In an extraordinary year for everyone, when so many established businesses have found it exceptionally challenging, startup companies have surely been amongst those facing the most uphill struggle.
Nexus has completed a survey of more than 100 startup businesses in their own community and across Yorkshire, to reveal the difficulties and thoughts of those whose excitement in new beginnings may have been short-lived. The findings – the Nexus Business Barometer – are being shared with the hope of using insight to help meet and defeat those challenges.
“We’ve also looked at the role of innovation in accelerating growth and safeguarding a company’s future, and how startups can use innovation to capitalise on the ever-changing external environment.
Here are some of the key findings from our report:
– Unsurprisingly, COVID-19 is a major challenge for startups, with 67% revealing it’s having a negative impact on their growth but an impressive 29% of startups believe COVID-19 had a positive impact on their innovation plans
– 71% of Yorkshire startups remain confident about business growth in the next 12 months
– 96% of confident startups believe innovation is business critical
– 43% of startups in Yorkshire currently require access to new facilities, technology, research and development
– Lack of funding is the number one barrier to startup growth, with over a third (36%) stating they’d welcome support in this area
– 70% of startups believe ability to access both funding and skills are holding them back
Our full report provides tangible solutions to the very real issues that startups have identified as key challenges.”
Read the report in full here. It’s hoped that this will become an annual report to look at changing attitudes, the impact of world events on businesses in Yorkshire, and the contrasting progress businesses have achieved.
On Thursday 3rd December, Nexus will run a virtual event with Yorkshire Business Insider, where a panel of regional experts will be discussing the main themes from the report and offering their insights and advice to startups. Register here for Insider Forum: The future of startups in Yorkshire.
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