West Midlands revealed as one of the UK’s most entrepreneurial hubs
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The West Midlands has been named as one of the UK’s top entrepreneurial hubs as new small business ‘births’ in lockdown outstripped the national growth rate.
South Staffordshire, Wyre Forest, Nuneaton and Bedworth have been revealed as top hubs for micro-business growth (businesses with fewer than 10 employees) in a review of UK micro-business activity.
The State of the Nation report by GoDaddy shows that between April and June 2020, at the height of the coronavirus outbreak, the West Midlands hub experienced 18% growth in new micro-business ‘ventures’, compared to a nationwide average of 14%.
New polling shows West Midlands micro-businesses are confident in the face of adversity, with over half (51%) believing their business will surpass pre-COVID-19 revenue levels by end of 2020.
Sakshi Anand, GoDaddy senior director UK and Ireland, said:“Against the challenges of COVID-19, it’s encouraging to see this area of the West Midlands becoming a hotbed for innovation and entrepreneurship.
“With 99% of all of the West Midlands businesses being classed as “micro-businesses”, their ability to remain resilient during significant economic downturn is particularly important. It’s fantastic to hear that local business owners across South Staffordshire, Wyre Forest, Nuneaton and Bedworth are adapting and working out new ways to contribute to the country’s economic recovery.”
Louise Bennett, chief executive of the Coventry & Warwickshire Chambers of Commerce, said: “Small and micro businesses are the lifeblood of prosperity in the West Midlands. We’re delighted to be working with GoDaddy to share knowledge and best practice with budding entrepreneurs, who will help drive prosperity and growth following the pandemic.”
The review identified six hubs around the country, which have all experienced unique bursts of micro-business activity between 2017-2019 and have continued their growth trajectory during Q2 2020, at the peak of the pandemic.
The top six most entrepreneurial places in the country:
West Midlands Suburbs, including Wyre Forest and South Staffordshire
South Wales, including Caerphilly, Swansea, Newport
M1 Corridor, including Wellingborough and Milton Keynes
North West Powerhouse, including Salford and Burnley
Channel Coast, including Eastleigh and Brighton & Hove
North East London Boroughs, including Hackney and Camden