With startup rates hitting record highs, the UK is fast becoming a nation of fledgling businesses and ambitious entrepreneurs. In 2014 a record-breaking 581,173 startups began trading in the UK - but how many of those businesses are still swimming, how many have sunk without a trace, and what are the factors which will make or break these new enterprises?
According to a brand new interactive heatmap from cloud VoIP provider Vonage, where a start-up chooses to start its life could play a key role in its success, so understanding what makes a startup thrive is very important.
Vonage's freshly made heatmap has been developed to offer insight into these crucial factors, with a particular focus on location. Working with data from the Office for National Statistics (ONS) and www.companycheck.co.uk, the interactive map records the survival rates of new startups between January 2014 and January 2016, also examining factors like broadband speed, the graduate pool in the local area, and property prices in each region.
Through the research, which compiles data from official sources including Ofcom and the UK Land Registry, Vonage explored even more fascinating insights into startup successes. When examining startup survival by industry, the study found that industries such as external building cleaning were the least likely to succeed in today's startup climate, as artistically inclined businesses struggled more (external building cleaning - 77.9% survival).