Swiss start-ups hit record high in first half of 2023
The number of Swiss entrepreneurs venturing into self-employment is on the rise, with an unprecedented surge in start-ups during the first half of 2023.
As of Tuesday, three days before the end of the quarter, 25,836 start-ups have been registered, marking a 4.5% growth compared to the same period in 2022 and a 0.4% increase compared to the record-breaking first half of 2021, according to the IFJ Institute for Young Enterprises.
This upward trend translates to an average of 145 new start-ups per day, suggesting that roughly 26,300 new companies can be expected by June 30 if the trend persists.
The IFJ attributes the growth to innovative products and business models introduced by these new ventures, which also contribute to a significant number of job opportunities.
Biggest growth in service sector
The service sector witnessed the most substantial increase, with a 27% rise in start-ups, particularly in areas such as photography, facility management, and horticulture. The transport and logistics sector also displayed a strong inclination for innovation, experiencing nearly a 20% surge in new businesses. The beauty sector also saw start-up growth of 17%.
On the other hand, the agriculture and forestry sector experienced the largest decline with a decrease of 17%. The high-tech sector and the printing and publishing industry also encountered significant setbacks, with a decline of 15% and 13% respectively.
The majority of start-ups were established in the craft, consulting, real estate, and retail trade sectors, accounting for roughly 44% of all new ventures, according to the report.
Which cantons lead the way?
Twenty cantons witnessed a rise in new businesses during the first six months of 2023 compared to the same period in the previous year. Notably, Nidwalden, Graubünden, Uri, Neuchâtel, and Aargau reported the most substantial growth.
Central Switzerland and southwestern Switzerland saw marginal growth, each registering an increase of slightly less than 1%. Canton Obwalden and canton Appenzell Outer Rhodes experienced the most significant declines, according to the commercial registry offices.
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