Birmingham investment creating right conditions for entrepreneurs
REGENERATION schemes and increased investment in Birmingham’s economy are helping to stimulate the activities of new young entrepreneurs, it has been claimed.
Accountancy firm Clement Keys said the actions were helping to create the right conditions for entrepreneurial activity, demonstrated in the high number of start-up businesses across the city.
The accountancy firm said the rise in start-ups was being driven by improved support for businesses through mentoring programmes that exposed entrepreneurs to experienced industry professionals and paired them with investors.
Birmingham was recently named the most entrepreneurial UK city outside of London, with 18,337 start-ups established in 2014.
Despite the region’s strong manufacturing and automotive heritage, the government is now looking to the Midlands as a hub for technology innovation.
George Osborne has already pledged that six Midlands universities will be chosen to support a new £60m research centre to explore technologies in thermal energy and energy storage.
Steve Horrocks, corporate partner at chartered accountants Clement Keys, said: “Technology hubs and start-up schemes combined with continued investment in the West Midlands have created favourable conditions for new businesses.
“Government and privately backed accelerator programmes are providing much-needed support for entrepreneurs in the region which include access to mentors, free office space and the opportunity to operate in an environment with like-minded individuals.
“Many entrepreneurs in the technology sector have great ideas, but require the support to commercialise these. There are a number of programmes which are giving technology start-ups the chance to secure investment. Such schemes pair companies with experienced professionals from both their industry and the local professional services network to help them develop. From an accountancy perspective this can include support with corporate structure, cloud bookkeeping services, remuneration structures and ensuring the company is compliant with both VAT and PAYE regulations.”
He said with infrastructure investment in schemes such as New Street Station, Paradise Circus and HS2, it was essentially more cost-effective to start-up a business in Birmingham because commercial space was cheaper and the cost of living more affordable for more people.
“With its excellent transport links and support networks, entrepreneurs are moving out of London to enjoy all the benefits the second city has to offer,” added Horrocks.
“Businesses can access everything they need here and the city’s unique geographical location in the heart of the Midlands positions firms ideally to deal with investors both across the UK and beyond.”
