The results from the 2016 IoD99 annual survey are now in, and they make for interesting reading. While last year’s survey zeroed in on issues of accessing finance, the 2016 results are dominated by the reaction to the current political elephant in everybody’s boardroom, Brexit.
The results are mainly positive. An overwhelming majority of start-ups (85%) say that they would still establish their business in the UK if offered the chance to start again anywhere in Europe. Moreover, the majority have not felt any negative impact from the vote in the months since June. That being said, the Government has big job on its hands convincing entrepreneurs that their businesses will thrive amidst the uncertainty of the next few years. Over half believe that the fallout from the referendum will have negative repercussions for their firms over the next 5 years. Clearly, much will depend on being able to continue trading, unimpeded, into the EU.
It’s not all about Brexit though, IoD 99ers are clear that there are things the government can do now to help boost growth. Having access to the best possible skills from across the world will be an essential ingredient for start-up success over the next few years, and hard-line mood music from ministers on curtailing migration is creating unease. 99ers are also clear that keeping the UK on track with digital infrastructure improvements will be important in keeping them at the front of the global technology race.
Outside of the politics, the really positive trend amongst IoD 99ers is the lessening number of individuals who start their business purely with financial gain in mind. One in five said that their primary reason for starting up is to make a positive social impact, while the majority of others cite the desire to build a successful business and be their own boss as the driving force behind their shift into entrepreneurship.
IoD99 Annual Survey results