Economic » Entrepreneurial & Innovative
Innovation, creativity and new endeavours are welcomed and encouraged. Ideas are exchanged across all sectors, resulting in a creative business culture. We have excellent education and research institutions, and benefit from being the seat of government.
What is Entrepreneurial & Innovative?
Entrepreneurship and innovation, including research and development are important for economic growth and for sustaining a dynamic economy capable of competing successfully on the international stage. A diverse business environment is better able to absorb cyclical downturns and changing market trends. If there is business confidence people are more inclined to venture into entrepreneurial activities as they see the economy able to support new ideas.
Entrepreneurial and innovative community is made up of 4 indicators that were selected to measure progress towards the entrepreneurial and innovative community outcome definition (shown above). Please see below for the raw data available over the 2001 to 2018 study period for each of the entrepreneurial and innovative community indicators.
As with the economic well-being GPI, the available indicator data that forms part of entrepreneurial and innovative community outcome area was used to calculate individual index values for each indicator where data was available. The graph below shows the average of these individual index values, and represents the entrepreneurial and innovative community GPI for the Wellington region from 2001-2018.
Entrepreneurial and innovative community GPI, 2001-2018
What this means
Between 2001 and 2017, the entrepreneurial and innovative community outcome has been overall on an upward trend, increasing by 26%.
Following a modest increase from 2001 the index exhibits a strong rise up to 2004, which is followed by a relatively minor dip across 2005 and 2006. The index then returns to growth, albeit less rapid, leading to another dip between 2009 and 2010. The upward trajectory returned with strong growth between 2010 and 2014, and a recent rise in 2016 through to 2018.
Did you know?
The GPI counts our health-care costs created by smoking, not exercising, eating poorly and becoming obese, as costs, not gains, to the economy.
5 Indicators are being used to track Entrepreneurial & Innovative in the Wellington region
Click on each indicator below to access further information
Download Territorial Authority data for these Indicators
Business growth
Why is this indicator important?
This indicator is considered a reliable measure of business activity. Business turnover is defined as the sum of business start-ups and closures. Business start-ups as a share of business turnover is used as a proxy measure for gauging the level of entrepreneurial activity in the economy.
Business start-ups as a percent of business turnover, 2001-2018
Findings
- In 2018, business start-ups made up 51.3% of business turnover in the Wellington region, indicating that the number of business start-ups was slightly less than the number of business closures.
- Since Statistics New Zealand improved its data collection methods in 2004, data has shown that the number of business start-ups has been higher than the number of closures in all years except 2010 and 2013. However, the number of start-ups gradually decreased between 2004 and 2010 and has fluctuated since that time.
- A similar profile is also observed for New Zealand as a whole over this time.
Business growth
Definition and data details
Indicator Definition
Business start-ups expressed as a percentage of business turnover (start-ups and closures).
Data Source
Statistics New Zealand: Business Demography Statistics
Last updated March 2019
Indicators are updated in May and November each year; for those indicators where new data or survey results have become available.
While care has been taken in processing, analysing and extracting information, we cannot guarantee that the information is free from error and we shall not be liable for any loss suffered through the use, directly or indirectly, of any information, product or service.
