Whether you’re a flag-waving Monarchist or a dyed-in-the-wool Republican, we can (hopefully) all agree that those in a position of power should use it to promote the benefits of an entrepreneurial society.
That's why Dr Anton Howes and Ned Donovan made the case in our paper a few years ago to establish a new order of chivalry to encourage invention and raise the status of being an innovator in the eyes of the public; and that's why I sometimes recommend people from our network for the Order of the British Empire; and that's why I'm letting you know that the King’s Awards for Enterprise opens for applications tomorrow.
The King’s Awards was instituted by Royal Warrant in 1965 with the first Awards made in 1966 under the scheme’s original title: The Queen’s Award to Industry. They are for outstanding achievement by UK businesses in the categories of innovation, international trade, sustainable development, and promoting opportunity through social mobility.
Winners are invited to a Royal reception; presented with the award at their company by one of The King’s representatives, a Lord-Lieutenant; able to fly The King’s Awards flag at their main office and use the emblem on marketing materials; and given a Grant of Appointment and a commemorative crystal trophy.
I’m sure some of you reading this are thinking that Royal recognition is the last thing you want. But that’s not really the point. It’s clearly a big deal for lots of other people and because of this it sets the tone for what society as a whole values. We can (and do) have other incentives for those that don't like the Monarchy.
We think culture matters for building an entrepreneurial society, and as set out in the opening essay of our recent Operation Innovation collection, the second order effects of this have been incredible:
“The effect of accumulated innovations has transformed the world at a pace that would have been unimaginable to our not-so-distant ancestors. Even a rate of 2% growth per year – what is now considered slow – if sustained year after year, results in a doubling of measured living standards in just 35 years. The gap in living standards between 1423 and 1723 may have been noticeable to a typical fifteenth-century person, but the gap between 1723 and 2023 would have been beyond even an eighteenth-century person’s wildest imaginings.
In 1723, the typical Brit would have spent a substantial portion of their wage on lighting and heating their home with sputtering candles and smoky coal. They would almost certainly have had no access to running water, been unable to afford to travel abroad, and only just about been able to fund some pastimes – some limited reading, if literate, and perhaps the occasional and expensive sip of a newly-imported luxury like coffee. Their work would have involved back-breakingly long hours, with little recourse for that broken back. They faced the constant threat of an early death from disease.
Thanks to the incremental and accumulated work of just a few thousand innovators in the intervening three centuries, we now enjoy the widespread availability of electricity, central heating, running water, toilets, cars, rail travel, literacy, television, restaurants, office jobs, and instantly effective treatments for many previously debilitating or life-threatening diseases – not to mention commonly available inventions that to the 1723 Brit would seem tantamount to magic, like human flight, impressively accurate weather forecasting, instantaneous communication with anyone in the world, and now machines that can reason and talk.”
Anton’s next report for us will elaborate on his plan to create a modern-day Great Exhibition. If you want to take a look at an early copy with a view to endorsing it (assuming you like it, of course), drop me an email.
Right 'Round
We’re responding to the review of university spin-outs. Based on the evidence gathered, the review will provide recommendations for government policy and for institutions aimed at ensuring the incentives are in place to maximise the gains from university spin-outs, and increasing the economic contribution of spin-out companies to local areas and the UK as a whole. Get in touch with Eamonn Ives if you’re as passionate about this policy area as we are.
What a Corker
Over the years we’ve undertaken significant work on policies to support female founders. While we’re busy planning our next activity, check out the first ever National Women’s Enterprise Week from 19 to 23 June, and the Women’s Launch Lab, which is offering 12 free places on a boot camp from 20 to 22 June. Both are the work of our Adviser and entrepreneur Alison Cork MBE. Deadline for applications is 15 May 2023.
Battle Royal