Entrepreneurial leaders, policymakers, and academics came together for a dynamic event hosted by the University of York’s Enterprise Works team at the House of Commons.
The event, hosted by York Central MP Rachael Maskell, aimed to explore new possibilities for Britain’s business policy to promote entrepreneurship and inclusivity.
Attendees included prominent figures like Shadow Skills Minister Seema Malhotra, Yorkshire MP Robbie Moore, and John Lamont, Minister for Scotland, as well as former Secretary of State for Education Rt Hon Justine Greening.
Enterprise Works, an initiative dedicated to enhancing entrepreneurship support for all communities, empowering individuals with enterprise skills, and collaborating with businesses, researchers, and policymakers to drive economic growth and influence government policies, organized the event.
Professor Kiran Trehan, Pro-Vice Chancellor for Partnerships and Engagement at the University of York, chaired the event, bringing together leading social and business entrepreneurs, including philanthropists Sir Rod Aldridge and Richard Harpin.
Professor Trehan emphasized the importance of seizing the current opportunity to reaffirm the commitment to innovation and enterprise and redefine it.
They believe in the power of enterprise as a driver for a more inclusive and equitable economy and aim to collectively work with policymakers, entrepreneurs, communities, and businesses to drive an innovative agenda for change.
Rt Hon Justine Greening, Chair of the Purpose Coalition and former Secretary of State for Education, highlighted that too many people are discouraged from starting their own businesses due to a lack of social mobility and opportunity.
She stressed the potential for change and the importance of redefining business policy for the better. Greening praised the University of York for leading the way in this work.
Sam Gardner, Director of Enterprise Works, emphasized the transformative power of entrepreneurs in driving economic and social change.
Enabling entrepreneurs from diverse communities and providing them with the support and opportunities they need is essential for social and economic prosperity.
Social enterprises already significantly contribute to the UK economy, accounting for around £60 billion.
However, the full scale of their contribution and their potential to drive more inclusive economic opportunities often goes unrecognized.
Research shows that redefining business policy in the UK could lead to substantial economic growth. For instance, if the number of women-led businesses equaled those led by men, the UK’s GDP could increase by a potential £250 billion by 2030.
Overcoming barriers faced by Ethnic Minority Businesses, particularly in accessing finance, markets, and quality business support, could increase their GVA contribution by £75 billion annually.
Richard Harpin, Founder & Chairman of HomeServe and Growth Partner, emphasized the critical role of medium-sized businesses in the UK economy.
Enabling growth in these companies has the potential to create jobs, prosperity, and opportunities, contributing significantly to the nation’s economic well-being.
Harpin stressed the need to ensure that medium-sized businesses understand the investment environment, have access to mentoring and coaching, and possess the leadership skills required to adapt to the rapidly evolving business environment.
The event served as a platform for dialogue and collaboration among policymakers, entrepreneurs, and academics, highlighting the need to redefine business policy to foster entrepreneurship and promote inclusivity, ultimately benefitting the UK economy and society as a whole.