Derby has been named the UK's "start-up capital" in a survey done by a company exploring the entrepreneurial potential of all 69 cities in Britain.
The research by London online company Quality Formations judged cities on eight core criteria, including commercial property, energy prices, virtual office services, public transport, broadband service, workforce demographics, access to start-up finance and quality of life.
Researchers say Derby’s affordable cost of living, cheap virtual office rates and sky-high wages all helped the city to outshine more established business centres like London and Edinburgh. Their findings also highlight Derby as having some of the UK’s fastest internet speeds.
"Derby might not make international headlines as a business powerhouse – but we think that’s about to change. It may not be widely known, but Derby is actually the UK's number one tech city – with 12% of its workforce employed in hi-tech industry. As a point of reference, that’s four times the national average, and double that of other hi-tech cities.
The survey found:
Derby is the nation’s number one place to start a business
Stoke-on-Trent, Stirling, and Coventry outperform London in terms of start-up potential
Hereford has been branded the UK’s worst city in which to start a business
Stoke-on-Trent was named second in the survey, with their new UniQ district, highly-integrated business support network and cheap commercial office rates helping the city rank above the third-placed Belfast.
“When preparing to start up a new business venture, a vast majority of individuals can’t seem to look past cities like London, Manchester or Glasgow – those cities are fantastic, and they draw a huge number of start-ups for a reason.