Number of 'lifeblood' job-creating 'start-ups' in Scotland has jumped 21,700 this year already

Scotland saw a jump in the number of new company registrations in the first six months of the year amid solid UK start-up numbers, providing a “significant boost” for the economy.

There were some 21,700 new registrations north of the Border in the first half, a rise of almost 4 per cent on the same period last year, according to the New Start-up Index, published by Beauhurst and supported by Royal Bank of Scotland. Across the UK as a whole, 468,000 registrations were logged in the opening six months of 2024, bringing the number of companies operating in the UK to some 5.47 million. A certain number of those business registrations will have been existing companies setting up new subsidiaries.

The UK has experienced a marked uplift in new businesses in recent years, with numbers growing from 173,000 in the first quarter of 2020 to 248,000 in the first quarter of 2024. The report noted that 2024 was on track to become the strongest period for new business creation in five years. According to the new study, only Wales and the south west of England saw a decline in the number of registrations in the first half.

Royal Bank of Scotland's Glasgow accelerator is home to many early-stage ventures. Picture: Stewart Attwood

The report, published today, coincides with new analysis by Beauhurst which shows that businesses on Royal Bank of Scotland’s free accelerator programme are more likely to generate higher turnover growth, raise more investment and have better survival rates than other similar businesses.

Paul Thwaite, NatWest Group and Royal Bank of Scotland chief executive, said: “The UK’s potential for growth is made clear by the numbers of people now starting their own businesses. Small businesses are the lifeblood of our economy, accounting for three-fifths of employment and about half of the private sector’s turnover. If these new businesses are given the right conditions to succeed, they could significantly boost the UK economy.

“Across the UK, NatWest Group is helping more businesses get started than any other bank. We play a key role in giving start-ups the tools to scale and succeed - with data from our accelerator showing our support significantly boosts businesses’ turnover, investment and chances of survival.”

He said the banking giant was more than doubling the number of places on its accelerator programme, to 2,500 businesses.

One venture given the RBS accelerator boost is marketing agency Mainbrace Marketing, which was set up by Bryan Garvie in the west of Scotland in 2023, before joining the Glasgow accelerator at the start of this year.

“It’s hard to overstate the benefit I’ve taken from the accelerator programme,” said Garvie. “When you’re a start-up and responsible for everything in the business, things can get very lonely. It’s massively helpful being around other people at different stages of business.

“There’s a real esprit de corps - everyone is very open about their own experiences and really generous with their time and advice. The coaching and accountability aspect is also brilliant - it’s definitely opened me up to new ways of tackling challenges I might not otherwise have considered.”

NatWest makes plea to Scotland’s entrepreneurs as it gears up for record 2,500 accelerator intake