Produced by a team led by Professor Mark Hart of Aston University, in partnership with the bank, the GEM analysis draws on data from over 45 countries, and 10,000 adults in the UK, to feed into the following comprehensive results for Scotland.

• The rate of total early-stage entrepreneurship in 2022 remains strong at 8.8%, despite being slightly lower than 2021 (9.5%), which reflected a strong rebound post-pandemic.
• 16% of working-age adults intend to start a business within the next three years; for the UK this figure is 18.5%.
• UK female-to-male total early-stage entrepreneurial activity (TEA) ratio of 78% in 2022 is higher than in previous years, although it remains unchanged in Scotland.
• Youth entrepreneurship in the UK is strong, with those under 35 more likely to be involved in early-stage entrepreneurial activity than their older cohort, although in Scotland under 24 saw a slight drop, with the 25 to 34 age group showing the highest rate.

One of the best-performing areas over the past year has been female entrepreneurs. As James Holian, Managing Director, Business Banking, says: “Findings reveal that the female-to-male early-stage entrepreneurial activity ratio was at its highest in 2022, a testament to female resilience in a time of flux, when fear of failure is slightly higher among women.”

Looking forward, there’s work to be done to encourage businesses to act on their environmental considerations. “Social impact is a bigger consideration for early-stage entrepreneurs than established businesses,” James adds.

With figures such as these pointing to further resilience in the UK’s entrepreneurial ecosystem, it is nonetheless a time when support is crucial.