2022 saw the number of women starting their own businesses reach record levels in the UK, according to the Alison Rose Review, an annual report into female entrepreneurship led by NatWest CEO, Alison Rose.
The annual review was first commissioned by government in 2019 to explore why fewer women than men establish their own businesses, and find out how to close this divide to stimulate economic growth. The latest Alison Rose Review, published today (22nd February), found that more women than ever launched their own business in 2022, with over 150,000 female-led companies being established, including 15,600 in the North-west. Despite this progress, still women represented just one-fifth of new business founders.
The record number of women setting up their own businesses is more than double the figure recorded in 2018 by the first Alison Rose Review. 2022 also saw a big leap in the number of businesses being established by the youngest age cohort, from 16-25, the number of which rose by almost a quarter on the previous year to nearly 17,500.
Alison Rose, CEO NatWest Group and author of the Rose Review, commented:
“It’s a testament to the resilience and entrepreneurialism of female founders that they are creating more companies than ever before, and the Rose Review is expanding its support for their work. Across the UK our partners have provided more than 800,000 opportunities for female entrepreneurs to get the help they need to thrive.
“In the coming year we will continue to provide fresh initiatives offering mentorship, guidance and inspiration for founders, alongside securing new commitments from financial services institutions to make it easier for female-led companies to access vital capital. By listening closely to entrepreneurs and acting on what they tell us, we will provide backing to help them grow their networks, secure finance and achieve their goals.”
Small business minister Kevin Hollinrake said:
“It’s great news over 150,000 women started new businesses last year – more than ever before – and seeing the number of businesses started by 16 to 25-year-olds increase by a quarter reaffirms the UK as a place of opportunity for all.
“We’re backing entrepreneurs and innovators all the way with a range of support. Our Start Up Loans scheme recently granted its 100,000th loan with 40% of awards going to women, and our Help to Grow Management Scheme is providing business leaders with the skills they need to succeed.”
The full Alison Rose Review 2023 Progress Report is available to download from the NatWest website.
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