New research into Guernsey’s entrepreneurial landscape has found 68% of local start-ups or entrepreneurs expect their business to grow in the next 12 months, however, 32% thought there was ‘too much red tape’ locally when starting a new business.
The research, launched by Digital Greenhouse and Black Vanilla, aims to understand the challenges and advantages for entrepreneurs setting up a business in Guernsey and what support is needed to foster further growth of local companies.
The research, which received 50 responses from local entrepreneurs, showed that 50% of new businesses found access to banking the biggest issue they have faced.
The survey results will be discussed in more detail at a panel event during Global Entrepreneurship Week (12-19 November 2022). The panellists include Nichole Culverwell, Agency Director at Black Vanilla, Lucy Kirby, Director at Digital Greenhouse and Tim Chilestone, Director at TCS Guernsey.
The event will take place at Digital Greenhouse on Wednesday 16th November from 12-1pm.
Lucy Kirby, Director at The Digital Greenhouse, said: “The response to the survey has been excellent, with a wide range of businesses from different sectors taking part. It is positive to see how many have already taken advantage of existing support programmes. This feedback will help us and others shape future services to keep growing the entrepreneurial ecosystem of the Island.”
When asked about the biggest challenges over the next year, 54% highlighted recruitment, 54% said rising costs and 40% said upskilling and staff retention.
The panel will analyse the issues local start-ups face, how Guernsey can adapt to support new businesses and how the business ecosystem can foster entrepreneurship.
Nichole Culverwell, Director at Black Vanilla, said: “Our survey garnered an excellent response, and these results are vital insights for emerging businesses and organisations who support them. I look forward to discussing our findings on the panel and talking about the challenges and opportunities that small businesses face.”
Global Entrepreneurship Week is celebrating its 15th anniversary, with over 200 countries involved each year. This year’s events at the Digital Greenhouse are sponsored by JT.
Further details about the event can be found here.