Published 26th Sep 2023, 16:45 GMT

Using data from its Make a Plan initiative in partnership with Mastercard’s Strive UK programme, the analysis found 58 per cent of start-ups using its upskilling learning programme said they didn’t yet have the investment needed to create growth. Only 15 per cent said they had found financial backing.

Emma Jones, CBE, founder of Enterprise Nation, said: “Start-ups and early-stage businesses need access to support and finance that works for them at all stages of the entrepreneurial journey.

“West Yorkshire is the largest economic area outside of London with a population of 2.3 million, and yet, at the moment that picture is patchy and businesses outside of London and major cities like Manchester and Birmingham are missing out.”

Only 15 per cent of Yorkshire-based start-ups have found the investment they need to grow, a study from Enterprise Nation has found. Picture: Simon Hulme

Analysis of 465 Yorkshire-based micro businesses in the pre-start, start-up and growth phases found only a quarter of pre-start firms have the necessary cash to launch their business, while only a third of those in the growth phase had the funds in place to expand.

Enterprise Nation is set to host an event at Grand Hotel York on 28 September, where attendees will discuss the issues impacting the small business community. The event, titled Unlocking the Potential of Local Businesses, will debate whether business support initiatives are reaching the businesses that need them the most.

Only 15% of Yorkshire-based start-ups have found investments needed to grow, study finds