Over the years, Oxfordshire has been touted as one of the best places in the UK to launch a business. It’s regularly looked at with favourable startup potential on all ends of the spectrum, from local services like hairdressing to gyms, to science and tech startups.
A study in 2017 found that Oxfordshire presented the greatest need for more consumer services businesses, making it an attractive market with high probabilities of success. In early 2022, Startups.co.uk stated that Oxfordshire has a business survival rate of 44%. At first glance, that may seem like a low figure, but no region makes it above 45%. London, comparatively, has a survival rate of 39.3%.
When we speak about survival rates, this refers to the number of businesses that make it past five years in operation. It’s worth remembering that not all businesses plan to operate for more than five years, and not all closures are a result of unfortunate circumstances.
So what makes Oxfordshire so attractive?
It has a highly-educated workforce
Oxfordshire is home to two world-renowned universities, Oxford University and Oxford Brookes University. These two institutions gather the brightest minds in the country and attract talent from all over the world, providing a skilled pool of workers for businesses to draw upon.
There’s a strong focus on innovation
The University of Oxford is one of the most research-intensive universities in the world and has been responsible for groundbreaking discoveries throughout its history. This culture of innovation and discovery has spilt over into the business community, with many startups choosing to base themselves in Oxfordshire to be at the heart of this creative environment.
It’s got a thriving business scene
The Oxfordshire business community is very active, with plenty of opportunities to network and collaborate with other businesses. There are also a number of business support organisations, such as the Thames Valley Chamber of Commerce, which offers various business services to support businesses in the area.
There’s a strong culture of entrepreneurship
The universities in Oxfordshire are not only a great source of talent, but they also foster a culture of entrepreneurship. This is evident in the number of student-led startups that come out of the universities each year. In addition, there are a number of accelerators and incubators in the area, such as the Oxford Accelerator and the Oxford University Entrepreneurship Centre, previously Oxford Foundry, which provide support and resources for startups.
Investors are attracted to the area
Investors are attracted to Oxfordshire because of its strong startup ecosystem as well as the range of major businesses, such as BMW, which call the county home. High-profile investors are also based in the region, including serial entrepreneur James Dyson, and venture capital firms, like Parkwalk advisors and OSE, which provide funding for early-stage businesses.
It has a high business survival rate
We already mentioned the 44% business survival rate, but it’s worth repeating that Oxfordshire has a higher survival rate than many other areas in the UK. This is likely due to the supportive business environment as well as the access to skilled workers and funding that businesses in the area have. All of the factors mentioned above contribute to a business culture which is truly unique, setting new businesses up for greater success than elsewhere in the country.
There are plenty of business clusters in and out of town
In terms of where to set up an office in Oxfordshire, plenty of options keep you closely connected to the ecosystem that makes this county so special. The city centre is an obvious choice. Oxford University is here, the publishing industries are in the centre, and many of the bioscience businesses can be found in this area. Most businesses outside of the sciences will be found around the centre. It’s the perfect place to network and congregate among the local business community, and you have museums, the castle and many lovely cafes and restaurants for business meetings.
Out of town a little, you also have many options for businesses working within or adjacent to the sciences. Business parks are found southeast of the city, where scientific research centres are located, along with the various companies that support this industry.
It’s connected to the rest of the country
Oxford may be a small city, but it is well connected, making it an easy base for businesses that still need to travel often to other cities or the capital. London Paddington is just one hour away by train. Oxford Airport is just a short drive from the centre and has regular flights all throughout the country. While Oxford Airport doesn’t offer international flights, London Heathrow is just one hour by car.
The community is unlike anywhere else
All of the above factors give Oxfordshire startups the best fighting chance to thrive, but we know that relationships and encouragement on a more personal level are what get business owners through the rockiest of roads. Oxfordshire has a sense of community that is just not possible in other larger cities. Here, all the local businesses know one another, they’re invested in each other’s success, and they step up to help.
Here at The MGroup, we are so proud to be a local Oxfordshire business providing financial services, part of that tight group of professionals who cheer each other on and do our part to support the businesses around us.
Both through our professional finance and tax services, as well as our news and articles sharing the latest opportunities for Oxfordshire businesses, we are here to help your business thrive.
Contact us today.