UK’s entrepreneurial spirit stronger than ever, as lockdown three inspires a 19% increase in companies created compared with the same period in 2020.
One in five who have their own business launched it from their living room, with a further one in seven setting up from their bedroom, according to Virgin StartUp.
Although research suggests women are less confident about setting up a business than men, 41% of Virgin StartUp founders are women, more than double the national average.
On May 21, Virgin StartUp released new research to celebrate funding its 4,000th founder.
Virgin’s not-for-profit entrepreneurial hub reveals that one in three Brits dream of becoming an entrepreneur and would like to set up their own business.
According to the study, approximately two million people have started a side project during lockdown.
From May 2020 onwards, the average number of businesses set up per week during 2020 was 30% higher than the same period the year before, jumping from 12,446 in 2019 to a huge 16,157 in 2020.
And it seems as though the UK’s entrepreneurial spirit is now stronger than ever, with an average of 15,751 businesses set up in Q1 this year – an increase of 19% compared to the same period in 2020.
The study reveals that 26% of women are concerned that they don’t have the relevant skillset to start a business, compared with 19% of men.
Since it was founded, Virgin StartUp data shows that 41% of its founders are women, compared with the national average of 20%, so a huge number of female entrepreneurs have been seeking expertise and funding.
This includes Virgin StartUp’s 4,000th founder Carley Read, founder of Y’earn, a parent-to-parent marketplace to rent baby & kids items from people and small businesses in the local community.
Carley says: “I am extremely grateful to discover I’m Virgin StartUp’s 4,000th founder.
“Starting a company during a pandemic isn’t easy, but I really believe that Y’earn is more necessary than ever.
“Thanks to the support from the Virgin StartUp loan and the team’s advice, I’ve been able to get my business off the ground.
“I’d definitely encourage other entrepreneurs to look to Virgin StartUp’s diverse range of services to help them make their idea a reality too!”
Andy Fishburn, Managing Director of Virgin StartUp, comments: “The pandemic has allowed people to refocus on what’s important to them.
“It has also provided essential time and space to develop ideas, so it’s been amazing to see more and more founders getting creative in a crisis.
“It’s so encouraging to be working with so many people trying to make a difference at the moment by bringing innovative ideas to the table.”