Figures highlighting significant increases in entrepreneurial activity in Wales have been welcomed by Business Minister Edwina Hart.
The latest Global Entrepreneurship Monitor report (GEM UK: Wales Report 2011) published today (Monday November 12) at the start of Global Entrepreneurship Week Wales, show:
The level of early stage entrepreneurial activity in Wales in 2011 was 8.1%, up significantly from 5.8% in 2010. The overall UK rate was 7.6%;
The figures for Wales equates to around one in every twelve adults aged 18-64;
Female entrepreneurship in Wales rose to a record high of 6.1%, compared to 5.0% in the UK.
Early-stage entrepreneurial activity amongst young adults aged 18-29 continued to rise in 2011. The figure has almost trebled amongst this age group in Wales from 3.4% in 2002 to 9.7% in 2011.
The number of non-entrepreneurial working age adults in Wales who expect to start a business within the next three years has risen from 5.2% in 2010 to 7.6% in 2011.
The Minister, who is addressing the Welsh Government’s Entrepreneurs Wales 2012 Conference this week (Wed. November 14), said: ”Supporting entrepreneurial activity is a high priority for the Welsh Government as new high growth enterprises are needed to help drive the economy and create jobs.
“ These latest figures are encouraging, coming as they do during Global Entrepreneurship Week Wales and following our campaign to highlight the support available from the Welsh Government to help individuals who want to start growth businesses as well as those who keen to set up as sole traders.
“I am also pleased to announce that during 2011/12 the Welsh Government Business Start Up service supported the creation of 660 new growth enterprises that created 1752 jobs, while a further 1800 people were helped to start businesses as sole traders.”