Northern Ireland is Becoming More Entrepreneurial
n the last year there has been a marked increase in the level of entrepreneurial activity in Northern Ireland with major improvements in levels of female entrepreneurship
In the last year there has been a marked increase in the level of entrepreneurial activity in Northern Ireland with major improvements in levels of female entrepreneurship.
This is one of the key findings of the Global Entrepreneurship Monitor (GEM) report launched today by Invest Northern Ireland. The report is based on research co-sponsored by Invest NI, into the levels of entrepreneurial activity in all regions in the UK.
The report also finds that there has been a 100% increase in business churn, the sum of all business start-ups plus all closures, which is a measure of the dynamism of the market for entrepreneurship.
However, the research indicates that overall Northern Ireland is still lagging behind most of the rest of the UK in terms of levels of entrepreneurial activity.
Speaking at the launch of the report Professor Fabian Monds, Chairman of Invest NI said: “Entrepreneurship is now widely recognised as a key source of economic growth, employment and regeneration. Invest NI’s support for this research is part of its commitment to understanding the levels and types of entrepreneurial activity in Northern Ireland and is key to measuring the impact of the Accelerating Entrepreneurship Strategy.
“GEM provides us with clear insights as to what is working and what is not; what is hindering enterprise and what is making things better, and what changes need to be made to drive the enterprise agenda forward.”
The report’s other key findings are:
Northern Ireland has more entrepreneurs in the 18-24 age group than any other part of the UK. Those aged between 18-24 and 35-44 are most likely to be entrepreneurs.
More graduates than any other group are involved in entrepreneurial activity
More people in Northern Ireland consider entrepreneurs as having a high status, and rate being an entrepreneur as a good career choice, than anywhere else in the UK
People in Northern Ireland appear to be more negative about their ability to be entrepreneurial, perhaps explaining the high number who cite the fear of failure and lack of confidence about their skills as barriers to starting a business
Professor Terri Scott, managing director with responsibility for entrepreneurship in Invest NI comments: “The GEM report increases our understanding of entrepreneurship and of the economic, cultural and political drivers behind it. Although the report indicates that there is still much work to be done, it identifies positive trends such as an increase in opportunity entrepreneurship. That means people are choosing to set up businesses because they see opportunities rather than because they see no other way of finding employment.”