable Cities Index.
3. Reading
Market inspector’s startup score: 64/100
New businesses in 2015:1290
5 year survival: 46.1%
Average weekly income: £486.10
Reading is considered to be an important enterprise centre in the Thames Valley and in Southern England.
4. Birmingham
Market inspector’s startup score: 63/100
New businesses in 2015: 7060
5 year survival: 36.5%
Average weekly income: £395.00
Birmingham is the second largest centre outside London for employment in business services.
5. Edinburgh
Market inspector’s startup score: 62/100
New businesses in 2015: 2975
5 year survival: 42%
Average weekly income: £472.40
Edinburgh has the strongest economy of any city in the United Kingdom outside London, 43% of the population have a degree-level or professional qualification.
6. Brighton
Market inspector’s startup score: 61/100
New businesses in 2015: 2000
5 year survival: 42.4%
Average weekly income: £522.90
Brighton has an outstanding 9,600 registered companies.An article IN 2001 stated that Brighton a “supercities for the future”.
7. Northampton
Market inspector’s startup score: 61/100
New businesses in 2015: 2165
5 year survival: 41.6%
Average weekly income: £329.60
In 2006, Northampton developed a government expansion zone with considerable growth, creating new business zones which fueled the economy.
8. Guildford
Market inspector’s startup score: 60/100
New businesses in 2015: 930
5 year survival: 46.7%
Average weekly income: £564.00
In the 2011 Financial Times annual list of Top 500 Global Companies for which Guildford was mentioned several times.
9. Sheffield
Market inspector’s startup score: 60/100
New businesses in 2015: 2170
5 year survival: 43.1%
Average weekly income: £390.30
Sheffield was placed in the “UK Cities Monitor 2008” notable was mentioned in the top ten “best cities to locate a business today”.
10. Leicester
Market inspector’s startup score: 59/100
New businesses in 2015: 1870
5 year survival: 38%
Average weekly income: £242.50
Leicester has the largest economy in the East Midlands, a recent study by Emda/Experian.
Video by Market Inspector
11. Coventry
Market inspector’s startup score: 58/100
New businesses in 2015: 1795
5 year survival: 38.3%
Average weekly income: £492.00
Coventry has a premier business park with that has an established community of nearly fifty companies.
12. Liverpool
Market inspector’s startup score: 58/100
New businesses in 2015: 2365
5 year survival: 36%
Average weekly income: £405.70
Liverpool’s economy is one of the biggest within the UK, placed at the centre of the two major economies within the North West of England.
13. Portsmouth
Market inspector’s startup score: 58/100
New businesses in 2015: 885
5 year survival: 38.7%
Average weekly income: £413.90
The city is host to the European headquarters of IBM and the UK headquarters of Zurich Financial Services and now is a hot spot for business growth.
14. Cambridge
Market inspector’s startup score: 57/100
New businesses in 2015: 690
5 year survival: 48.9%
Average weekly income: £578.80
Silicon Fen, also known as the Cambridge Cluster, is the largest distribution of high-tech businesses that focus on software, electronics and biotechnology.
15. Chelmsford
Market inspector’s startup score: 57/100
New businesses in 2015: 1075
5 year survival: 54.8%
Average weekly income: £464.20
International businesses are based in the chelmsford Business Park at Boreham – centre for companies such as the Anderson Group
16. Warrington
Market inspector’s startup score: 57/100
New businesses in 2015: 1160
5 year survival: 38.5%
Average weekly income: £457.90
Omega Development Site Warrington is a new major business park that will be developed in the next 30 years.
17. Belfast
Market inspector’s startup score: 55/100
New businesses in 2015: 1100
5 year survival: 40%
Average weekly income: £392.50
Northern Ireland has the fastest-growing regional economy in the UK, with GDP increasing 1 per cent per annum faster than the rest of the UK.
18. Stockport
Market inspector’s startup score: 55/100
New businesses in 2015: 1605
5 year survival: 40.4%
Average weekly income: £441.90
19. Cardiff
Market inspector’s startup score: 54/100
New businesses in 2015: 1730
5 year survival: 40.2%
Average weekly income: £444.90
20. Nottingham
Market inspector’s startup score: 53/100
New businesses in 2015: 1325
5 year survival: 38.5%
Average weekly income: £472.00
21. Glasgow
Market inspector’s startup score: 52/100
New businesses in 2015: 3115
5 year survival: 32.4%
Average weekly income: £430.60
22. Manchester
Market inspector’s startup score: 52/100
New businesses in 2015: 3975
5 year survival: 37.2%
Average weekly income: £410.70
23. Newcastle
Market inspector’s startup score: 50/100
New businesses in 2015: 1220
5 year survival: 41.4%
Average weekly income: £423.00
24. Oxford
Market inspector’s startup score: 48/100
New businesses in 2015: 660
5 year survival: 41.9%
Average weekly income: £500.20
25. Plymouth
Market inspector’s startup score: 48/100
New businesses in 2015: 795
5 year survival: 37.3%
Average weekly income: £370.70
26. Swansea
Market inspector’s startup score: 46/100
New businesses in 2015: £845
5 year survival: 36%
Average weekly income: 384.10
27. Aberdeen
Market inspector’s startup score: 43/100
New businesses in 2015: 1045
5 year survival: 46.4%
Average weekly income: £427.70
28. Southampton
Market inspector’s startup score: 43/100
New businesses in 2015: 1280
5 year survival: 37.1%
Average weekly income: £445.00
29. Hull
Market inspector’s startup score: 42/100
New businesses in 2015: 860
5 year survival: 34.7%
Average weekly income: £362.40
30. Canterbury
Market inspector’s startup score: 41/100
New businesses in 2015: 660
5 year survival: 40.8%
Average weekly income: £431.50
Also Read: What Can Indian Entrepreneurs Learn From Startups In U.K?
(Disclaimer: This is a guest post submitted on Techstory by Corlynne O’Sullivan of Market Inspector. All the contents and images in the article have been provided to Techstory by the authors of the article. Techstory is not responsible or liable for any content in this article.)
Image Source: techcitynews.com