Home Breaking News Manchester is England’s top city outside of London to start a business,...

Manchester is England’s top city outside of London to start a business, major report reveals

6

Manchester is England’s top city outside of London in which to start a business, a major new survey has revealed.

A new report out today from Barclays Eagle Labs and Beauhurst lists the top UK cities for the number of high-growth businesses outside of the capital, with the North West city coming second to only Edinburgh.

The ‘Unlocking Growth’ report aimed to identify the key to generating growth by exploring the importance of public and private sector partnerships in creating strong local technology ecosystems in which businesses can start and scale successfully.

READ MORE: Newly-listed Northcoders to double headcount and expand across the UK

That was alongside universities, accelerator programmes and business incubators, coupled with investment sources such as angel or private equity investors.

Manchester came second in the list for the number of high-growth businesses outside of London, with 508 calling the city home – 209 of which were tech companies.

Jon Hope, director of Eagle Labs, a national network providing business incubation, mentoring and co-working, said: “Our mission at Barclays Eagle Labs is to help support entrepreneurs and high-growth start-ups by providing them the tools they need to grow their business and by bringing together a range of actors to help nurture and grow local tech ecosystems.

“Every region in the UK has the presence of at least one high-growth technology cluster. However, data from Beauhurst found that seven out of the top ten local authorities by number of high-growth tech companies were in London. We hope that with support from networks like Eagle Labs, towns and cities throughout the country can reap the benefits that strong local tech ecosystems can provide.”

Email newsletters

BusinessLive is your home for business news from around the North West- and you can stay in touch with all the latest news from Greater Manchester, Liverpool City Region, Cheshire, Lancashire and Cumbria through our email alerts.

You can sign up to receive daily morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we’ll send out breaking news alerts for any stories we think you can’t miss.

Visit our email preference centre to sign up to all the latest news from BusinessLive.

LinkedIn

For all the latest stories, views, polls and more – and the news as it breaks – follow our BusinessLive North West LinkedIn page here.

The report released on Tuesday looked at the “critical” role tech ecosystems play in supporting high-growth firms and boosting local economies.

Local authority areas home to 100 or more high-growth companies had an average GVA per person of £138,000, compared to £22,000 for those with less than 100.

In the Greater Manchester region, there were 1,213 high-growth businesses, 388 of which are technology companies.

Investors had made £1.7bn in total equity investment in tech companies since 2011, universities had produced 53 spinout businesses commercialising university research – and there was a range of business incubator and accelerator programmes.

That was in addition to local government intervention in allocating funding, for example the investment in the Manchester Digital Innovation and Security Hub (DISH), supported by the Greater Manchester Combined Authority through the Local Growth Fund.

The physical hub is due to open next year and will be operated by a consortium led by Barclays Eagle Labs, with the objective of driving growth and innovation in the digital and cyber security ecosystem in Greater Manchester.

The local authorities outside of London with the highest number of high-growth firms were:

Rank

Local Authority

Number of high-growth businesses

Number of high-growth tech businesses

1

City of Edinburgh

621

280

2

Manchester

508

209

3

Leeds

505

137

4

City of Bristol

478

177

5

Glasgow City

444

151

6

Birmingham

420

133

7

Cardiff

358

103

8

Belfast

301

160

9

Brighton and Hove

297

87

10

Cambridge

274

213

The DISH will add to the growing network of Eagle Labs business incubator spaces that supports 28 ecosystems across the UK, providing mentoring and networking opportunities, business support, and a programme of events.

Irene Graham, CEO of the ScaleUp Institute, said: “Since its inception, the ScaleUp Institute has focused on the importance of fostering vibrant local ecosystems to support scaleup companies – and the job opportunities and economic growth that this will drive.

“Effective ecosystems consist of a combination of actors working collaboratively to harness resources to foster their local scaleup opportunities, they include local government, investors, entrepreneurs, corporates, and anchor institutions like universities. Providing tailored growth support for the scaling businesses in these ecosystems is critical.

“This report picks up many of the ScaleUp Institute’s themes and recommendations for driving local scaleup growth. No matter the sector, we know that key drivers of local growth are access to skilled talent, clusters and investment alongside a collaborative, joined up ecosystem.”

Read More
Read More

https://www.business-live.co.uk/economic-development/manchester-englands-top-city-outside-21889035