London named entrepreneurship capital with half of power list based in the big smoke
London has been named home to over half of the UK’s newly-revealed leading young entrepreneurs to watch out for.
Of the 188 young business founders making up entrepreneurial research platform Hurun UK’s Under30s and Under35s lists, 116 have their ventures based in the capital.
Rupert Hoogewerf, Hurun Report chairman and chief researcher, said the research highlights that Britain’s entrepreneurial spirit is “alive and well.”
“Many of these young business leaders have managed to quickly build successful companies despite a difficult geo-political environment, persistent inflation, and the many other headwinds our economies have experienced in recent years,” he added.
Britain is a “magnet” for entrepreneurs, Hoogewerf said, as the research showcases both home-grown talent and talent from around the world.
Indeed, this could be due to the UK’s “world-class” education system, he said.
“World-class universities attract some of the very brightest people to this country and after completing their studies these graduates often decide to launch their businesses here,” Hoogewerf added.
Hoogewerf told City PM the UK is widely known as a powerhouse for tech unicorns, with this year’s lists featuring 22 unicorn founders of companies valued at $1bn in more.
Entrepreneurship within the fashion, food and fintech industries in particular topped the ranks this year, with ‘food and beverages’ coming in as number one.
Sitting among the winners of the Hurun UK Under30s category are Alberto and Arian Zandi, the 27-year-old twin co-founders of Emerald’s Hospitality Group.
Alberto told City PM the two of them founded the resturaunt brand holding company in 2018 after spotting a “big gap” in the capital’s hospitality industry, making way for an opportunity to smoothly “onboard corporate standards.”
With its data-driven approach, the group hopes to see a turnover of £20m in 2024, nearly double the £9m seen in 2022.
Now consisting of four restaurant brands across the capital, Alberto hopes to take the brand further, while still taking pride in its London roots.
It is “incredibly competitive” to start a business in London, Alberto said, but he believes it’s a great leeway into going global.
“If you perform here very well, it’s a very good tester that your brand will work successfully in other similar cosmopolitan cities,” he added.