About fourth fifth (78%) of the world’s business leaders have said that they consider the UK to be ‘a good place to start a business’ even though the country has decided to leave the European Union. This was according to a research study by Barclays.
The study by the British bank included interviewing 1,350 business leaders world-wide. They were queried on their perceptions of British the entrepreneurs and their experiences in doing business with the UK scale-ups.
Other findings of this study, as seen by IBTimes UK, showed that business leaders in Brazil (88%), the US (85%) and China (84%) were the most optimistic about Britain’s potential to create the next Apple or Google. On the other hand, Germany (64%) and France (68%) were less optimistic about the same.
Other highlights were that 79% of the international business leaders polled said they found the UK start-up scene to be an “important global growth business hub for entrepreneurs”. Meanwhile 82% of the business leaders said they would even consider investing in a UK start-up.
With regards to the Brexit impact, 61% said it won’t impact the way they do business with the UK entrepreneurs. While 84% said they expect UK products and services to continue offering good value, 76% said they were confident that the UK will have a solid referendum plan.
Also, 74% said they felt the ‘Made In Britain’ brand was highly attractive despite the Brexit vote. Meanwhile 60% said that the leaving the EU would actually improve their trade dealings with the UK companies.
The study also asked international business leaders to rate the traits of UK entrepreneurs. Accordingly, 53% of those polled said they found UK entrepreneurs to be reliable, while 50% felt they were smart and polite.
The research was, however, not all positive. On the downside, just 29% of those polled said that the UK entrepreneurs were passionate and inspiring. Also 44% of the leaders polled said Brexit could reduce their future trade with the UK. Furthermore, 59% said US start-ups had more chances to succeed than UK start-ups.
Another negative highlight of the study was that while 87% of them knew of the US’s Silicon Valley, just 65% of them had heard of the UK’s Silicon Roundabout. About 30% even thought it to be a TV show, indicating that the UK had to do more to build its reputation overseas as a centre for entrepreneurs.
Commenting on the study, Richard Heggie, head of High Growth and Entrepreneurs at Barclays said, “This shows UK entrepreneurs are held in high regard by business leaders globally, particularly in Brazil, China and the US. However it’s critical that, against the backdrop of Brexit, the UK does everything it can to maintain and crucially build on this. That includes capitalising on the trade relationships and investment opportunities that the research highlights in order to thrive.
“Policy makers and the wider industry have an important role in boosting the reputation of UK enterprise. Our findings show that improved digital, innovation and communication skills will increase trade by almost a third. As a recognised global hub for high growth businesses, we must do all we can to declare we are open for business for these economic dynamos.”