The COVID-19 pandemic has presented many challenges for the UK’s female entrepreneurs but it has also created an opportunity to lean into new technologies. FFF Member, Rt Hon. Baroness Kramer stressed this point in our recent APPG Webinar on The Economy, Technology and Bouncing Back. So how is the Government investing in the opportunities that will underpin the UK’s future economy? We cover the latest policy updates and some new highlights from our inspiring Members in this week’s FFF blog.
FEMALE FOUNDER HIGHLIGHTS
Here is a quick wrap up of this week’s news highlights, featuring some of our inspiring Members:
Erika Brodnock, was quoted in a Sifted article by Amy Lewin, talking about a new report by Extend Ventures and YSYS into the impact of COVID-19 on Black and Ethnic Minority-Led Businesses. “For too long, minority entrepreneurs have remained unsupported and have needed to fend for themselves” said Erika, “we need to ensure this isn’t going to be the same for newer businesses”. You can read the full report here.
Streetbees, founded by our Member Tugce Bulut, has been selected by the World Economic Forum as one of the most promising Technology Pioneers of 2020. Many of the Technology Pioneers are using their tech to support COVID-19 responses around the world, like Streetbees COVID-19 Return To Life Monitor.
“The industry must navigate an ethical way through this crisis by providing support not only for businesses’ immediate teams but also international and developing world partners” said Laura Tenison, founder of Jojo Maman Bébé, in her article for Drapers. Laura also spoke with Marc Smith for Director earlier this year on her commitment to achieving B Corp status and the company’s dedication to putting people and the planet above profit.
“It’s important that we don’t lose many of the start-ups that are out there because they are our future”. Read the highlights from our APPG Webinar with Rt Hon Baroness Kramer on The Economy, Technology and Bouncing Back here.
GOVERNMENT SUPPORT
1. Future Fund Diversity Data Published
The British Business Bank has published data on the companies that have been approved to receive Convertible Loan Agreements since the Future Fund Scheme launched on 20 May.
The data reveals that 79% of funding went to companies with mixed gender management teams. Since the launch, more than 30 venture capital firms and angel groups have become signatories to the Government's Investing in Women Code, alongside the Future Fund. Read the full press release here.
Priya Guha, venture parter at Merian Ventures said in a Sifted article that “Whilst the self-reported stats for management teams are encouraging, using this as the measure for diversity data could be misleading. I would encourage the British Business Bank to publish the figures showing the percentage of BAME and female founders who were successful which will give a truer picture of the the diversity of the Future Fund”.
2. Future Tech Trade Strategy launch
In a recent headline policy announcement, Rt Hon. Liz Truss MP, Minister for Women and Equalities and Secretary of State for International Trade, launched the Future Tech Trade Strategy.
The strategy includes a package of interventions to attract more investment from around the world into the UK tech sector. Among the other measures, it includes:
A Digital Trade Network (DTN) for Asia-Pacific, to help support UK SMEs break into the Asian market;
The launch of a new Tech Exporting Academy, which will provide expert advice to UK scaleups;
A new DIT platform (think virtual trade shows); and
Creation of 25 tech export champions across the UK.
Diversity is at the forefront of this agenda. In order to help make the UK’s FinTech ecosystem more diverse and bring more female tech entrepreneurs to the UK, the DIT launched it’s Women in FinTech Global Initiative. You can find out more about this initiative here.
3. Re-opening your business safely during COVID-19
The Government has developed a tool to help businesses in England reopen safely during COVID-19. This tool is designed to help business owners carry out a risk assessment and make adjustments to their workplace. Find out more here.
4. Code of practice for the commercial property sector and further halt to business evictions
The Government has published a new code of practice to encourage landlords and commercial tenants to map out a plan for economic recovery. The code has been developed with leaders from the retail, hospitality and property sectors to provide clarity for businesses discussing rental repayments with their landlords and to encourage best practice. You can read the code of practice here.
The Coronavirus Act has also been extended to 30 September 2020, meaning businesses who miss a payment in the next three months will not be forced out of their premises.
BARCLAYS SUPPORT AND OPPORTUNITIES
1. Barclays Entrepreneur Awards – now open for nominations!
The Barclays Entrepreneur Awards are back for the fifth year running and whilst the start to 2020 has been a difficult time for all, it's given us even more reason to celebrate entrepreneurs and recognise their achievements. So often it's their exceptional innovation alongside their drive for social change and to overcome challenges that keep the country moving forward.
To find further information on the awards itself, please visit our website here and you can find further details on the award criteria and categories directly on our nomination website. Submit your nomination by Friday 3 July.
2. Virtual Event – with Nicky Goulimis (co-founder and COO of Nova Credit)
Nicky Goulimis, the Co-Founder and COO of Nova Credit will be joining Juliet Rogan, Head of Barclays High Growth and Entrepreneurs, for an informative discussion on how to rapidly scale and expand your business. In this session on Thursday 9 July at 5pm, you’ll find out how Nova Credit went from light-bulb moment to a $50m Series B funding round, and learn more about Nicky’s experiences as a successful female founder. To sign up for this event, please register here.
3. Barclays Coronavirus Support Hub
The Barclays coronavirus support hub provides the latest information, tools and guidance to support businesses throughout the coronavirus pandemic. This hub includes information about Barclays’ products, webinars, Facebook live events and more information on how to access the government schemes. You can also download Barclays’ coronavirus checklist to support your business resilience planning throughout this period. There is also an updated FAQs section on this hub.
4. Barclays Ventures Female Founder Events
Barclays Ventures has stayed committed to supporting the start-up ecosystem during the COVID-19 crisis and has delivered a variety of measures to support female founders. From roundtable catch-ups to live panel sessions with Barclays Business Bank to discuss financing options through COVID-19, the passion with which Barclays Ventures supports tech startups remains steadfast. Check out future events across Barclays Ventures here.
5. Barclays UK Investment Insights Podcast : A high growth digital future
Listen to Juliet Rogan, Barclays Head of High Growth & Entrepreneurs talking to Phil Attreed (Barclays Head of Investment Consulting) and Will Hobbs (Barclays Chief Investment Officer) about the pandemic, Brexit and current trade tensions, as well as the accelerating the transition to the UK’s digital future. You can find the podcast here.
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