A recent study reveals that the UK's next tech giants might not emerge from central London but from unexpected places like Croydon and Stoke-on-Trent. The research, conducted by GoDaddy's Venture Forward, analyzed the growth of microbusinesses across the UK, identifying areas with a high concentration of new ventures. Croydon stood out, attracting entrepreneurs with its convenient transport links and relatively affordable housing. The analysis even found that each additional digital microbusiness in a region creates an average of five new jobs per resident.
You might think the UK’s next tech unicorn would be born in central London, but it’s more likely to be in Croydon or Stoke-on-Trent. That’s according to a recent study which looked at how many new businesses are launching, a measure of how dynamic and attractive a region is to entrepreneurs. Within London, Croydon took the crown, with its good transport links and relatively affordable housing proving good motivators.
In the country as a whole, Stoke-on-Trent Central was the constituency which saw the highest growth last year. The study by GoDaddy’s Venture Forward looked at the economic impacts of small businesses and the attitudes of the owners who start them. It analysed data from more than 600,000 UK microbusinesses, giving every constituency in the UK a ‘Microbusiness Density’ score. Croydon Central (incorporated into Croydon East during the 2024 change in boundaries) saw a spike of 24%, making it the fastest growing area in London and third in the UK overall. Constituencies making the top spots were not concentrated in one region, but spread throughout England and Scotland. Sittingbourne and Sheppey in Kent took second place, while Bootle in Merseyside took fourth, followed by East Renfrewshire, which includes part of Glasgow. So if you’re wondering where the UK’s next Monzo or Deliveroo success story will come from, check out these maps, as it might well be in Glasgow. GoDaddy’s research in partnership with Frontier Economics found that each additional digital microbusiness is associated with an average increase of around five jobs per resident. It also leads to an increase in pay, with findings showing that a 10% year on year increase in microbusiness density leads to an annual £320 increase in median annual pay for full-time workers. According to Venture Forward, nearly a third (32%) of small business owners with a digital presence said they needed less than £1,000 to get set up. It is cheaper now than in the past, because of new tech tools like those incorporating AI which can support people to do things like build a website themselves. Andrew Gradon, Head of GoDaddy UK and Ireland, said: ‘While microbusinesses flourish across the nation, Croydon has proven to be a hub of entrepreneurial spirit with our Venture Forward data showing that the area is a big draw for small businesses and entrepreneurs. ‘Importantly, it proves that a small business doesn’t mean small ambitions, nor does it mean small impact. Microbusinesses will have a key role to play in unlocking Croydon’s longer-term potential, benefiting the area hugely by providing new jobs and opportunities. However, the same can be said for all constituencies, because when local entrepreneurship thrives, we all thrive.
Technology Microbusinesses Tech Industry UK Economy Entrepreneurship Croydon Stoke-On-Trent
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