There has been a staggering five fold increase in business owners aged under 24, which has soared from 1.7% to 8.6% of all businesses. Data from website hosting platform GoDaddy and the University of Kent has revealed that the pandemic acted as a “gale of creative destruction”, forcing many businesses to close whilst also opening many up to online opportunities.
The study analysed data from more than two million microbusinesses, and showed that since the pandemic:
- business owners under 35 has grown from 26.4% to 34%
- the number aged between 18 and 24 soared from 1.7% to 8.6%
- owners from minority communities rose from 13.2% to 15.1%
- female microbusiness owners increased from 32% to 39.8%
A third of UK’s microbusinesses are now run as side hustles, compared to 20.8 per cent in March 2020. People in areas with high frequency of internet use are more likely to start their own online business and are less likely to report being unemployed. Therefore, investment in tech infrastructure and high-speed broadband is needed so that the whole of the UK can keep pace with the changing business environment.