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 2017 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 2001-2017.

 

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Entrepreneurial and innovative community GPI, 2001-2017

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 and 2017.

 

Did you know?

Using GDP, smoking has traditionally been counted as a benefit to the economy. With a GPI, smoking is regarded as a cost

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


Total number of businesses registered

Why is this indicator important?

Businesses are a key component of the region's economy. A diverse business environment is better able to absorb cyclical downturns and changing market trends. The total number of registered businesses may give some indication of the vigour of entrepreneurship in the region.

Total number of businesses registered

Definition and data details

 

Findings

 

  • In 2008 there were 51,522 registered businesses in the Wellington region. 
  • After a small decrease between 2001 and 2002, the number of registered businesses has increased steadily, with an overall increase of 22.9% (41,926 to 51,522) from 2001 to 2008.

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.