MTV, Lexis Nexis, CNN and Microsoft ARE all companies that were formed during economic downturns – indicating that necessity is the mother of all innovation. Now, according to recent company formation figures, tenacity is set to triumph again, as the number of people forming companies, is increasing despite the recession.
Regardless of the well documented downfall of many of the UK’s retail giants last year, there were almost 50,000 more companies formed than in 2007, according to a report conducted by the ONS. Matthew Clarkson, found and CEO of Advertising agency ‘Clear Agenda’ was one of those companies.
‘The company was not only formed in the midst of the recession, it was also formed at a time when many felt that the advertising industry was on the verge of collapse. Yes we believed that we had found a niche offering and that the company had a lot of potential in the future.”
While advertising online – the niche Clarkson refers to above – is very much a growing sector, Clarkson accepts that the recession has had a negative impact on his companies’ growth.
‘Though the recession has presented us with many challenges, all aspects of the company has had to be streamlined,therefore, I think that once the upturn finally arrives we will be ready to take advantage of all the opportunities that come our way.”