The UK is overtaking the US as the global centre for engineering start-up businesses.
According to the latest research from the Royal Academy of Engineering, 34% of engineers in the UK have founded their own business, with only 27% having done the same in the US.
The results are down to the increase in young graduates and academic entrepreneurs entering the industry, with a third of 21-30-year-olds starting, or considering starting, their own business.
Making for encouraging news for the government, the findings come in the wake of the Industrial Strategy aimed at delivering technological and innovative advances in to help aspiring business owners.
Chair of the Royal Academy of Engineering Enterprise Committee, Ian Shott, said: “The UK has lagged behind the US in commercialising its world-class research, so I am encouraged to see that a new generation of engineering entrepreneurs is rising to the challenge.”
However, of the 34% that had started their own businesses, only 15% were based outside London, partly due to a lack of confidence.
Dr Jenifer Baxter, head of engineering at the Institution of Mechanical Engineers, added: “Government must do more to provide support for new engineering companies at a localised level.
“The UK has fantastic regional capabilities and heritage, from the high-value manufacturing heartlands of the Midlands through to the heavy industry of Wales and the flourishing start-ups of Manchester.
“Engineering research is already well distributed throughout the UK; it is a national strength and our start-ups, many formed as University spin-outs, should be supported more to ensure the regions can prosper.”
If you’re thinking about creating a start-up or have your own business and need some help with funding and arranging finance, you can get a Decision in Principle in 60 seconds here or speak to a member of our team by calling 01773 864 864.