A new report by The British Library’s Business & IP Centre shows 70% of Londoners have had an idea for a new business venture or have dreamt of becoming an entrepreneur.
The survey also shows that Londoners from a Black, Asian and minority ethnic (BAME) background are 20% more likely to dream of starting their own business than white Londoners, a finding reflected in the centre’s own experience, with 42% of users coming from minority BAME groups.
The research shows that it is lack of confidence and/or knowledge that is the biggest factor holding people back from launching their own business (57%), coming ahead of even financial constraints and commitments.
Since opening its doors in 2006, the Business & IP Centre has helped 500,000 aspiring business owners, including Anthony Lau, the founder of Cyclehoop, Shaun Pulfrey, the founder of Tangle Teezer, and Helen Pattison, co-founder of Montezuma Chocolates.
Commenting on the results, Rajesh Agrawal, deputy mayor for business, said: “Entrepreneurs and founders are and always have been central to London’s thriving economy and future success, creating and supporting thousands of jobs and creating innovative new businesses that benefit the economy and consumers.
“Over the past decade, the British Library’s Business and IP Centre has helped to nurture a vast array of entrepreneurs, helping them to turn their incredible business ideas into reality.
“I am particularly pleased that the centre has been able to assist so many female entrepreneurs, who often face unnecessary barriers when it comes to launching their own business.
“London is always open to talent and innovation and I would like to wish the centre the very best as it supports the next generation of great business minds.”
The research was conducted to mark a decade of the centre supporting start-ups across the UK.