According to the latest Global Entrepreneurship Monitor (GEM) report in partnership with Royal Bank of Scotland, entrepreneurial activity in Scotland held steady in 2020 when compared with the rest of the UK.

Looking at how entrepreneur numbers have changed among different segments of the population, the report also found that in Scotland: 

• Early-stage entrepreneurial activity is driven largely by younger entrepreneurs. Activity in the 18 – 24 age group is 13.3%; 25 – 34s is 12.6%; 35 – 44s is 9%; 45 – 54s is 7.2%; and 55 – 64s is  6.6%. 
• Less than 40% of non-entrepreneurs feel they have the skills and competencies required to start a business, and entrepreneurial education is perceived to be weak.
• Only 16.4% of non-entrepreneurs in Scotland expect to set up a business within three years. 

The research, based on a sample of just over 10,000 individuals, found that almost one in three working-age individuals in the UK were either engaged in entrepreneurial activity or intended to start a business within the next three years. In Scotland, entrepreneurial activity has grown between 2020 and 2021, up from 7.3% to 9.5%.  

As economic headwinds gather, however, Andrew Harrison, our Head of Business Banking, is keen to point out that that the UK’s entrepreneurs need further support. 

He adds: “The resilience of small businesses over recent years is both inspiring and important. As the economy faces significant turbulence in the year ahead, it is critical that the UK has a thriving ecosystem to support this boom in entrepreneurship, which is central to economic stability and growth. 

“As the UK’s biggest bank for business, we are determined to play our part in helping the future business success stories start, scale and thrive.”