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Entrepreneurial drive rising: women are launching businesses in record numbers, yet access to finance still lags behind

A new report led by Warwick Business School's Professor Mark Hart reveals that the UK is experiencing its highest levels of entrepreneurship since records began in 1999, while warning that support for founders has weakened for the fifth consecutive year.

Professor Hart, co-director of the Enterprise Research Centre and UK lead for the Global Entrepreneurship Monitor (GEM), presented findings from the newly published GEM UK 2025/26 report, Beyond the Unicorns: Everyday Ambition, Uneven Support, when giving oral evidence to the Department for Business and Trade Committee's Inquiry into Entrepreneurship and Business.

The report found that early-stage entrepreneurial activity rose from 12.0 per cent to 16.8 per cent of UK adults in 2025, with growth driven by young people and women starting businesses. Growth ambition among new entrepreneurs has also more than doubled in the past three years, reaching a record 35 per cent.

However, the report highlights growing challenges in turning that ambition into sustainable businesses. The UK's entrepreneurial ecosystem ranking has fallen from 29th to 37th globally, with concerns over access to finance, business support and entrepreneurial education.

Professor Hart told MPs that the UK is the most entrepreneurial it has been since the GEM study began in 1999. The challenge is no longer getting people to start; it is helping them survive and grow.

"Our research shows entrepreneurial ambition is thriving, but there are clear weaknesses in the support ecosystem. If we want to translate record levels of start-up activity into long-term economic growth, we need to improve access to finance, mentoring and business support."  

Among the report's findings were record levels of entrepreneurship among 18 to 24-year-olds, rising adoption of AI among founders, and evidence that women and ethnic minority entrepreneurs continue to face greater barriers to accessing finance.

The report calls on policymakers to focus more on improving business survival and growth, rather than simply increasing the number of start-ups, with targeted support for ambitious founders, greater access to finance and stronger entrepreneurial infrastructure across the UK.