Research carried out by YFM Equity Partners has suggested that the UK is a ‘hub for innovation’, with UK entrepreneurs generating £950 billion in revenue each year.

The research stated that the number of patents granted by the Intellectual Property Office serves to highlight the vast amount of new technology and innovative products in development across the UK.

According to the data, a significant number of entrepreneurs are utilising new and developing technology such as Artificial Intelligence (AI). 35% of those polled said that their firm already makes use of AI, whilst an additional 40% said they are considering using it.

Commenting on the research, Jamie Roberts, Head of Investments South at YFM Equity Partners, said: ‘As their enormous contribution shows, entrepreneurs are the beating heart of the UK economy, and it is imperative that the UK government creates an environment where these businesses can thrive.

‘The government has repeatedly shown its commitment to fostering innovation in the UK and has also highlighted the importance of innovation to a healthy and growing economy.

‘However, [the] research shows that SMEs need better support, particularly when it comes to accessing finance to back their numerous and varied ideas.’