Lincoln leading the UK in start-up growth

Lincoln is leading the way in the UK by having the largest rise in start-ups, according to a survey by business insurers Simply Business.

The survey looked at how start-up growth has improved across the country over the last few years based on insurance requests, and in which professions and age groups.

It found that the city had a bigger start-up rate than London, with a 13.6% rise in 2011 from 2010 — the largest climber in the country.

The survey also uncovered that popular start-up sectors included medical, health and beauty, architects and legal, while IT, property, design and construction were down.

Vicky Addison, Centre Manager at Enterprise @ Lincoln, said: “In such a challenging economic climate this is fantastic news for Lincoln and graduates who are increasingly setting up their own business in the city.”

People over the age of 65 are also coming forward to start new ventures (up 18.7%), while the 25-34 category is the most entrepreneurial.

Overall, the start-up industry in the UK has seen its first rise since 2008, where it was down by 3.66%. In 2010-2011, the figure was up from 2008 by 6.7%.

Jason Stockwood, CEO of Simply Business said: “Our results suggest that government initiatives such as Start-up Britain have inspired would-be entrepreneurs to make their business dreams a reality.

“It’s now crucial that this support and encouragement continues into 2012 so these fledgling businesses can fulfil their potential.”

You can see the full infographic of Simply Business’s findings below:

Source: Simply Business | Photo: Dominic Clark for The Lincolnite