Cambridge is ranked third in the country for being the best place to start and grow a business, according to a new report.
The report by digital firm Atos assesses the entrepreneurial potential of towns and cities across Great Britain.
It looked at how the local economies perform on six indicators that influence the success of entrepreneurship and enterprise, such as skills levels and diversity, and on measures that represent positive entrepreneurial and enterprising outcomes, such as business survival rates.
Cambridge was among the top places in Great Britain in five of the six indicators including: rates of self-employment, the qualifications held by the local labour force, the rate of business survival and business start-ups per head of population.
Number one on the list was Reading, followed by Brighton & Hove, then Cheltenham in fourth place, then Oxford.
The report also estimates that the British economy would benefit to the tune of £34billion a year by 2030, if the local economies of towns and cities were to realise their full entrepreneurial potential over the next decade.
It also finds that local economies that have most unrealised potential are the ones that could benefit most from digital adoption.
While the local economies of towns and cities each have unique attributes and challenges that create the environment for entrepreneurship and enterprise to happen, the report argued that digital technology is critical to unleashing the full entrepreneurial potential of the SMEs, start-ups and scale-ups in our towns and cities.
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Atos Syntel global head Adrian Gregory said: “We should be proud that the 海角视频 is a dynamic entrepreneurial nation, but we can always do more to help the whole country fulfil its entrepreneurial potential.
“Embracing digital technology and helping businesses use it more effectively is key. If we can do that, then Great Britain could benefit from a £34billion boost to the economy, as well as helping the whole country fulfil its entrepreneurial potential.”
The report states that towns need to boost support for those who want to start up a business, those that already run small businesses, and also those who choose not to due to perceived barriers.
Better use of digital technology can help entrepreneurs in all industries because while not every start-up business is in the tech sector, the report argued that every start-up needs to embrace digital technology in order to compete.
It added that more needs to be done to encourage the adoption and use of digital technology.
The report points to a number of policies which could push this, such as creating digital enterprise zones, or areas within cities which could be testbeds for the early adoption of future digital technology such as 5G mobile networks and full-fibre broadband, to help provide increased speed and capacity for start-ups and scale-ups.
The report also suggests implementing “enterprise accounts”, or a digital platform which would provide one place for would-be entrepreneurs to access to understand how to start-up and grow a business.
It would contain locally tailored advice on where to find mentors, financing options, accountancy, and legal advice, as well as help understanding the tax implications of setting up a business.