Middlesbrough has been ranked the third best place in the UK – and top among all towns and cities not on the south coast – to launch a new business.
The findings from technology recruitment firm Resst place Middlesbrough ahead of big cities such as Edinburgh, Liverpool, Birmingham, Manchester and London.
The report suggests traditional business powerhouses are proving to be more hostile to new businesses, and the long-term success rate of start-ups is lower in the capital and major cities compared to smaller towns and cities.
It cites, a number of factors that are contributing to this trend including the effects of Covid-19, and improved infrastructure and shorter commute times are adding to the rise of successful start-ups in smaller towns.
More and more young people are choosing to stay in their hometown and start new businesses from their bedrooms or in small business premises, rather than opt for major cities with potentially bigger overheads.
Brighton and Bournemouth rank just above Middlesbrough as the top two places to start a successful business.
According to the survey, the average broadband speed across Middlesbrough is 97.2mbps and the average commute to work takes 17 minutes and 51 seconds.
Nearly 40 per cent of new businesses in Middlesbrough remain in business for more than five years.
Middlesbrough mayor Andy Preston welcomed the news saying: “Like the rest of the Tees region, Middlesbrough is riding on the crest of a wave right now, with job creation and investment defying the Covid challenge to give our town and area a much brighter future after years of decline.
“Attracting new businesses and helping existing start-ups to grow is an essential part of the mix in a thriving business scene.
“The people who run these businesses are risk-takers who show just the sort of ambition, drive and creativity we need to create and sustain a thriving town centre.
“The council and I personally will do all we can to support them. I hope others will see Middlesbrough is the perfect place to start a business, invest and grow.”