Enterprise on the up in region

Lianne Cooper

18 July 2008

WORCESTERSHIRE is up in front as enterprise performance in the West Midlands steps up a gear.
The West Midlands has seen a 16 per cent increase in levels of enterprise in the past five years, with Worcestershire performing well, according to the latest report from the world’s largest study on economic trends.
It was carried out by the Global Entrepreneurship Monitor (GEM), which analyses levels of entrepreneurial activity in 42 countries.
Latest figures for the West Midlands have seen 3,000 adults surveyed in a bid to establish total enterprise activity across the region and the findings have been hailed by Nick Paul, chairman of regional development agency Advantage West Midlands, as a "massive step forward for the region".
Mr Paul said a great deal of the credit for the upturn in enterprise performance was due to the efforts of the West Midlands Enterprise Board.
“Worcestershire has played a key role in this performance increase and the county has a long-established history of entrepreneurialism," he said.
“While it is important to stress that it is entrepreneurs that drive enterprise, not the public sector, it is fair to say that the rise in the levels of entrepreneurial activity does not occur without major activities across the region.
The GEM shows that the West Midlands has experienced an increase in total enterprise activity (TEA) from 5.3 per cent in 2006 to 6.3 in 2007, against a backdrop nationally of a fall from 5.8 per cent to 5.6 per cent.
This shows the West Midlands moving from seventh among 12 regions in the UK to second only to London.
Mr Paul added: “This is a real West Midlands success story and it is absolutely vital that we continue and make our region the number one in the UK for enterprise.
“Businesses are the engine of economic growth and prosperity and it is vital that we build on the findings of this report to help nurture and grow even more companies and entrepreneurs.
“But we must not be complacent – we face competition not only from other UK regions but also from European and global competitors.”
For more information about the work of the Global Entrepreneurship Monitor visit http://www.gemconsortium.org.

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