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Cumbrian start-ups among the most resilient in the UK

Published on: Thursday 1st December 2016
Categorised under: Work , Business, Cumbria, Investment

Cumbrian start-up businesses have staying power according to national research.

Findings revealed the county ranks second in the UK when it comes to businesses surviving more than three years.

In Cumbria, 61.7 per cent of firms established in 2012 were still trading three years later.

The county came second only to North East Scotland which had a 64.1 per cent survival rate. The research was undertaken by the Enterprise Research Centre.

Rob Johnston, chief executive of Cumbria Chamber of Commerce, said: “It’s no surprise to see Cumbria near the top on start-up sustainability as this has been the case for some time. It reflects the nature of Cumbrians and the Cumbrian economy.

“People here generally think and plan very carefully before starting up and focus on products and services they’re very familiar with.

“They’re realistic about the challenge of running your own business. They also have realistic expectations about what they will get out of it. And they tend to take a relatively cautious approach to growth and finance.

“But we shouldn’t forget the importance of community and support, whether that’s from friends and family or the business community more widely. All this adds up to make Cumbrian start-ups overall more sustainable.”

Mr Johnston also mentioned the access to start-up support available to young businesses across Cumbria as another factor to success including mentoring and funding.