Another week, another report. This time on the small matter of securing Britain’s entrepreneurial future.
Going into a general election, it’s tradition for think tanks and business groups to produce their own manifestos with the aim of influencing political parties’ policy teams. It’s something we have done in the past and will no doubt do again. This time, however, we decided to go back to basics (don't worry – not à la John Major), setting out how the next government can empower entrepreneurs to solve our productivity puzzle.
This is far from an exhaustive list of everything we think is needed. Instead, it covers the fundamentals that any political party serious about economic growth must get right.
Building Blocks focuses on four areas. First, our chronic under-agglomeration. In other words we need bigger, better connected cities. Second, we need to get on top of our looming fiscal headaches. That means a more rational tax system, and a smarter approach to procuring from startups. Third, we need to clear the obstacles to innovation. That means differentiating ourselves in terms of regulation – not necessarily less, but always clear, quick and proactive. And finally, we need to ensure we’re fully harnessing both domestic and international talent.
As the report concludes (spoiler alert): “Discussions of entrepreneurship policy over the last ten years have all too often focused at the margin. Small schemes and niche issues have a tendency to occupy more attention than they should, and often end up becoming sources of sclerosis – something which might seem a headline-grabbing initiative for a month or two ends up acting as a constant drag for several decades. When it comes to delivering an economy that fires on all cylinders, we cannot afford to forget the fundamentals.”
We launched the report at our tenth anniversary on Wednesday in the House of Lords, bringing together some of our close friends and supporters and listening to some great speeches from Chris Hulatt (Octopus), Seema Malhotra MP (Shadow Skills Minister), Gareth Davies (Exchequer Secretary to the Treasury), and Emma Jones CBE (Enterprise Nation).
Calling all VCs
Over the last year we’ve been building an Investor Forum with FieldHouse Associates. This is proving invaluable for getting insights on policy changes where expertise from investors is critical. If you’re an investor, sign up here. There is no cost to this. Next month we’re hosting a dinner at Arbuthnot Latham for VCs, so you may well get an invite.
Tour de Force
The Department of Business and Trade has announced a new Invest in Women Taskforce to continue the Government’s work to promote and grow the opportunities presented by female entrepreneurship. The new taskforce is backed by the Department for Business and Trade and industry led, under the stewardship of multi-exit entrepreneur Debbie Wosskow OBE and Barclay’s Hannah Bernard OBE. Small Business Minister, Kevin Hollinrake MP, will represent the government.
The taskforce has committed to launch a funding pot totalling £250m for female founders; increase angel investment for female-led businesses; encourage more women to become Angel investors; and boost micro-funding to increase access to finance for women.
As regular readers will be aware, we’ve worked closely with Barclays on our Female Founders Forum for many years, so it’s great to see Hannah co-leading it. Debbie is a member of the Forum, and has proven time and time again how capable she is at building things.
On the topic of funding for female entrepreneurs, Sam Smith, Tamara Lohan, Hailey Eustace, Emma Sinclair, and other female founder friends of ours are backing a new campaign to review the current investment practices and to ensure that taxpayer money is being channelled more equitably. It’s called #notwithmymoney, and you can check it out here.
Finally, National Women’s Enterprise Week 2024 will return from 17 to 21 June. It was created by our Adviser Alison Cork MBE and includes a competition to win one of ten places on the Women’s Launch Lab programme, a three-day incubator for female-led startup and scaleup businesses. Find out more here.
Bright Spark
We have a new Adviser (and few more to announce in the coming weeks). Patricia Ypma is the Founder of Spark Legal and Policy Consulting. She brings a wealth of experience, having authored publications, reports, and studies on EU law and policy issues. Patricia is bullish on the UK: “It is very easy to set up a business in the UK and, especially in London, where the climate is international, innovative and open minded.”
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