Anyone placing their faith in the UK startup scene is betting on a winner. Not only is London one of the most likely cities in the world to produce the next tech giant, but the British government has also proven that investing in startups is great for the country’s economy. After investing £250m in helping budding entrepreneurs get enterprises off the ground, new figures show the economy has enjoyed the benefits.
Back in 2012, the government launched Start Up Loans – an organisation devoted to helping startups by offering entrepreneurs loans of up to £25,000 and giving them access to free business support. Funded by the British Business Bank, it has seen a return on investment of £3 for every £1 it’s invested. This has also created 45,100 jobs across the UK, so it’s safe to say that investing in the startup scene has proven to be good business.
Commenting on the milestone, business and energy secretary Greg Clark said the government will continue to invest in startups to help make them, and the country, a success story. “British entrepreneurs and small businesses are the backbone of our economy,” he said. “Whether you live in England, Wales, Scotland or Northern Ireland and whatever your age, everyone should have the chance to turn a great business idea into a reality.”
The news comes after StartUp Britain released figures showing that 342,927 new businesses were registered with Companies House in the first six months of 2016. That means that 80 startups were created every hour.
Start Up Loans’ success certainly indicates that Britain’s entrepreneurial spirit is as strong as ever and is helping to drive job creation and business activity. Let the good times roll.