What makes for a successful entrepreneurial area?

This report from Enterprise Nation explores what aspects of an area stimulate and encourage new businesses to start up and foster SME growth. You can download the whole report here.

Most usefully it looks beyond London from the start: “Britain needs entrepreneurial cities where go-getting people can create new, flourishing businesses. And if they all have to be based in London then the great imbalances of the British economy will only get worse.”

It looks specifically at several successful areas which are demonstrating success: Manchester, Brighton, Bristol Sunderland and Northamptonshire. I would be interesting to see a similar report than looks beyond the obvious urban areas and considers rural and more remote areas. Ecommerce can be an vital and vibrant aspect of a small community off the beaten track.

But to answer the question above, and I’ve taken this from the report, here is the recipe:

1. A buzz in the local entrepreneurial community
2. Access to useful networking
3. Availability of investment and funding
4. Easy access to low-cost co-working spaces
5. Good media coverage.