84 per cent of entrepreneurs plan to raise multi-million pound investments next year new figures released by the EY Fast Growth Tracker have revealed.
How much investment are they looking to raise?
Findings showed that 72 per cent are aiming for investment of up to £5 million in 2018, while 17 per cent were seeking to raise more than £10 million.
However, despite positive intentions for growth in 2018, 50 per cent admitted that securing funding is the main obstacle in their way and two thirds of those questioned said it was a major distraction from the day-to-day running of their business.
Which is the most ambitious industry?
Tech entrepreneurs are revealed as the most ambitious when it comes to their growth, with two thirds (65%) expecting to increase their revenues by over 50 per cent or more in the next twelve months. More than half of the businesses surveyed (55%) expect to grow their revenue by 50 per cent or more in the coming year, with another one in five (19%) expecting a minimum increase of 20 per cent.
A majority of businesses (62%) are targeting overseas investors. This is perhaps driven by the fact that over a third (39%) were unable to find suitable investors in their previous funding round.
Richard Goold, EY Fast Growth Platform Partner, commented:
“Funding has historically been, and continues to be, a hurdle to growth for the country’s entrepreneurial businesses. This research shows a disparity between matching ambitious enterprises with suitable investors, leading many to look overseas to find the growth capital they need.
“To make our start-ups a British business success, more routes to funding need to be created to ensure that these bright, entrepreneurial businesses are enabled to flourish.”