£400m venture capital boost will help, but we need to support growing firms even more

Chancellor Philip Hammond announced in the Autumn statement his plan to pump £400m of venture capital funds into the British Business Bank, unlocking £1bn of new finance for growing firms. Philip Salter responded in an article for Real Business:

Philip Salter, director of The Entrepreneurs Network, said:
“£400m into venture capital funds through the British Business Bank makes sense in the context of Brexit, given the expected need to transition from the European Investment Fund (EIF) after we leave the European Union.

“But the Spring Budget should be an opportunity to grasp the nettle: unburdening enterprise through cuts to the most destructive taxes and simplifying incentives – like the Enterprise Investment Schemes and Employees Share Schemes – while avoiding the excesses of previous Chancellors.”

To read the full article, click here.

Small Business Taskforce have no easy task

The Telegraph has reported on the creation of the Small Business Taskforce – a group of organisations, including The Entrepreneurs Network, who have come together to champion SMEs in the UK. The Taskforce is key to protecting British businesses as it offers ministers a “sounding board” so they may understand how new regulations will effect businesses before they come into place. The Taskforce was created at a time of great change as Britain gradually prepares to leave the EU and the new government establishes itself, but it offers stability and a voice for millions of workers involved in SMEs around the UK.

The Taskforce’s open letter to ministers outlines the five central issues it wants to tackle:

  • A flexible workforce including ensuring EU workers already in the UK have long-term resident rights
  • A workable tax regime with small businesses consulted about any proposed changes
  • Accessible business support
  • International trade for all
  • Consultation with small business

Read the full Telegraph article here.

Huffington Post article: Small Business Taskforce is a big force for good

The Huffington Post has reported on the Small Business Taskforce – a group of 14 business bodies (including The Entrepreneurs Network) who have come together to ensure Britain remains a start-up friendly country after Brexit. The Small Business Taskforce is calling on the new government to work out trade buy ativan from canada deals, budgets and immigration policies that help small companies as well as more established ones. Together, they represent over 1,000,000 businesses and the Taskforce includes Coadec, Social Enterprise UK and Forum of Private Business.

Read the full article here.

Roundtable: Transformation of the commercial property market

Philip Salter attended the a roundtable on the transformation of the property market, which was written up by Yessi Bello Perez of Tech City News:

“Philip Salter, director of The Entrepreneurs Network – a think tank for growing businesses and entrepreneurs – said there is a shortage of office space in cities such as London.

“The cost of renting is significant and is largely dependant on the current state of supply and demand. Price is also influenced by bad planning policies,” he explained.”

Read the full article here on page 29 of the Tech City News digital edition.

Immigrants are one of our greatest strengths – and the government needs to recognise that

Many people can’t help but feel that the new government has somewhat turned its back on immigrants and entrepreneurs. Although Home Secretary Amber Rudd quickly backtracked on her plans to force firms to disclose their number of foreign workers, business-owners and workers alike remain concerned about can i buy ativan online the future of British enterprise.

This is why Philip Salter caught up with four entrepreneurs of four different nationalities (Romanian, Italian, American and British) to hear about their worries and why immigration is vital for the UK’s economy and society.

Read the full Forbes article here.

Fighting to make enterprise a priority again

The Economist’s article included The Entrepreneur’s Network as a key group campaigning for a business-friendly Britain. There are fears that the UK has become less attractive to entrepreneurs following the Brexit vote, with the number of new business registrations slowing down as of June. However, the article suggests that policies such as cutting corporation tax, handing out city visas and giving guarantees for long-term EU residents could combat this uncertainty and help Britain keep its reputation as a top place for start-ups in Europe.

Read the full Economist article here.

 

Why letting go matters: Philip Salter’s interview with entrepreneur Charlie Mowat

Around the Leap 100 roundtable, most people would admit to being control freaks. However, as Charlie Mowat points out, there comes a time when your start-up is simply too big to micromanage and, as a founder, you need to hand over responsibility. For Mowat, this meant hiring heads of department, focusing on strategy rather than day-to-day affairs and letting other make mistakes. As he puts it himself: “I had to learn how to exert that control in a way that’s healthy for the business but satisfied my needs.”

Read the full City AM article here.

The future is bright – and here are nine people to prove it

Philip Salter interviews nine key players in their own industries who will be speaking at Nesta FutureFest. From gaming to sextech to food, they all have their own reasons to be positive about the future.

Read the Forbes interview here.

An interview with three Sirius businesswomen

sirius-1200x675The Sirius Programme helps high growth business ideas from international students to start-up in the UK, and it it thanks to them that we can tap into so much global entrepreneurial spirit to boost our own economy. The Brexit vote has raised many questions about the future of business in the UK but it is clear that we should do everything we can to keep harnessing the potential of these young entrepreneurs.

Philip Salter talks to three of the most successful female Sirius alumni here in Forbes.

Business groups join forces to reassure Britain’s smallest firms over Brexit

A cohort of small business representative groups have joined forces to offer a consistent line of support to Britain’s smallest firms and the self-employed following the EU referendum.

The nine organisations agreed in a meeting on Tuesday/June 28 to coordinate their efforts in the interests of offering positive reassurance to small businesses.

The representatives from the Federation of Small Businesses (FSB), Enterprise Nation, National Enterprise Network, Open to Export, IPSE, The Entrepreneurs Network (TEN), the Institute of Chartered Accountants, England and Wales (ICAEW), British Library Business and IP Centre, and Coadec, will work together to offer ideas around what businesses should be doing now to shore up their firm for the future.

Emma Jones, founder of small business support group Enterprise Nation, said: “It’s more important now than ever before for entrepreneurs to maintain optimism and look forwards, not backwards.

“The worst thing we can do is talk ourselves into a recession when formal negotiations leading to exit will take at least two years.

“Inevitably there will be new opportunities – and there are things businesses can do to protect themselves from changes that might affect them in short term and in the future. We have come together to make sure small businesses can easily get hold of the information and advice they need during the current period of uncertainty.”

Romilly Dennys, founder of Coadec said: “We are focused on supercharging our efforts to champion UK startups and the digital economy. We will work closely with tech founders across the UK to deliver a strong policy voice to Government, and ensure digital startups play a leading role in shaping our future.”

Mike Cherry, FSB national chairman said: “FSB will work with Government and other partners to ensure the UK’s 5.4 million smaller firms get the best deal for them to do business. At this week’s business summit chaired by Business Secretary Sajid Javid, I stressed the need for immediate action to ensure economic stability, to ensure small businesses can continue to trade and do business. Smaller firms need simple access to the single market, the ability to hire the right people, continued EU funding for key schemes and clarity on the future regulatory framework.

“When the negotiations start, FSB will be a constructive partner and a strong voice, working with other entrepreneur groups and pushing for swift clarity on these crucial points.”

Simon McVicker, director of policy and external affairs at IPSE said: “Now we are leaving the EU, IPSE believes the priorities should be new global trading arrangements, cutting burdensome regulation on small and micro businesses and ensuring that Britain has the most flexible and attractive economy in the world.”

Clive Lewis, head of enterprise at the ICAEW, said: “Whilst there have been no negotiations following the UK vote to leave the EU, the financial markets (currencies and stock exchanges) are already adjusting to the new situation. It is likely that foreign currency movements could affect small business trading position through either sales revenue or costs, so it is more important than ever to monitor financial performance.”

Dawn Whitely, chief executive of the National Enterprise Network said: “The members of National Enterprise Network have supported many hundreds of thousands of people thinking about or already running a business over the past 30 years, they’ve worked with their clients through good economic times and bad and whilst this is undoubtedly unchartered water for us all our membership is nonetheless looking to ensure all the clients they are working with have the best possible opportunity to survive and thrive no matter what! The key is to look for those opportunities wherever they may be, but support and advice will be key in ensuring small businesses can compete on home soil and abroad irrespective of any Brexit negotiation deals and we will be looking to Government to ensure that support is in place.”

Philip Salter, founder of The Entrepreneurs Network said: “In the short term, political uncertainty is a cost to British businesses and in the medium to long term reduced access to the Single Market could displace economic activity. This Referendum was a vote on whether we should stay in the European Union, not an election upon which we elect a Party based on manifesto policies. As such, The Entrepreneurs Network is calling on the current and next government to strike a deal that’s best for Britain, and that means causing as little damage as possible to the free movement of goods, capital and people, which means staying in the Single Market.”

Detailed advice will be shared by all parties to ensure consistent information is freely available in the public arena.

This was picked up by the Mail on Sunday.