Entrepreneurial activity in Northern Ireland is at its highest ever level according to a report co-authored by the Ulster University Economic Policy Centre, Queen’s University Belfast and Aston University.
The Global Entrepreneurship Monitor (GEM) Northern Ireland 2023/2024 National Report details the levels of entrepreneurial activity in NI and attitudes towards entrepreneurship in the population, showing that start-up activity is at its highest ever level, with a Total Early-stage Entrepreneurial Activity (TEA) rate of 9.7%.
In line with the UK, there has also been a remarkable increase over time in the level of early-stage entrepreneurial activity by women, with the female TEA rate in NI also at a new high of 8.2%. As with the UK findings, immigrants also continue to be more entrepreneurial than the resident population.
Commissioned by the Department for the Economy and sponsored by Ulster Bank, the Global Entrepreneurship Monitor (GEM) Northern Ireland 2023/2024 National Report was authored by researchers at Ulster University, Queen’s University Belfast and Aston University.
The Global Entrepreneurship Monitor (GEM) is an international project, established in 1999, which seeks to provide information on the entrepreneurial landscape of countries worldwide. The results are used as key entrepreneurial benchmarking indicators by regional and national authorities around the world. This is relevant because many studies have shown that entrepreneurship is a driver of economic growth, competitiveness and job creation.
The UK report reflects on the development of the UK’s entrepreneurial journey over the last 25 years. It shows that the UK is a significantly more entrepreneurial society than it was at the start of the millennium although deficiencies remain within the entrepreneurial ecosystem.
UUEPC Principal Economist Dr Karen Bonner has been working in collaboration with Queen’s University Belfast and Aston University on the Northern Ireland (NI) and UK GEM reports. Dr Bonner commented:
“Stimulating entrepreneurship remains an important challenge for Northern Ireland, which has long lagged behind the rest of the UK in levels of start-up activity, so it is encouraging to see entrepreneurial activity and aspirations now at their highest ever in the region. The GEM report provides a useful analysis for Northern Ireland, including for sub-populations such as females and young people, to track our competitiveness and identify areas where further policy support may be required to enhance entrepreneurial activity and ensure we remain competitive.”
The Global Entrepreneurship Monitor (GEM) UK: NI Report 2023/24 is available by visiting the Department for the Economy website.