Global Entrepreneurship Monitor maintains positive outlook

Entrepreneurs are performing well, according to this year’s report, even amid searing economic headwinds undermining overall business confidence.

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Produced by a team led by Professor Mark Hart of Aston University, in partnership with the bank, the GEM analysis draws on data from over 45 countries to feed into the following comprehensive results for Northern Ireland.

Key findings on the entrepreneurial landscape

  • The rate of total early-stage entrepreneurship in 2022 remains strong at 8.7%, despite being slightly lower than 2021 (9.2%), which reflected a strong rebound post-pandemic.
  • 18.1% of working-age adults intend to start a business within the next three years; for the UK this figure is 18.5%.
  • UK female-to-male total early-stage entrepreneurial activity (TEA) ratio of 78% in 2022 is higher than in previous years.
  • Youth entrepreneurship in the UK is strong, with those under 35 more likely to be involved in early-stage entrepreneurial activity than their older cohort, although in Northern Ireland the 35 to 44 age group has the highest rate.

The female-to-male early stage entrepreneurial activity ratio was at its highest in 2022, a testament to female resilience in a time of flux, when fear of failure is slightly higher among women

James Holian
Managing Director, Business Banking

GEM: key learnings for future growth

One of the best-performing areas over the past year has been female entrepreneurs. As James Holian, Managing Director, Business Banking, says: “Findings reveal that the female-to-male early-stage entrepreneurial activity ratio was at its highest in 2022, a testament to female resilience in a time of flux, when fear of failure is slightly higher among women.”

Looking forward, there’s work to be done to encourage businesses to act on their environmental considerations. “Social impact is a bigger consideration for early-stage entrepreneurs than established businesses,” James adds.

With figures such as these pointing to further resilience in the UK’s entrepreneurial ecosystem, it is nonetheless a time when support is crucial

Global Entrepreneurship Monitor report

Download the full Northern Ireland report here (PDF, 5MB)

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