Wales has seen a record-breaking increase in entrepreneurial
activity, with new figures from the 2023 Global Entrepreneurship
Monitor (GEM) Wales report showing the highest levels of
early-stage business rates on record.
The report finds that the rate of Total Early-Stage
Entrepreneurial Activity (TEA) in Wales has reached an
unprecedented 11.5% in 2023, a significant increase from 7.8% in
2022.
Entrepreneurship among young people in Wales has seen a
remarkable rise, with 14.0% of young people now engaged in
early-stage business activities, up from 2.0% in 2002.
The GEM 2023 report, which provides an annual snapshot of
entrepreneurial trends across the UK, also reveals that 20% of
non-entrepreneurial working-age adults in Wales intend to start a
business within the next three years, up from 15.7% in 2022.
The TEA rate for women, at 9.5%, is close to that of 13.5% for
men. Both figures represent an increase from the previous year.
Through its Business Wales service, the Welsh Government offers
extensive and tailored support for individuals looking to start
or grow their businesses. This includes a wealth of free
resources, from practical advice on launching a business to
detailed factsheets on various aspects of entrepreneurship.
The Cabinet Secretary for the Economy, , said:
“Wales is a great place to start a business. Whether you've
always dreamed of being your own boss or your circumstances have
led you to consider self-employment, we are here to help.
“As the GEM 2023 report shows, more people in Wales are seizing
the opportunity to start their own businesses. As a government,
we are committed to making Wales a place where our people feel
confident in planning their future here and be part of our
growing community of entrepreneurs who are shaping the economy of
tomorrow.”
25-year-old Jade Woodhouse from Colwyn Bay turned her dream into
reality by launching her own business, Tots and Toddlers Soft
Play, in February 2024. Jade's story is a great example of how
young entrepreneurs in Wales are finding the support they need to
bring their ideas to life.
She said:
“I always wanted to work for myself – the freedom and flexibility
of running my own business really appealed to me, but I didn't
know where to begin.
“That's where Business Wales stepped in. My advisor, Rebecca, was
incredible. She believed in my vision and guided me through the
steps to grow Tots and Toddlers Soft Play and helped me find
opportunities that matched my goals.”
For more information and support to help turn your business ideas
into a reality, overcome obstacles and develop your business
further, and to speak to industry experts and advisors, visit
Business Wales' website.
Notes to editors
Global Entrepreneurship Monitor (GEM UK) Wales report
2023: https://www.gov.wales/global-entrepreneurship-monitor-gem-uk-wales-report-2023
