2024 will be a big year for entrepreneurship policy. There will be manifestos and (almost certainly) a General Election. The Prime Minister has done us all a huge favour by nixing the dullest question in politics: when do you think the election will be? Sunak’s answer: the second half of the year.
For our part, we’ll be celebrating our 10-year anniversary. Alongside a party to thank everyone who has supported us, we’ll be launching our own manifesto that all the major parties are welcome to steal ideas from. (Equally, if you have any policy ideas you think we should steal from you, share them with Eamonn Ives.)
A lot has changed in ten years. First and foremost, the Great Stagnation is over. Entrepreneurs are driving forward ever more mind blowing innovations. Whether in artificial intelligence, quantum, CRISPR, or renewables, UK companies have been integral to the progress we’ve seen.
Despite this, outside of my bubble of wonder – where literally every day something incredible is happening – things seem bleaker. Over a longer period than 10 years, and using Ngram data, John Burn-Murdoch argues in the FT that we’ve begun to shift away from a culture of progress, and towards one of caution, worry and risk-aversion. Crucially, his argument isn’t just that progress changes people’s minds, but that there is growing evidence it also works the other way – that people’s changed minds cause economic progress. It’s something that we have been banging on about for a while, and it’s a truism for entrepreneurs who are quite literally waking up each day and remaking the world in their image.
If, as a country, we were to make a collective New Year’s Resolution, it should be to eulogise more about the incredible progress that is being made in the world. This isn’t about being panglossian – quite the opposite. It’s because we know we aren’t living in the best of all possible worlds that we aspire to make it so.
Order, Order
Back in 2021 our Head of Innovation Policy Anton Howes and Ned Donovan called for the creation of a new order of chivalry – an Elizabethan Order – to raise the status of innovators, entrepreneurs, engineers, and scientists. Part of the reason was that the Order of the British Empire failed to do this, with on average only 6.7% of the awards being given for those activities. Instead, it largely goes to philanthropists, civil servants, or people who are already famous for sports, acting, and music.
With the 2024 New Years Honours, we had hoped for some improvement, but this year it’s actually fallen again, for the second year running. Last year it fell to 6.2%, in the Birthday Honours in July it fell again to 6.1%, and in this year’s New Years Honours it’s just 5.95%. Once again, it shows the need for a new and dedicated order.
Still, that 5.95% contains some incredible people. For example, our Adviser Andrew Dixon (now Andrew Dixon OBE) received recognition for his work for services to prisoners and ex-offenders, to property tax reform and to entrepreneurship.
As per our collective New Year’s Resolution, here are Andrew’s thoughts on why the UK is such an attractive place to grow a business: “The UK has an amazing combination of incredible entrepreneurial talent with some of the world’s best academic research institutions. This combination makes for a very powerful mix: not only do we have people who are able to see ahead of the curve and anticipate the rapidly changing needs of customers, but we also have the technology to do just that in new and more efficient ways.”
You Say Hello
We have two events this month that may be of interest. First, if you’re considering becoming an Adviser, we might be able to squeeze you into our inaugural monthly Advisers' Meetup. Second, we have an event in the House of Lords on how entrepreneurs can support the next generation. We will need to prioritise Patrons, Advisers and Supporters, but we will try our best to accept as many of you as the room allows.
Making Progress