ENTERPRISE UNLOCKING THE UKS TALENT ENTERPRISE Unlocking The

ENTERPRISE: UNLOCKING THE UK’S TALENT

ENTERPRISE: Unlocking The UK’s Talent The Context • Employment in SMEs has grown by 10% since 1997. • Productivity growth in small firms has exceeded that in large firms since 1998. • More UK SMEs have an ambition to grow; and business survival rates are higher than a decade ago. • UK is third in G 8 ranking for early stage entrepreneurship, up from fifth in 2001.

ENTERPRISE: Unlocking The UK’s Talent Challenges • While we lead many EU competitors on key measures of entrepreneurship, we lag USA. • Key differences with USA: USA has more businesses per head; they achieve quicker and higher growth; and there’s less fear of failure. • Biggest gap with USA is women’s enterprise. • Significant variations within UK across regions and groups of people.

ENTERPRISE: Unlocking The UK’s Talent Vision • • Renewed enterprise vision, to make the UK - the most enterprising economy in the world - best place to start and grow a business Government wants to see - more people with the ambition to start, grow and innovate within business - more people having access to suitable business advice and finance - and all of this enabled by a strong regulatory environment

ENTERPRISE: Unlocking The UK’s Talent The Framework Business

ENTERPRISE: Unlocking The UK’s Talent Encouraging a culture of enterprise • An enterprise culture in which everyone with entrepreneurial talent is inspired to turn their ideas into wealth • The challenge is to embed a culture of enterprise and counter the UK’s cultural fear of taking risk and failure

ENTERPRISE: Unlocking The UK’s Talent Encouraging a culture of enterprise • Global Entrepreneurship Week • Premier League • Women’s Enterprise Campaign and provision of support for women’s enterprise • Over 50 s Campaign • Enterprising Britain competition

ENTERPRISE: Unlocking The UK’s Talent Knowledge and Skills • Continuous journey for Enterprise Education • National Enterprise Academy • Increased enterprise skills training • Business Mentoring • Improvements to Business Link and access to business support

ENTERPRISE: Unlocking The UK’s Talent Access to Finance • Ensure that entrepreneurs and small business owners have the knowledge, skills and opportunity to access the finance they need to make their enterprising ideas a reality.

ENTERPRISE: Unlocking The UK’s Talent Access to Finance • Package to help ensure start-up/growth not inhibited by credit crunch impact (SFLG) • £ 12. 5 m towards capital fund linking investment readiness and networking support for women • Additional £ 30 m through Enterprise Capital Funds to stimulate “mezzanine” finance • Improvement of “investor readiness” support, including targeting on under-represented groups.

ENTERPRISE: Unlocking The UK’s Talent Business Innovation • Enterprise and Innovation are inextricably linked • The exploitation and commercialisation of new ideas is key to enabling enterprise activity

ENTERPRISE: Unlocking The UK’s Talent Business Innovation • Barriers to innovation in services (DIUS) • Innovation through Government procurement (OGC, DIUS) • University Enterprise Networks

ENTERPRISE: Unlocking The UK’s Talent Regulatory Framework • Independent review on ways of ensuring firms can place greater reliance on official guidance • Development of “think small first” policy: a. Is exemption practicable? b. Scope for simplification of enforcement • Regulatory Budgets

ENTERPRISE: Unlocking The UK’s Talent Wider Benefits The Government’s vision is – • “. . that everyone, irrespective of where they live, their gender, ethnic origins or any • other differences, can be part of and enjoy the benefits of a dynamic and growing economy. ” • Role of enterprise Through all forms of enterprise, the Government’s aim is to bring social and economic benefits to more deprived parts of the country and those groups in the population heavily represented there.

ENTERPRISE: Unlocking The UK’s Talent Wider Benefits • Working with the Prince’s Trust • Uptake of the Risk Capital Fund for Social Enterprises • Working with the Community Development Finance Sector and CDFIs • The work of the Ethnic Minority Task Force

ENTERPRISE: Unlocking The UK’s Talent Enterprise strategy: • Programme of Implementation: • Strong Ministerial commitment • Development of further ideas to complement and strengthen the Enterprise Strategy

ENTERPRISE: Unlocking The UK’s Talent Enterprise: Unlocking the UK’s Talent