Young keen on enterprise

Surge in ‘kitchen table startups’ during lockdown

Startups are thriving according to research

Lockdown has prompted a new wave of startups, one in five Britons (19%) becoming, or planning to set up in business.

Of those who haven’t yet started their venture, a fifth hope to have it up and running by the beginning of 2021.

The wave of so-called ‘kitchen table entrepreneurs’ is confirmed by Companies House data, which shows that between April and June, 162,479 businesses were registered, more than three times the average number of start-ups within this period over the last decade (49,301).

Despite research suggesting young people have been the hardest hit by lockdown, youngsters are showing the most entrepreneurial spirit, according to the research undertaken by Direct Line Business.

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Almost half (48%) of young people (18-34) have become or intend to be entrepreneurs, with just under a quarter (23%) of these having already started their business since lockdown began in March.

With recent ONS figures revealing that 730,000 people have become unemployed since March this year, those made redundant have had to explore new ways of earning money. Three quarters of this group (76%) are becoming entrepreneurs, beginning the development of new businesses, or planning to set one up.

People who have been made redundant have also been busy upskilling. More than eight in ten (83%) undertook tasks such as attending online webinars to develop their knowledge base.

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