Partner Article

Confidence key to innovation

One in eight small business owners have lost confidence in the economy, believing the conditions for starting a business will get worse over the next 12 months, a new report has claimed. The research, funded by Microsoft, also suggested 40% of business owners would not encourage others to set up their own business in the current climate.

Microsoft said the figures showed a lack of confidence, and urged the government and industry to put more work into maintaining the UK’s position as an innovative and entrepreneurial nation. They added that small businesses are the ‘engine room’ of sustained economic growth, vital to fending off increased competition from around the room.

Research suggests 16% of China’s adult population are entrepreneurs, showing more needs to be done to ensure the UK is not left behind, said the report.

Gordon Frazer, managing director of Microsoft, said: “We know today, with a good idea, a laptop, and a spare room you could set up a business for the price of a family holiday - so what is holding people back? “Innovation and entrepreneurship go hand in hand and our experience of working to support business start ups and innovation in the UK suggests it’s more a lack of confidence than a lack of funding that is the problem.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .