What's coming in 2025?
Over the course of 2024, we’ve been lucky enough to support over 30 Norfolk–based start-ups. It’s a pleasure to be part of a lively scene for early stage businesses which are so full of economic potential. Now, as we move into 2025, we thought we’d share our thoughts on what’s pushing us forward, and what might hold us back, in the year ahead.
It’s the community, stupid
Norwich’s volunteer meet-up communities and informal networks have been building for nearly 20 years now. They are a huge asset to the local economy. Last year seemed as vibrant as ever, so an early hat-tip to everyone in the region who organises and supports community events. It is apparent that Norwich has got a “give before you get” attitude which will means early-stage entrepreneurs have plenty of ways to reach out and find people to help them.
Our own Akcela events had over 200 unique participants in 2024. Add to that the work of Hot Source, nor(DEV), ProductTank, SyncNorwich, Norfolk Developers and so many other groups and we’ve got communities that engage hundreds, maybe thousands of people every year.
If you want to build value in our economy and help early-stage businesses then joining and supporting these groups is the place to start.
It’s the stupid economy
If local grassroots networks and communities are strong, the UK economy is correspondingly weak. It’s been getting on for a decade in the doldrums since the Brexit vote of 2016. Adventurous capital is in short supply outside of the established centres of London, Cambridge, Manchester and Edinburgh, High interest rates and strong stock market performance means angel investors have other options.
The last 5 years have probably been tougher than the 20 years before them in terms of raising capital investment – especially in unfashionable parts of the UK. Any kind of uptick in the UK economy in 2025 would be very welcome news.
Local government uncertainty
As the dust settles from last year’s general election, central government priorities and policies are becoming apparent, but detail is in short supply in many areas that affect this region’s economy.
Front-and-centre in this is regional devolution and there will be a lot of debate and head-scratching to do before the democratic and economic futures of Norfolk and Suffolk are settled. In some ways this is a frustrating hiatus for a county where the public sector really seems to be hitting its stride in supporting economic development. Oh well, good luck to everyone involved in the local devo bunfight – we feel your pain!
Make it anywhere
While private capital and government money seem to be focused around the same old places and faces, nevertheless some big shifts in technology and culture are creating new advantages for entrepreneurs in out-of-the-way places. The remote working revolution means the UK’s white-collar workforce has different choices about disconnecting where they live from where they earn a living. Small, liveable cities like Norwich will be the big winners from this in the next decade. If you don’t need to actually live in the big city where you earn a crust then talent will continue to flow to live in places which have more to offer than a paycheck.
Add to this picture an ever-growing set of tools and technology for content creation, collaborative working, automation and marketing. What you get is a challenge to the logic that says innovative, high-potential companies have to be started or grown in traditional economic centres. You can build a great business anywhere.
So welcome to 2025. While Norfolk remains over-looked and underestimated by…well… pretty much everyone outside Norfolk, nevertheless we remain utterly optimistic about the years ahead. Well-organised communities and smart, ambitious people are all you need anywhere to make world-class businesses. We’ve got both here in our region.