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New independent 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, collated by the Digital Greenhouse and Black Vanilla, was aimed at understanding 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 have been discussed in more detail at this week's events for Global Entrepreneurship Week.
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.
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."
Pictured top: The Digital Greenhouse hosts various events, including those for Global Entrepreneurship Week.
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