Wales has seen a record-breaking increase in entrepreneurial activity, with new figures from the 2023 Global Entrepreneurship Monitor (GEM) Wales report showing the highest levels of early-stage business rates on record.

The report finds that the rate of Total Early-Stage Entrepreneurial Activity (TEA) in Wales has reached an unprecedented 11.5% in 2023, a significant increase from 7.8% in 2022.

Entrepreneurship among young people in Wales has seen a remarkable rise, with 14.0% of young people now engaged in early-stage business activities, up from 2.0% in 2002.

The GEM 2023 report, which provides an annual snapshot of entrepreneurial trends across the UK, also reveals that 20% of non-entrepreneurial working-age adults in Wales intend to start a business within the next three years, up from 15.7% in 2022.

The TEA rate for women, at 9.5%, is close to that of 13.5% for men. Both figures represent an increase from the previous year.

Through its Business Wales service, the Welsh Government offers extensive and tailored support for individuals looking to start or grow their businesses. This includes a wealth of free resources, from practical advice on launching a business to detailed factsheets on various aspects of entrepreneurship.

The Cabinet Secretary for the Economy, Ken Skates, said: “Wales is a great place to start a business. Whether you’ve always dreamed of being your own boss or your circumstances have led you to consider self-employment, we are here to help.

“As the GEM 2023 report shows, more people in Wales are seizing the opportunity to start their own businesses. As a government, we are committed to making Wales a place where our people feel confident in planning their future here and be part of our growing community of entrepreneurs who are shaping the economy of tomorrow.”