Is Necessity the Mother of all Innovation?

According to a recent report, company formation is being stimulated by the number of entrepreneurs want to start a small business.

The report, conducted by business insurance experts Simply Business, has found that the number of small business owners has increased by over one hundred per cent in the six years in the UK.

The findings of the report revealed that companies which employ either one of two people have managed to maintain the lowest rate of bankruptcy.

Patrick Lane, spokesperson for Simply Business, comments; “ The findings of our report reveals that far from being the worst effected by the recession, micro businesses in the UK has remained remarkably robust throughout one of the worst economic downturns this country has ever seen.”

Many small business owners went through the company formation process as a result of the recession and have therefore learnt to be extremely efficient and resourceful – which can only have a positive impact on the future of UK enterprise.”