Octopus has released its latest High-Growth Small Business (HGSB) Report. At The Entrepreneurs Network we're partial towards HGSBs. After all, these 77,646 businesses (at the last count), making up 2.9% of UK businesses, are vital to the UK’s prosperity.
HGSBs are companies with an annual average growth of more than 20% over a three-year period and an annual turnover of between £1 million and £20 million. They contribute £113 billion in gross value added (GVA) to the UK economy, employ 1.9 million workers, and account for 84% of net employment growth. Find out more.
Nothing gained
This week I wrote for City AM about pensions reform. Over the years, politicians have talked a lot about Britain as a property-owning, share-owning democracy. Now it’s time to take that aspiration seriously.
We are struggling on the property-owning front, but auto-enrollment has been a success in getting people to save. However, due to a 0.75% cap on annual charges, pension funds aren’t investing in venture capital. We lag behind the rest of the world: public pension funds contribute just 12% in the UK, in contrast to 18% in Europe, and 65% in the US.
It’s the law of unintended consequences that a seemingly sensible, minor regulation on fund charges is having such a significant impact. It’s not just investors who could benefit from a pension industry more open to venture capital: British businesses up and down the country would gain from this fresh source of capital. Read the whole article here.
Rational expectations
The Department for Business, Energy and Industrial Strategy has asked us to direct you towards an online survey. Filling it in will generate a list of things you need to do between now and the end of the year. I've tested out the survey and it seems to be rationally designed. If you have any feedback, let me know and I will pass it on to the Department. Fill in the survey here.
London calling
Calling London's most ambitious tech businesses! Today is the last day to apply for the Spring Cohort of the London & Partners Business Growth Programme.
You'll have to be running a London based technology company with three or more full-time employees and a minimum viable product. The programme is particularly focused on helping connect you to corporates. Register your interest here.
Read the whole thing here (includes news, views, and events), and sign up here.