New research reveals the key drivers and hurdles for UK business growth strategies for 2024 and beyond.
- 70% of UK Millennial and Gen Z entrepreneurs want to start a business outside the UK
- More than half (52%) of UK entrepreneurs are using digital platforms to grow their business
- 90% are already leveraging AI, blockchain, and cloud computing to improve operational efficiency
- Almost half (46%) are still grappling with the complexities of Brexit
LONDON–(BUSINESS WIRE)–More than half (56%) of UK business owners and aspiring entrepreneurs are moving outside the UK, driven by the growth potential and increased flexibility offered by other global markets. I'm looking at you. This shift, revealed by new research into Estonia's e-Residency programme, means UK entrepreneurship is pivoting towards international markets and diversifying beyond local dynamics. .
The survey of 1,000 UK executives and aspiring entrepreneurs explores the rapidly changing entrepreneurial ecosystem. This highlights the need for new solutions to break through bureaucratic red tape and highlights advanced digital services and mobility as the main drivers of success this year.
borderless business
As UK businesses navigate the complexities of a globalized economy, entrepreneurs are adjusting their strategies to tap international markets and boost cross-border trade. This positive change is reflected in the attitudes and behaviors of British managers and aspiring entrepreneurs.
- Generational divide in global ambitions: 70% of Millennial and Gen Z respondents are keen to set up shop overseas, more than twice as many as Baby Boomers (34%).
- The rise of digital nomads: Almost two-thirds (63%) of respondents are exploring or have adopted a digital nomad lifestyle that uses the latest technology to manage business operations from anywhere.
- Building the World Wide Web: Three in five (60%) respondents are participating in global partnerships and collaborations to expand their reach and drive innovation through diverse insights.
AI takes center stage again
British entrepreneurs are redefining global strategy by elevating AI and emerging technologies from useful tools to transformative assets for business growth. This shift signals a growing reliance on innovative digital solutions across the entrepreneurial world.
- Technology takeover: It's no surprise that tech-savvy entrepreneurs are leveraging blockchain, AI, cloud computing, and more, but what's surprising is the scale of their adoption. 90% of respondents are already leveraging these technologies to improve operational efficiency.
- Technology gap between generations: 77% of Millennial and Gen Z respondents consider these technologies essential or very important to their company's operations, compared to just 27% of Baby Boomers.
- Digital drives growth: More than half of respondents (52%) are likely to use digital platforms to scale this year, highlighting the demand for adopting online tools as a path to expansion.
The next wave of technology: digital identity
Digital identity technology is gaining traction in today's business environment due to growing awareness of its potential to mitigate the growing threat of fraud. However, these tools are not just for secure identity verification. These allow entrepreneurs to manage their businesses online, conduct transactions around the world, and handle everything from banking to tax filings, regardless of their physical location. Despite the huge potential of these technologies, awareness of them is surprisingly low. This gap highlights the need for education and reveals opportunities for those who are ready to embrace these solutions.
- Limited awareness: One in five (20%) respondents report having a high level of awareness about digital ID technology, even though it has the potential to improve security, trust, and transparency for businesses doing.
- Improve operational efficiency: Nevertheless, when asked to select its most important benefit, a third (33%) of respondents highlighted significant increases in efficiency as the top benefit. These technologies can reduce administrative overhead by simplifying identity verification.
- Prioritize security: Similarly, one-third (33%) of respondents believe enhanced data security is a key benefit, highlighting the technology's role in protecting business and customer data.
- Key to future expansion: 22% of positive respondents already believe these tools are essential to their global expansion plans over the next year. This reflects a growing consensus about his importance, more than doubling to 47% in 10 years.
The state of entrepreneurship in the UK
Individuals navigating the UK's entrepreneurial ecosystem, which is built for compliance and accountability, recognize that this landscape has a mix of challenges and rewards. This understanding fosters a proactive community that proactively tackles obstacles and seizes opportunities for big wins.
- Brexit transition: While the country continues to adapt to the post-Brexit environment, almost half (46%) of respondents are still navigating the complexities Brexit will bring.
- Securing new investment: Despite the challenges they face, 65% of Gen Z and Millennial respondents express enthusiasm for expanding their business domestically or internationally this year if they can secure new investment .
- Counter economic pressures: Furthermore, despite the challenges of inflation and rising operating costs, 38% of all respondents are still preparing for growth this year.
- Bureaucratic red tape: A closer look at the supportive nature of the UK business environment reveals that 31% of respondents feel the impact of administrative processes, while almost a quarter (24%) spend 11-20 hours a week on regulatory coordination alone. Masu.
- Government support: When asked to select their top two priorities for support, financial incentives such as tax breaks and subsidies came out on top. Equally important is the demand for streamlined business processes, from tax procedures to business start-up.
Liina Vahtras, Head of Estonia's e-Residency Program, commented: “Entrepreneurs around the world are navigating a rapidly evolving landscape. To succeed in today's interconnected world, companies must embrace new models of collaboration and competition, moving beyond local markets to global You have to seize the opportunity. By investing in innovative technology and fostering a culture of adaptability, these strategies can help entrepreneurs reach new heights, regardless of their location. and existing companies are essential to growing in the global economy.”
About e-residency
Estonia introduced the world's first e-Residency program at the end of 2014, with the aim of providing non-residents with secure access to digital public services. Since the start of the scheme, more than 113,500 individuals have obtained e-residency and these e-residents have established more than 30,200 companies in Estonia. This program generated more than 213 million euros of direct income to the Estonian national budget from taxes and state fees. Furthermore, it will also contribute to indirect revenue through the growth of Estonian companies that are part of the e-Residency marketplace. These companies provide e-resident entrepreneurs with a wide range of business, financial, insurance, and consulting services. For more information and statistics on Estonian e-Residency, please visit https://www.e-resident.gov.ee/uk-hub-digital-residency-setup/.
methodology
The survey was conducted by Census Wide with an evenly divided participant group of 1,003 business owners and aspiring entrepreneurs. All participants were over the age of 18. Data collection took place from March 25, 2024 to April 2, 2024. Censuswide complies with the Market Research Association Standards and follows both the MRS Code of Conduct and the ESOMAR Principles. Additionally, Censuswide is a member of the British Opinion Research Council.
contact address
Charlotte Kelly / Mary Taylor
07891 496946 / 07539 366728
[email protected]
