Scotland is experiencing a startup boom according to latest figures, with the highest number of company incorporations since Companies House records began in 1997.
Startup incorporations grew by 5.9% in the last year, according to research by Scottish incubator, Entrepreneurial Spark.
There were 27,02 new company formations in Scotland last year – up from 25,454 the year before – representing a 9% rise.
The report suggests that if the current rate of growth continues there will be more than 47,000 new businesses created in Scotland across 2014 as a whole.
Jim Duffy, founder of Entrepreneurial Spark, said:
“Coming out of a recession, a new industrial revolution is starting in Scotland. So many people, who didn’t think they were capable of turning their hand to entrepreneurship, are now doing it.”
One of the main factors driving this growth, according to Mr Duffy, is the launch of the Scottish EDGE Fund, which makes it possible for local entrepreneurs to access grants of up to £50,000 to help kickstart their business.
“There’s [now] crowdfunding and new startup hubs. The traditional route where you needed a lawyer and a pot of money to launch a business isn’t the only way to get started now.”
Company incorporations across the whole of the UK are also up, with 526,874 incorporations in total last year – an increase of 10.4% on the previous year.
Image by Moyan Brenn