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Crunch sparks new breed of entrepreneurs

As the G20 meets in London to discuss a way out of a widespread recession, UK workers are among a growing breed of “crunch-preneurs” - previously content employees ready to go it alone in the event of redundancy. A poll of 3,000 members of professional networking site LinkedIn found that, if made redundant, 49% of professionals would use the windfall to launch their own start-up. The UK is one of the most entrepreneurial nations worldwide with 45% of respondents saying going it alone would be their next step.

The results show that UK professionals may be more positive about the opportunity the economy presents than previously thought. The credit crisis has created a climate of fear around investment at precisely the time that new ventures - not merely new technologies - need to be championed as the key to stability. Entrepreneurs are the starting point for job growth and recovery, and these results are a silver lining for future of the UK economy - where 99% of UK enterprises are SMEs.

Right time, right place
The emergence of online professional networking has made it easier than ever before for ambitious individuals to connect with experts and influencers who may also be potential customers or investors.

Serial Angel Investor and former BT futurologist Peter Cochrane emphasises the importance of a strong network: ‘One of the best pieces of advice I can give to new start-ups is not to underestimate the importance of their network. They will need every ounce of help and pull in every favour possible from contacts, friends and family to make a new business a success.’

Richard Branson has already stated that the next batch of self-made billionaires will emerge from the recession we’re experiencing now. HP, MTV, Microsoft and Wikipedia were all founded during tough economic times and are now major global success stories.

For many, redundancy could be the key to taking a fresh approach and taking their future into their own hands. For others however, the appeal of a long break would be too much with 17% saying they’d jet off on an extended holiday and a fifth opting for daytime TV; living off any pay-out until they found their next permanent job.

Men showed a little more entrepreneurial spirit than women, with 49% saying they’d set up a business compared to 44% of women. Additionally, the more experienced someone is, the more likely they are to consider going it alone, with 53% of over the over-55s looking beyond getting another job in comparison to 47% of 18-24 year-olds.

See the results of the LinkedIn poll here:

Notes to editors:

The LinkedIn poll on recession start-ups was conducted on the site between March 25th and April 1st 2009. At the time of analysis 2,938 LinkedIn members had responded to the poll which asked the following question:

If you were made redundant, how would you spend your redundancy package?

• Start my own business
• Invest in a friend’s business
• Invest in shares or property
• Live off it until next job
• Take a break or long holiday

487 of the respondents were based in the UK.

For more information on the results or to speak to someone from LinkedIn, please contact:

Richard George
Hill & Knowlton
T. 020 7413 3410

This press release was distributed by ResponseSource Press Release Wire on behalf of Hill & Knowlton (UK) in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit