UK student-founded start-ups increase by 42%

A growing number of students are taking the decision to balance their university studies with dabbling in entrepreneurship, according to a new report from PeoplePerHour.

In the last 12 months alone, the UK has experienced a 42 per cent increase in the number of UK student start-ups with young entrepreneurship “soaring”.

The research from PeoplePerHour, which surveyed 1,549 new business founders, discovered that the majority of student-founded start-ups had set up in business due to a lack of job security (61 per cent), while almost half (49 per cent) of student entrepreneurs sought to earn money to minimise their student debts.

More than a third (35 per cent) were excited about the prospect of being their own boss and in control of their own time.

One-in-ten (11 per cent) student entrepreneurs confessed to working on their business whilst in lectures. The report says that the above figures “shoot down stereotypes” about “lazy, layabout students”, demonstrating “no shortage of motivation among students”.

Xenios Thrasyvoulou, founder and CEO, PeoplePerHour, said: “It’s really encouraging to see such a great spirit of entrepreneurialism amongst young people.

“This is exactly what we need to ensure that we don’t return to the days of recession.

“For too long the world’s great economies relied upon a handful of big businesses to lead the way. It only took a small wobble to bring the whole lot crashing down.

“Rather than relying on other people, it seems that this generation of students are determined to make it on their own, carving their own way across the business landscape.”

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Date published 29 Mar 2016 | Last updated 29 Mar 2016