Research from Quality Formations states that Derby is the best place in the UK to start up a business. The top ten reads as (in order): Derby, Stoke, Belfast, Wolverhampton, Sunderland, Lincoln, Coventry, Stirling, Liverpool & Durham.
For this study, numerous factors were taken into consideration. The main cities in the UK that are considered Business Hubs already, such as London, Glasgow and Manchester were taken out to find the best up and coming city for startups. Some of the other factors include office space, workforce demographics, broadband speed and living costs.
Derby was voted the best new place to begin a start up, with a booming hi-tech job industry, affordable cost of living and high wages. 12% of Derby’s workforce works in the technology industry, which is four times the national average. There is also a new 250 acre entrepreneurial park in the works which will create thousands of jobs.
After Derby in second place was Stoke, then Belfast, Wolverhampton and Sunderland. Coventry, in seventh place offers a unique spot because of the network they have in place to foster young entrepreneurial talent.
Liverpool is probably one of the biggest cities on the list, with a population of 500,000 and coming in at number 9. For a city so big it offers a low cost of living as well as new hi-tech facilities and low renting costs.
The best place in Scotland for a new startup is Stirling, due to high speed rail links with London and being only around half an hour to Edinburgh airport. There has also been plans in place from the local council to build a special digital district in new business areas. The best place in Wales is Newport, as it has affordable commercial offices available, whilst housing rent is cheaper than Cardiff, which is only a 25 minute drive away.
With the rise of digital start ups becoming more and more common, councils are doing their best to attract these businesses, by offering hi spec offices at lower prices and high speed broadband. Ultimately though, due to the importance of being in the right location close to your clients, it remains to be seen whether these cities can steal the crown from the bigger cities like London and Manchester.