Businesses starting up in Exeter have an advantage over those in much of the rest of the UK, according to recent research. The nationwide study placed Plymouth in 15th place nationwide, beating cities many times the size.
Cities trailing behind Exeter included London, Glasgow and Cardiff.
Experts from online magazine Startups Geek found that Exeter was among the best locations to start a business in the South West of the UK. The closest city to score more highly in the study was Plymouth, almost 50 miles away.
StartupsGeek.com, an online platform for creative entrepreneurs and small businesses, reported that Exeter scored well in the analysis due to several factors including fast internet speed and low start-up business costs.
Notably, Exeter was helped in its ranking by having the second-highest start-up survival rate in the UK, with only Bath scoring better. Exeter also ranked well in the research for metrics including start-up employee salary costs and rental price of office space.
Victoria Hatfield, Growth & Commercialisation Manager for Exeter City Council, said it was no surprise that the city was performing well and this was down to a number of key contributory factors, including having an award –winning University and College close by: “Start-up businesses in Exeter have always had strong support from a number of organisations such as the City Council, the Heart of the South West Growth Hub and the Business & IP Centre at Exeter Library, but also through award-winning business support programmes like SetSquared.
“The level of support, along with highly effective ultra and superfast broadband, low business costs and new and exciting business spaces such as Exeter Science Park, The Generator and The Mount, has allowed business to thrive, ensuring a high business survival rate for start ups in the city,” she added.
As the UK business community attempts to navigate the impact of the first global pandemic in recent history, Startups Geek posed the question: When the economy and the business world regain some measure of normality, where in the UK would be the best place to start a new business?
Their journalists delved into the data and put together their first ever ranking of 40 towns and cities across the UK.
The overall winner was Canterbury, with a start-up cost of £757,167 and a five-year survival rate of 41%.