Figures show Warwickshire is national leader for business start-ups
The Coventry and Warwickshire region is the entrepreneurial capital of England, new figures have revealed.
A recent survey by BankSearch Information Consultancy delved into which regions, defined by Local Enterprise Partnership areas, are performing best in terms of new companies being established.
Across England, the number of new business starts in the year to February 2017 grew by 1.2% - yet in the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) area, it went up by a massive 11.9%.
That is way above the national average. and, according to the data, makes Coventry and Warwickshire the fastest growing area in the country.
When broken down into individual districts, Warwick performed best with a 22.5% increase in start-up activity, followed by Nuneaton and Bedworth which grew by 15% and Coventry which went up by 14.8%.
There was still healthy growth elsewhere in the region with Rugby (3.7%), North Warwickshire (3.6%) and Stratford (3.2%) all performing better than the national average.
Craig Humphrey, managing director of the CWLEP Growth Hub, is very encouraged by the trend.
“These figures bode very well for our regional economy," Mr Humphrey said. "Of course, everyone knows some of the wonderful names we have in this region – from Jaguar Land Rover through to Holland & Barrett. But while the bigger businesses are key to our regional success, smaller companies account for a huge number of jobs and have a major economic impact on our area.
“So to see our LEP area coming out strongest when it comes to business start-ups over the past year is extremely positive news."
Mr Humphrey added that, while he is well aware that the process of growing a business is a big challenge, a lot of help is available in this region.
“At the LEP we will continue to create the right conditions for entrepreneurs to flourish," he said.
"We recognise the challenges involved in starting up a business and then moving it on to the next level. Moving into premises, taking on staff and then dealing with your company’s growth can be daunting and unfamiliar. We are not taught how to run a business at school.
“However, there is a great deal of help in this area, through the local authorities, the two universities and business support organisations, to help companies take their next steps."
Among those here to help is Warwickshire County Council's Inward Investment Team which offers a wide range of help and advice to businesses of all sizes and sectors, whether they are trying to grow or are interested in relocating to Warwickshire from elsewhere.
For more details please visit http://invest.warwickshire.gov.uk/
For more information on the CWLEP Growth Hub, call 0300 060 3747.