A lack of access to critical resources is placing London startup businesses at risk, according to new research from HSBC UK.
The data, taken from a survey of 1,000 UK entrepreneurs*, found that 31% of London founders lack the resources and support they need to start their business.
The primary areas where more support is needed are marketing and branding (35%), and technology and innovation (32%). Almost a third (31%) also cited access to online resources such as training courses
as a basic requirement for beginning a business.
The research coincides with the launch of HSBC UK’s ‘Small
Business Growth Programme’. Working in partnership with Microsoft, UpSkill Universe, and WIRED, HSBC UK seeks to support small businesses in their first year and beyond by
sharing key resources.
Even after starting a business, 30% of London founders continue to struggle, with over one in ten (12%) stating the sources of advice and support they have used don’t meet their full needs.
HSBC UK’s Small Business Growth Programme, which is open to both customers and non-customers, offers free tools, training and webinars designed to boost financial resilience and growth.
Tom Wood, Head of Business Banking at HSBC UK, said: “Whilst we’re seeing growth in the number of British startups,
it’s concerning to see many of those believe their future is uncertain due to access to the right support.
“Launching a new business can be in equal parts rewarding and stressful. We need to see more collaboration between Government and industry to create accessible tools and tailored advice to help propel
startups to success.
“By offering practical tools, training and expert-led webinars, we hope to boost the financial resilience and growth of these businesses when they need it most – that’s why we’re pledging to reach
one million businesses in the initiative’s first year, showcasing HSBC UK’s commitment to supporting entrepreneurs at every stage.”
